Wanchain Announces Successful “Saturn” Hard Fork Setting Deflationary Path Forward
Press Release: Wanchain has activated its fifth and latest hard fork upgrade, moving WAN closer to becoming a deflationary digital asset.
5th July 2022, London – Wanchain has successfully launched its new Saturn hard fork, which introduced several network improvements and completely overhauled the network’s fee market. The Saturn hard fork was activated at Block 21,454,700 at 06:47 am UTC on July 5th.
The Saturn Hard Fork
With the Saturn hard fork upgrade, each transaction on Wanchain will involve burning a base fee, which automatically decreases the WAN circulating supply – in a process similar to that of Ethereum’s EIP-1559. Additionally, the Saturn hard fork upgrades Wanchain’s EVM, making it fully compatible with the Ethereum London EVM.
EIP-1559 Protocol to Increase Deflation
The introduction of the EIP-1559 protocol makes major adjustments to the network’s fee market and serves as a sustainable WAN burning mechanism. Now, every transaction includes a base fee that is burned, thereby reducing WAN circulating supply and adding deflationary pressure on WAN. The Saturn hard fork also introduces the concept of a “tip,” or priority fee, that users can choose to pay if they want their transactions to be prioritized by the network.
EVM Opcodes and SHA-3
Saturn also upgrades Wanchain’s EVM to be fully compatible with Ethereum’s London EVM by supporting the latest EVM opcodes. This increased interoperability enables Solidity developers to more easily migrate their applications to Wanchain. For instance, as a result of Saturn, Ethereum-based tools such as MetaMask, Remix and Truffle are now fully compatible with Wanchain.
Saturn further adds support for new cryptographic hash functions, including SHA-3. Adding native support for SHA-3 offers performance and versatility benefits, and increases interoperability with projects using SHA-3.
Gas Limit Adjustment
Saturn additionally adjusts the Wanchain gas limit per block to 50 million, which influences the number of transactions that can fit in a block. Wanchain’s gas limit per block is now higher than Ethereum’s, which is set to 30 million. As a sustainable PoS network, Wanchain achieves this without sacrificing the network’s high transaction speed and low transaction fees.
The Saturn hard fork represents the biggest technological leap forward for Wanchain with numerous advancements in the protocol, with improved functionality, performance, and cost, as the company sets off on a deflationary path forward.
About Wanchain
We are all connected — Wanchain, the Wide Area Network chain, is the world’s premier decentralized blockchain interoperability solution. The company’s mission is to drive blockchain adoption through interoperability by building fully decentralized bridges that connect the world’s many siloed blockchain networks. This cross-chain infrastructure empowers developers to build truly decentralized cross-chain applications to power the future of Web3.
Media Contact
Contact Name: Temujin Louie
Contact Email: temujin@wanchain.org
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Wanchain is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
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