3.x

Read about the major cheqd network upgrade, moving to version 3.x

Version 3.x brought cutting-edge features designed to enhance transaction efficiency, fee flexibility, and cross-chain interoperability. Here's what's we added:

🔥 EIP-1559 Feemarket Implementation

Revolutionising the fee structure for a smoother, more efficient user experience. The advanced Additive Increase Multiplicative Decrease (AIMD) model ensures fair and efficient fee adjustments.

  • Base Fee: Dynamically adjusts based on network congestion. This fee is burnt, reducing token supply and enhancing the economic value of $CHEQ.

  • Priority Fee: Optional tip for validators to prioritise your transactions.

  • Block Elasticity: Dynamic block sizes to address congestion, improving transaction times while mitigating volatility in fees and maximising block utilisation.

  • Congestion-Responsive: Adjustments maintain a balance between supply and demand for network resources.

Note: Keplr Wallet unfortunately cannot support dynamic fee lookups for Cosmos SDK chains that are not natively integrated into their wallet. Therefore, we recommend users to migrate to Leap Wallet from Keplr Wallet.

🌐 Fee Abstraction Module

  • Cross-Chain Token Support: Pay transaction fees in tokens from any IBC-enabled Cosmos chain.

  • IBC Hooks: Facilitate cross-chain smart contract calls, opening new use cases like multi-hop swaps.

  • Fee Conversions: Automatically convert IBC-denominated tokens to native fees before final settlement.

🔄 IBC Packet Forwarding Middleware

Streamlining cross-chain communication with robust packet forwarding:

  • Atomic Multi-Hop Flows: Secure and synchronized token transfers across multiple chains.

  • Asynchronous Acknowledgements: Track the outcome of multi-hop transfers from the initiating chain.

🔧 New Message Definitions for Governance and Token Management

Simplifying token minting and burning through governance-approved mechanisms mainly aimed at reducing complexity of $DOCK to $CHEQ token migration:

  • MsgBurn: Allows manual burning of native tokens with full validation.

  • MsgMint: Enables governance-controlled token minting and distribution to specific addresses.

🌟 What This Means for You

  1. Improved User Experience: Transaction fees are simpler, predictable, and wallet-friendly.

  2. Enhanced Token Utility: CHEQ’s role as the network’s core currency is strengthened.

  3. Cross-Chain Opportunities: Broader support for IBC tokens ensures a seamless multi-chain experience.

  4. Governance and Transparency: New tools for community-driven token supply management.

Last updated

Was this helpful?