Binance supports Plomin hard fork: what is Plomin hard fork?

Binance has announced that it is supporting the upcoming network upgrade and hard fork of Cardano, which is set to take place tomorrow, on Jan. 29, 2025, at around 21:45 UTC. 

In order to do this smoothly, Binance will halt deposits and withdrawals of Cardano (ADA) tokens on the same day beginning from 20:45 UTC. Binance announced that trading for ADA tokens will not be suspended during the upgrade process. All technical requirements of the upgrade will be completed by Binance so that users can upgrade seamlessly.

This upgrade is intended to improve the functionality of the Cardano network, and Binance’s support demonstrates its commitment to providing an optimal user experience. Users are recommended to prepare for temporary suspension of deposits and withdrawals and keep an eye on for further updates.

The new hard fork allows anyone who holds ADA to contribute to the network’s decision-making. The Plomin hard fork is meant to turn the Cardano blockchain into a fully decentralized governance model where ADA holders can either vote directly or allow another person, known as a delegated representative (DRep), to vote in their place. This upgrade is named after the late Matthew Plomin, who was the CEO of USDM, Cardano’s stablecoin.  

In the past, decisions and upgrades were handled by interim committees, but with this hard fork, users will have a more active role in decision-making. This guarantees that the will of the larger community is represented in the network’s evolution, therefore making the system more democratic and transparent. It will also help ensure that Cardano is set for smoother upgrades in the future.

Just four days prior, on Jan. 24, Cradano launched the Fineqia FTSE Cardano Enhanced Yield ETN at the Vienna Stock Exchange. This exchange-traded note, which is listed with the ticker YADA, allows investors to get indirect exposure to ADA’s price movements while generating yield from the use of the ADA across different yield-bearing DeFi protocols. 

With the introduction of this ETN, more traditional investors now have an accessible way to participate in Cardano’s ecosystem and the broader DeFi market without directly engaging with blockchain technology.