DeFiChain Activates Much-Anticipated ‘Fort Canning Road’ Hard Fork

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One of the world’s leading blockchains, DeFiChain has just announced the debut of its hotly anticipated Fort Canning Road hard fork on its network. Stating that it has officially activated the long-awaited Fort Canning Road hard fork on its network on Monday, April 11th on Block Height of 1,785,960.

DeFiChain is a decentralized Proof-of-Stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. The network is on a mission to bring DeFi to the Bitcoin ecosystem.

DeFiChain’s Fort Canning Road Hard Fork

In a bid to heighten its services while fixing the pricing issues with decentralized tokens, the platform has sought to release the Fort Canning Road hard fork on its network which marks the rollout of code upgrades that fix the premium pricing issue of dTokens.

The company noted that dTokens were trading at a 10-15% premium over the prices of corresponding stocks due to a consistent surge in the demand for dTokens. However, It has caused investors to resist the idea of going long on dTokens. This has triggered its concern to initiate a solution via its Fort Canning Road hard fork.

Speaking on the inspiration behind the new development, U-Zyn Chua, the 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.”

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Since the dTokens often give users price exposure, but not ownership, to the underlying assets without geographical restrictions and trading limits, the Fort Canning Road hard fork has been introduced to bring futures contracts to keep the dToken prices within a +/- 5% range of the corresponding shares traded in the real world.

Moreso, if the price of a dToken is further than 5% away from the real price, it gives DeFiChain users a low-risk, short-term arbitrage opportunity. Furthermore, the Fort Canning Road hard fork has been designed to offer a sneak peek into the Futures & Options trading that DeFiChain has unveiled plans to debut later this year. DeFiChain in its exclusive functionalities adopts a model that offers futures-like trades which remediates the issue of artificially burning tokens and risking the system filling up with unsecured tokens.

According to the announcement, the Fort Canning Road update is only committed to solving the problem of premium pricing of dTokens compared to their counterparts in the real world.