The new "Dragon Boat Challenge" (also called Dragon Hunt) works like a normal challenge. Three loses and you're out, but you can restart the challenge.
That means you can start with 0 loses and the number of wins you had before.
At the start of the game, there will be an "egg" with 2120 hitpoints. Each player has his own hitpoints.
Your troops will take down your egg's hitpoints. Whoever manages to take down his own hitpoints first will get a one of the dragons to fight for him.
It can be an Electro Dragon, Inferno Dragon or a Baby dragon.
The rewards are pretty nice in this challenge.
Here is a list of the rewards:
1 win - 1 Epic Trade Token
2 wins - 2x Baby Dragon
3 wins - 2500 Gold
4 wins - 2x Electro Dragon
5 wins - 2500 Gold
6 wins - 1x Inferno Dragon
7 wins - 2500 Gold
8 wins - 4x Electro Dragon
9 wins - 4x Baby Dragon
10 wins - 1x nice Baby Drag emote
If you'll get ten wins, here is everything you will get:
The challenge is fun to play and as I said, the rewards are also pretty good. So it is definitely worth it playing the challenge.
Good luck in the challenge!