Binance Will Support Cardano’s Hard Fork Occuring on September 12
4 d ago•2 min read•Altcoins
With just a few days left until the long-anticipated Cardano network upgrade and hard fork, Binance indicated that it will support the event. This comes as more than 80% of the Cardano pools have successfully upgraded to Alonzo 1.29.0.
In a statement from September 9th, the leading digital asset exchange announced its intentions to support the upcoming Cardano network upgrade. The event is expected to take place on September 12th at around 21:45 (UTC) – during epoch 290. Binance will halt deposits and withdrawals of Cardano’s native token – ADA – approximately 30 minutes before the hard fork. However, the exchange will not suspend ADA trading. The statement urged investors to “leave sufficient time for deposits to be processed prior to the above cut-off time.” It also reminded that the network upgrade and hard fork will not result in any new tokens being created. Binance will resume deposits and withdrawals once “we deem the upgraded network to be stable, and will not notify users in a further announcement.” CryptoPotato reported earlier that the team behind the popular blockchain project implemented a smart contracts capability on the Alonzo testnet. Shortly after, though, criticism emerged revealing a concurrency issue found on a Cardano-based decentralized exchange (DEX) – Minswap. Despite the hurdles, though, most Cardano pools had upgraded to Alonzo 1.29.0 on September 6th. At the time, the percentage was 64% but now – three days later – it has increased to over 82%, according to the network monitoring resource Pooltool.