TL;DR
- Enjin scheduled the Fort Canning upgrade for its Relaychain for November 9 and the Matrixchain upgrade for November 16, with both subject to governance approval.
- The minimum deposit for governance proposals will increase from 0.025 ENJ to 1,000 ENJ, while Matrixchain will adopt OpenGov with 15 referendum tracks.
- Enjin (ENJ) is trading at $0.033, up 11% over the past week but still 99% below its all-time high of $4.82 recorded in 2021.
Enjin has two protocol upgrades scheduled for November. The official Enjin Blockchain changelog sets the Relaychain runtime upgrade — version 1.8.0, named Fort Canning — for November 9, targeting block #18,059,100. The Matrixchain upgrade, runtime 1.4.1, is scheduled for November 16, at block #12,331,000. Both are scheduled for 16:00 UTC and depend on the corresponding governance referendums receiving approval.
The Canary networks, which serve as testing environments, already received the upgrades on September 28 and 29, respectively. These deployments confirm a phased preparation process, but do not guarantee that the changes will reach mainnet. Governance approval is the determining condition for both implementations.
Enjin Fort Canning and the New Governance Model
Fort Canning introduces substantial changes to the governance system. The deposit required to submit proposals will increase from 0.025 ENJ to 1,000 ENJ per track, and minimum support thresholds measured against the total issuance of 2.02 billion ENJ will be introduced.
Matrixchain will adopt OpenGov with 15 referendum tracks and a conviction-based voting model that increases voting weight based on the length of time tokens are locked. Members of the Enjin Fellowship will be able to fast-track urgent proposals. The increase in deposits could make it more difficult for some participants to access the governance process.
Regarding network security, validators may be penalized for losing parachain disputes, while the GRANDPA authority limit will increase from 32 to 100 to support a larger validator set.
Cross-Chain Functionality and Token Marketplace
The new XCM APIs will allow wallets to simulate calls and estimate costs before executing them, improving cost visibility for integrators. ENJ transfers between Relaychain and Matrixchain will continue to operate via Teleport. In the marketplace, Matrixchain will allow sales to be closed in a single transaction, partial offer acceptance, and on-chain settlement of expired listings in each block. The token lending system will introduce fixed-term NFT loans with automatic returns at maturity.
ENJ is trading at $0.033, up 11% over the past week but down 0.5% over the last 24 hours. Its market capitalization is around $66 million, while daily trading volume, at approximately $7.34 million, fell 42% compared with the previous session.
The token has recorded a 99% loss from its $4.82 all-time high in 2021, and the actual impact of these upgrades on token demand will depend on the concrete activity they generate in the marketplace.
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