https://ift.tt/ZMjiBeq launches eagerly-awaited ‘Fort Canning Road’ hard fork

DeFiChain, a blockchain built on the Bitcoin network to make decentralized financial applications and services accessible to everyone, has officially launched its long-awaited ‘Fort Canning Road’ hard fork on its network today. The hard fork went live at 2:36 AM UTC.

The activation marked the rollout of a code upgrade that will now fix dToken pricing premium issues, where the constantly high demand of dTokens saw it start trading at a 10-15% premium over other stocks and this caused the investors to pullback. But thanks to technology the upgrade will solve the issues of dTokens pricing compared to their counterparts in the real world.

dTokens are decentralized assets that are minted on the DeFiChain blockchain to mimic real-world stocks by reflecting and tracking some variable factors as well as using oracle to capture the feeds. However, dTokens only gives users price exposure to the underlying assets without trading limits and geographical restrictions without necessarily owning them.

U-Zyn Chua, a lead researcher at DeFiChain, said:

“Bringing dTokens closer to their real-world counterparts will make them significantly more attractive for investors and pave the way for the future adoption of DeFiChain. Additionally, the futures contracts offer lucrative arbitrage opportunities for traders.”

Fort Canning Road hard fork tries to bring future contracts by keeping dTokens price within the positive and negative 5% range corresponding to shares traded in the real world. However, if its prices are out of the range, then DeFiChain users are at a low-risk, short-term arbitrage opportunity, since every week multiplied by 288 blocks its price is brought within the range of the corresponding price stock.

This gives a hint on how the future and option trading will be on DeFiChains later in the year, where DeFiChains will strategize on future trades without artificial burning of the tokens where unsecured tokens are accumulated posing a risk.

Upgrading DeFiChain stablecoin, dUSD

DeFiChain native stablecoin, dUSD, will also be upgraded together with ‘Fort Canning Road’ with a 50% DFI (DeFiChain blockchain native token) in the vault at a fixed price of $0.99. This means that users can mint new dTokens without necessarily providing at least 50% of DFI as collaterals but can now provide dUSD.

Additionally, dTokens can also be used for liquidity mining on DEX, traded on DeFiChain DEX, or even held as an investment. Besides, users can mint dTokens on the blockchain by depositing USDC, USDT, DFI, and BTC as collateral in the DeFiChain vault or even buy them in fractional pieces in the DeFiChain DEX.