Bittime - The crypto market continues to fluctuate, and Chiliz (CHZ) has not escaped its turmoil. Recently, CHZ experienced a significant price correction, down more than 30% from its peak on March 1. After bottoming out on April 9, CHZ managed to bounce back and show potential for recovery in May. Amid this dynamic, Chiliz announced its strategic plan for 2024, with a primary focus on the Dragon8 hard fork.
The Dragon8 hard fork signals a new era for Chiliz, bringing significant changes in CHZ's tokenomics. One of the main focuses is the gradual reduction of inflation and the implementation of a token burning mechanism. With the CHZ supply having reached the maximum limit of 8.888 billion, the Chiliz team needs to allocate inflation to reward ecosystem contributors.
What is Dragon8 Hard Fork?
The Dragon8 Hard Fork is a major update to Chiliz Chain, which is the blockchain used by Chiliz, a blockchain service provider for the sports and entertainment industry. This update is scheduled to take effect in May 2024.
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Dragon8 Chiliz Hard Fork Impact
This hard fork brought several important changes, including:
- Tokenomics Changes: The introduction of a new tokenomics structure with reduced inflation year on year, starting from 8.80% and will drop to 1.88% after 14 years. It aims to reward ecosystem contributors.
- Maximum Supply Increase: The maximum supply of CHZ will increase to 15 billion, up 70% from the current supply.
- New Token Distribution: 65% of the new tokens will be given to validators, 25% to the ecosystem, and 10% to community vaults.
- Clubs as Validators: Clubs will be validators on the Chiliz network, and PSG will be the first teams to become node validators.
- JalaSwap launch: A new decentralized exchange that will include a CHZ burn mechanism, though details have not been disclosed.
These updates are expected to improve the user experience, facilitate continued expansion, and enable long-term funding of the ecosystem. The hard fork will also allow developers to use the latest version of Solidity, which will open up new possibilities in smart contract development.
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Chiliz's New Tokenomic Structure
This new tokenomics structure sets annual inflation that starts at 8.80% and reduces to 1.88% in 14 years. The maximum supply has only been increased to 15 billion, up 70% from the current supply. The distribution of new tokens will be divided into 65% for validators, 25% for ecosystems, and 10% for community vaults.
Another significant change is the club's role in the Chiliz network. The clubs will become validators, and a new decentralized exchange, JalaSwap, will be launched. PSG will be the first team to become node validators and commit to buying back PSG fan tokens periodically with its revenue. This is expected to reduce the supply and increase the value of fan tokens.
Conclusion
Changes in the CHZ token economy can have a significant impact on the CHZ exchange rate against the rupiah and the crypto market as a whole. Investors and market watchers are advised to keep a close eye on these developments and the latest news from crypto media for more information.
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Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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