Chiliz Unleashes Dragon8 to Keep Pace with Ethereum, BSC

The incoming Chiliz Dragon8 hard fork is set to unleash updated features to rival Ethereum and Binance Smart Chain.

Dragon with chillies.
Created by Kornelija Poderskytė from DailyCoin
  • The Chiliz Dragon8 hard fork intends to keep pace with rivalsdevelopments
  • The hard fork will bring a range of new features including improved tokenomics.
  • CHZ posted a strong 24-hour price performance

Chiliz debuted on the Ethereum mainnet in 2018, pioneering a way for sports fans to connect with their favorite teams through blockchain technology. The following year, the project expanded its reach by becoming available on Binance Smart Chain (BSC,) which retains Ethereum Virtual Machine (EVM) compatibility while offering lower fees and additional scalability.

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In 2023, Chiliz made a bold move by launching its own dedicated blockchain, the Chiliz Chain, as a fork of BSC. This strategic step granted Chiliz greater autonomy and opened up new possibilities. To keep pace with developments on BSC and ETH, the Dragon8 hard fork will be rolled out on the Chiliz Chain.

Chiliz 

The Chiliz Dragon8 hard fork is scheduled to roll out on June 17, ushering in a range of new features designed to keep the platform aligned with the latest developments on the BSC and ETH chains.  

This major upgrade aims to provide developer-friendliness, enhance long-term incentives for community engagement, and ensure the utility and longevity of the $CHZ token.

One of the most significant aspects of the Dragon8 hard fork is the activation of Solidity version 0.8.25, enabling developers access to features and toolsets already available in the Ethereum ecosystem, including opcodes and precompiles for optimizing efficiency and gas costs.  

The Dragon8 hard fork will implement a revamped economic model for the $CHZ token. The new tokenomics feature an annual deinflation rate, starting at 8.80% and stabilizing at 1.88% after 14 years. Complementing this is a transaction fee-burning mechanism, which aims to enhance long-term incentives for community and ecosystem engagement.

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Anticipation over the Dragon8 hard fork appears to be fueling investor interest, as evidenced by CHZ’s strong 24-hour performance.

CHZ Records Sizeable Gains

In anticipation of the Dragon8 hard fork, the Chiliz token surged by 6.4% over the past day, positioning it among the top performers within the top 100 tokens. This comes at a time when the broader market is largely flat, suggesting that investors are actively positioning themselves ahead of the upcoming hard fork event.

Chiliz daily chart in USD per Trading View.
CHZUSD daily chart on Trading View

CHZ began trending higher on May 25, reaching a local top of $0.1647 by May 30. However, this upward trajectory was met with a sharp decline, and it found support at $0.1127 on June 7.

While investor anticipation over Dragon8 saw impressive 24-hour gains, Monday trading sees CHZ ranging in a narrow band between $0.1229 and $0.1279.

On the Flipside

  • UK lawmakers accused fan tokens, such as those available on the Chiliz chain, of posing the risk of financial harm to fans.
  • Many fan tokens have lost significant value, including the FC Barcelona fan token, which is down 97% from its April 2021 ATH of $72.55.

Why This Matters

The Chiliz Dragon8 hard fork represents the platform’s willingness to keep up with industry innovations, ensuring its relevance in the ever-changing blockchain landscape.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.