DeFiChain’s Hotly Anticipated ‘Fort Canning Road’ Hard Fork Goes Live
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
Singapore, Singapore, 11th April, 2022, Chainwire
DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, has officially activated the much-anticipated Fort Canning Road hard fork on its network at 4:36 AM CEST on Monday, April 11th on Block Height 1,785,960.
The Fort Canning Road hard fork marks the rollout of code upgrades that fix the premium pricing issue of dTokens. Due to a constantly high demand, the dTokens were trading at a 10-15% premium over the prices of corresponding stocks. It held investors back from going long on dTokens.
U-Zyn Chua, Lead Researcher at DeFiChain, commented, “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.”
The dTokens are decentralized assets minted on the DeFiChain blockchain that mimic the prices of real-world stocks by tracking and reflecting a number of variable factors, and using oracles to capture those feeds. They give users price exposure, but not ownership, to the underlying assets without geographical restrictions and trading limits.
The Fort Canning Road hard fork brings futures contracts to keep the dToken prices within a +/- 5% range of the corresponding shares traded in the real world. 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. It’s because once a week, i.e. every 7*288 blocks, the price of each
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