Binance Will Support Cardano’s Hard Fork Occuring on September 12

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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.

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