Launch of the Grand Central hard fork on DeFiChain
The Grand Central hard fork has been released on DeFiChain, one of the most significant upgrades. This fork introduces on-chain governance and a new token consortium framework.
- DeFiChain is the world’s leading blockchain on the Bitcoin network, dedicated to bringing decentralized financial applications to everyone.
- The Grand Central hard fork went live on Block Height 2,479,000.
- The hard fork introduces on-chain governance, among other features.
Approximately eight months after the Fort Canning hard fork, DeFiChain finally activated the highly anticipated Grand Central hard fork on its network at Block Height 2,479,000 at 01 AM EST this morning.
Four key features go live with the Grand Central hard fork:
- Pool commission and reward fixes.
- On-chain governance.
- Token consortium framework.
- Support for masternode parameter updates for owner, operator, and reward address.
The hard fork also prepares the DeFiChain community for accelerated growth in 2023. U-Zyn Chua, one of DeFiChain's co-founders, said:
“Grand Central marks a major step in DeFiChain’s governance structure since it is implementing on-chain governance. This makes the voting processes perfectly transparent, easier and strengthens the governance structure of DeFiChain. A major step for the whole ecosystem.”
After the hard fork, the DeFiChain community can alter the ecosystem by submitting one of three types of proposals for masternode owners to vote on:
- Community Fund Proposal (CFP).
- Block reward reallocation proposal.
- DeFiChain Improvement Proposal (DFIP).
Before the hard fork, most of the proposal-making process took place off-chain. Any user can submit a proposal for voting on the blockchain thanks to on-chain governance.
This will guarantee total transparency throughout the DeFiChain ecosystem voting process.
A proper framework for backing DeFiChain's dAssets is provided by the token consortium framework that was introduced following the hard fork, ensuring that all assets are fully backed.
Asset backing intended to be backed 1:1 by the actual assets in the corresponding ecosystem, such as dBTC being backed by BTC, was not enforceable via the blockchain before the hard fork.
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