Binance to Support Cardano (ADA) Network Upgrade and Hard Fork
Timothy Morano Aug 30, 2024 17:10
Binance announces support for the upcoming Cardano (ADA) network upgrade and hard fork, temporarily suspending deposits and withdrawals.
Binance, one of the leading cryptocurrency exchanges, has announced its support for the upcoming Cardano (ADA) network upgrade and hard fork. According to Binance, the exchange will temporarily suspend deposits and withdrawals of ADA tokens starting at approximately 2024-09-01 20:45 (UTC).
Details of the Suspension
The network upgrade and hard fork are scheduled to occur at around 2024-09-01 21:45 (UTC). Binance has assured its users that the trading of ADA tokens will not be affected during this period. The exchange has committed to handling all technical requirements associated with the upgrade to ensure a smooth transition for its users.
Resumption of Services
Deposits and withdrawals for ADA tokens will be reopened once the network is deemed stable post-upgrade. Binance has indicated that no further announcement will be made regarding the resumption of these services.
Additional Information
Binance has also highlighted that there may be discrepancies in translated versions of the original announcement, advising users to refer to the English version for the most accurate information. Furthermore, the exchange reserves the right to amend or cancel the announcement at any time without prior notice.
Market Implications
This network upgrade and hard fork are part of Cardano’s continuous efforts to improve its blockchain infrastructure. The upgrade is expected to bring several enhancements to the network, potentially increasing its efficiency and scalability.
Cardano has been actively developing its ecosystem, and this upgrade is anticipated to further solidify its position in the competitive blockchain space. Investors and developers alike are keenly watching the developments, as successful implementation could positively impact ADA’s market performance.
Image source: Shutterstock