Binance Confirms Support for Cardano's Plomin Hard Fork

The Cardano (ADA) hard fork and network update are scheduled for tomorrow, Jan. 29, 2025, at 21:45 UTC, and Binance has confirmed its support for the event.

The crypto exchange revealed that it will stop ADA token deposits and withdrawals at 20:45 UTC on that date. ADA token trades will continue while the upgrade is underway.

Binance To Provide Technical Support for Cardano Users

Binance will provide the technical requirements for the upgrade so users can easily update, enhancing the functionality of the network.

The crypto exchange advised users to watch out for updates on the resumption of deposits and withdrawals. The Plomin hard fork enables any ADA token holder to participate in the network’s decision-making process. ADA holders can vote directly or choose a delegated representative (DRep) to vote on their behalf. This hard fork will make the Cardano blockchain operate on a completely decentralized governance model.

The upgrade’s name honors the late Matthew Plomin, the former CEO of USDM, Cardano’s stablecoin. Previously, interim committees handled upgrades and decisions, but this hard fork will allow users to participate more actively in decision-making.

The network will become more participatory and transparent as the wishes of the broader community will be embodied in its development. In addition, this upgrade will help ensure that Cardano is well-prepared to achieve smoother upgrades in the future.

Four days ago, the network introduced the Fineqia FTSE Cardano Enhanced Yield exchange-traded note (ETN) at the Vienna Stock Exchange. By using ADA across several yield-bearing DeFi protocols, this ETN, which is traded under the ticker YADA, gives investors indirect exposure to ADA price shifts and the profits from them.

The launch of this ETN allows regular investors to access activities in the Cardano ecosystem and the wider DeFi industry without directly using blockchain technology.