untitled design

Chiliz fails Dragon8 hard fork

The developers of the first level (L1) blockchain Chiliz announced that the Dragon8 hard fork did not take place.

The main goal of Dragon8 is to improve the tokenomics of CHZ and significantly expand the functionality of the Chiliz network. The project team has not yet announced a new update date.

Unsuccessful attempt

The Dragon8 harddork was originally scheduled to take place on May 21st. However, today the Chiliz developers wrote in X (formerly Twitter) that some problems arose during the upgrade. The team was unable to complete it completely.

General Director of the project Alexander Dreyfus notedthat the problems arose because the validators were unable to reach consensus.

By now, everything has already been fixed, he emphasized. However, Chiliz developers now need to reconsider the update plan and conduct a thorough evaluation of it. A new date for the hard fork will be announced later.

What is known about Dragon8

According to Posted by Chiliz on the Medium platform, the Dragon8 update is expected to introduce dynamic inflation of the CHZ token. The initial annual inflation will be 8.80% and will decline annually until it reaches 1.88%. This will take about 14 years. The hard fork also involves the introduction of a mechanism for burning transaction fees.

In the meantime, the inflation assumption will be distributed as follows:

  • Validators and delegates will receive 65%.
  • Community and liquidity – 10%.
  • Operational and ecosystem needs – 25%.

Sports clubs, for example, Paris Saint-Germain (PSG), will work as validators. It will use the proceeds from node validation to redeem its PSG fan tokens, promoting decentralization and fan engagement.

The Chiliz network will also feature the first decentralized exchange (DEX), JalaSwap, focused on trading fan tokens. In addition, as part of the hard fork, it is planned to launch a non-costodial wallet with access to decentralized applications (dApps).

New token

As part of the hard fork, Chiliz developers will also launch the PEPPER token. It is intended for use among Fan Token holders and users of the Socios.com platform.

The project team will use the coin to reward and incentivize the community. PEPPER will be distributed through airdrops.

The only negative is that the asset’s smart contract involves high transaction fees. According to the developers, this is necessary to prevent users from selling out of PEPPER.

Chiliz will also launch an NFT collection called Peps, “which will be an integral part of the ecosystem. Non-fungible tokens (NFTs) will comply with the ERC-6551 standard and will be able to function as wallets.

Source: Cryptocurrency

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular