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Chiliz announced an important development today. According to the announcement, a new date has been set for the previously postponed hard fork. The Dragon8 Hard Fork, planned for Monday, June 17 at 09:00 Turkish time on the Chiliz Chain, brings significant updates for both developers and the broader Chiliz Chain community. Let’s look at the details.
What Does the New Hard Fork Bring?
One of the most important improvements for developers on the Chiliz Chain is the ability to use the latest version of Solidity, specifically v0.8.25. Previously limited to Solidity 0.8.19, which became outdated last year, developers can now take advantage of the new features, opcodes, and precompiles offered by the latest Solidity version.
This update ensures that the Chiliz Chain remains compatible with the evolving Ethereum ecosystem, allowing developers to use familiar tools and optimize their smart contract capabilities.
Additionally, the hard fork provides support for type 2 transactions under EIP-1559. This Ethereum Improvement Proposal brings changes to transaction fee management by automating gas fee calculations and simplifying the fee market. For both developers and users, this means more predictable and economically efficient applications on the Chiliz Chain, increasing usability and reducing entry barriers.
Changes in Token Economics
Beyond developer improvements, the Dragon8 Hard Fork introduces significant changes to the token economy of the Chiliz Chain under the Tokenomics 2.0 heading. Initially serving as a transaction token, the CHZ token now plays a crucial role in governance and ecosystem operations within the Chiliz ecosystem. The updated token economy model will have a decreasing annual inflation rate starting at 8.80% and stabilizing at 1.88% after 14 years.
This model also includes a transaction fee burning mechanism designed to encourage long-term participation and align with the strategies of leading Layer-1 protocols. These updates are crucial for the Chiliz Chain community as they ensure CHZ’s utility and longevity while promoting sustainable growth and engagement within its ecosystem.
