Binance to Support Cardano (ADA) Network Upgrade and Hard Fork, Polygon (MATIC) Token Migration

Crypto exchange Binance has announced that it will support the upcoming network upgrades for Cardano (ADA) and Polygon (MATIC).

Major crypto exchange Binance has announced support for the upcoming network upgrades for Cardano (ADA) and Polygon (MATIC).

In separate announcements on Aug. 30, the exchange notified its customers and the broader crypto community that it would support Cardano’s Chang hard fork and Polygon’s MATIC to POL token migration.

Binance to support Cardano hard fork

The Cardano network is set to activate its highly anticipated Chang hard fork on Sept. 1, 2024. The upgrade will introduce voting and treasury systems as part of Cardano’s governance and decentralization efforts. The hard fork was initially delayed from an expected implementation date on Aug. 27 after key parties, including Binance, were not prepared for the fork.

In a post on Twitter, Cardano founder Charles Hoskinson noted that the delay was to allow these crucial ecosystem players to prepare. As earlier reported by Cointelegraph, exchanges needed to hit the 85% threshold for the hard fork to proceed.

The magic of deadlines is that ppl who aren't taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly.

It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on…

— Charles Hoskinson (@IOHK_Charles) August 23, 2024

According to an update on Aug. 29, the staking pool operators (SPOs) threshold has also been reached. Decentralized applications (dApps) are also ready and a vote to go live is “unanimously” agreed on for Sept. 1.

Binance will disable ADA deposits and withdrawals as part of the support for the hard fork.

Binance will support the Cardano (ADA) network upgrade and hard fork.

? https://t.co/P13No4FWwE

— Binance (@binance) August 30, 2024

Binance to support Polygon token migration

Also getting Binance’s support is the upcoming Polygon token migration.

The exchange will delist all MATIC trading pairs on Sept, 2024 at 03:00 UTC and add support for the new token with ticker POL. New POL trading pairs will go live on Sept. 13, 2024 at 10:00 UTC, Binance announced.

Polygon expects the MATIC to POL token swap to go live on Sept. 4. Per this earlier announcement, POL will facilitate native gas and staking fuctions on Polygon PoS before expanding to cover other network uses.