Enjin to Launch Fort Canning Upgrade on November 9, Subject to Governance Approval
Written with artificial intelligence.
Enjin is set to implement the Fort Canning upgrade on its Relaychain on November 9, marking a significant milestone in its blockchain history. The Matrixchain will follow with its own upgrade on November 16, contingent on governance approval.
Fort Canning Upgrade Details
Enjin is preparing to activate the Fort Canning upgrade on its Relaychain on November 9, which the company describes as the largest upgrade in its blockchain history. Following this, the Enjin Matrixchain is scheduled for an upgrade on November 16. Both upgrades are dependent on the passage of governance referenda.
Key Features of the Upgrade
The announcement shared on X highlighted several new features, including:
- NFT loans with self-terminating terms
- Tokens that expire on a scheduled basis
- Publicly verifiable mint limits
- Immutable item details
- Governance for ENJ holders over the Matrixchain
Upgrade Timings
The Relaychain will transition to runtime 1.8.0 at block #18,059,100 on November 9, while the Matrixchain aims for runtime 1.4.1 at block #12,331,000 on November 16, both expected around 16:00 UTC. These timings are estimates based on current block times and may vary.
Lending and Marketplace Changes
The upgrade introduces a lending feature that allows NFT owners to set up loans for a fixed term, with the NFT automatically returning to the lender once the term ends. During the loan, the borrower can use the NFT but cannot transfer or list it elsewhere. Notably, this feature will not apply to tokens minted before the upgrade unless permitted by the collection owner.
Marketplace enhancements will include support for sENJ and the Degens collection, as well as immediate escrow for ENJ auction bids upon submission. Furthermore, the upgrade establishes Immutable token attributes, making certain token attributes permanently fixed.
Governance Enhancements
Fort Canning will also introduce OpenGov on the Matrixchain, featuring 15 referendum tracks and conviction voting, where longer lock periods of ENJ yield greater voting power. Proposal submissions will now require a deposit of 1,000 ENJ, an increase from the previous 0.025 ENJ. Additionally, Relaychain validators will face slashing for losing parachain disputes, and the GRANDPA authority limit will increase from 32 to 100.
The previous upgrade, Bugis, had already improved the Relaychain's runtime and halved the block time for the Matrixchain. Fort Canning is set to build on these advancements, enhancing the overall functionality and governance of the Enjin ecosystem.