Binance to Support Cardano (ADA) Network Upgrade and Hard Fork

Over the past months, Cardano has been gearing up for a significant upgrade to enhance its governance and decentralization.

Binance will support the upcoming Cardano (ADA) network upgrade and hard fork, the crypto exchange announced on August 30.

As part of a standard practice during major network upgrades to avoid complications, Binance will suspend all deposits and withdrawals of ADA tokens during the upgrade, starting around 20:45 UTC on September 1, 2024.

Binance will support the Cardano (ADA) network upgrade and hard fork.? https://t.co/P13No4FWwE

The exchange will handle all the technical requirements associated with the upgrade, so users do not need to take any action themselves.

However, the network upgrade will not impact ADA trading on Binance, meaning that users can continue to buy, sell, and trade ADA tokens on the platform without any interruptions.

Deposits and withdrawals for ADA will resume upon the completion of the upgrade. Users must monitor the network’s status for updates, as Binance noted that it will not issue a separate announcement for this.

When is the Cardano Chang Hard Fork Upgrade?

Originally scheduled for August 23, the network upgrade was postponed due to insufficient exchange liquidity.

The new go-live date for the upgrade is now set for September 1, 2024, at 21:45 UTC. The Chang hard fork will transition Cardano from a highly decentralized chain to a fully decentralized ecosystem, where token holders will govern the project.

Emphasizing the project’s importance, Cardano founder Charles Hoskinson highlighted that Chang is the most advanced governance model in the crypto space. It features ‘liquid democracy with a constitutional republic’ and enables millions of ADA holders to access Cardano’s treasury for the betterment of all stakeholders.

On the Flipside

Why This Matters

Binance’s decision to support the upcoming Cardano network upgrade will ensure a smooth transition for the exchange’s users.

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