As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies, I find it reassuring to see major players like Binance announcing their support for significant network upgrades such as Cardano’s Chang hard fork. It’s always a testament to the maturity and stability of a project when exchanges proactively prepare for hard forks, ensuring a smooth transition for their users.
Binance has announced that it will support Cardano’s upcoming network upgrade and hard fork.
In a statement dated August 30th, major cryptocurrency exchange Binance declared its intention to facilitate Cardano’s (ADA) upcoming Chang hard fork. Prior to the hard fork, Binance has plans to temporarily suspend ADA deposit and withdrawal services.
On September 1, 2024, at 20:45 UTC, there will be a temporary halt in deposits and withdrawals on the platform as Cardano plans to activate its Chang hard fork. Initially scheduled for August 27, the activation was postponed due to some crypto exchanges, including Binance, not being fully prepared.
What should Binance users note?
As stated by Binance, this pause in deposit and withdrawal services won’t affect trading of ADA. The platform will take care of any necessary technical tasks for its users, so Cardano owners don’t need to take any action themselves.
The deposits and withdrawals will become active again once the hard fork has been fully implemented and the network has been confirmed as being secure and stable.
Cardano set for Chang hard fork
The Chang hard fork plays a crucial role in Cardano’s strategic plan, as it represents one of the steps leading towards the Voltaire phase. In the Voltaire era, Cardano aims to transform into an autonomous ecosystem. Notable enhancements during this period will include the implementation of a voting system and a treasury mechanism for improved governance.
There’s been a great deal of excitement within the community about Chang, with expectations running just as high as they were before the activation of smart contracts on Cardano through the Vasil hard fork.
On August 28th, the decision-making team responsible for the hard fork, consisting of community members, Emurgo, the Cardano Foundation, and Intersect, gave the green light for the Chang project. This decision comes after an initial postponement due to delays in exchange preparations.
According to the recent update, stake pool operators, DApps (Decentralized Applications), and cryptocurrency exchanges have now met the anticipated level of adoption or implementation.
On August 23, SPOs were nearly ready at 92%, whereas exchanges had surpassed the threshold, being only at 46% preparedness. By contrast, exchange readiness soared over 90%, while the total value locked in dApps stood at approximately half that level of preparation (50%).
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2024-08-30 17:20