Cardano Network Upgrade And Hard Fork Gets Support From Binance
September 10 2021 - 1:00PM
NEWSBTC
Cardano has placed the launch of smart contracts capability on
September 12th. This gives us only two days until the launch. Ahead
of this, crypto exchange giant Binance has made moves to make sure
that their platform is compatible with it. The announcement was
posted by Binance on its official website. The network upgrade and
hard fork have been scheduled to take place during epoch 290 or at
approximately 12:44 UTC on September 12th, 2021. The announcement
noted that the Cardano upgrade and hard fork will not result in the
creation of new tokens, neither will it affect the trading of ADA
tokens on the platform. Although deposits and withdrawals for ADA
will be closed until the upgrade and hard fork have been confirmed
to be working properly. Users holding ADA tokens on Binance are
also advised to allow sufficient time for their deposits before the
cut-off time. While the cryptocurrency exchange will take care of
all of the technical requirements associated with the upgrade.
Related Reading | Will The Cardano Smart Contracts Upgrade
Trigger A “Sell The News” Event? Deposits and withdrawals of ADA
tokens will be suspended on 21:14 UTC on September 12th, 30 minutes
before the upgrade and hard fork are scheduled to occur. Deposits
and withdrawals will remain unavailable for however long it takes
the exchange to confirm that the upgrade is implemented properly
and safe to carry out transactions on. How Cardano Upgrade Will
Affect The Network There are a lot of good things to be said about
smart contracts capability coming to the Cardano network. One of
these is the ability for developers to build decentralized
applications (DApps) on the network, thereby enabling things like
decentralized finance (DeFi) protocols and decentralized exchanges.
Related Reading | New To Bitcoin? Learn To Trade Crypto With
The NewsBTC Trading Course With the leading smart contracts
platform, Ethereum, getting overwhelmed with usage, it is
imperative for other competitors to step up to the plate. The
Alonzo Purple upgrade and hark fork puts Cardano in a position to
compete with Ethereum when it comes to DeFi services like lending,
staking, and yield farming. Also the creation of tokens on the
platform and the minting of NFTs. ADA Still Struggling ADA price is
still in a downward trend after the crash that rocked the market on
September 7th. The token has not seen much recovery in the past
three days despite the long-awaited smart contracts upgrade coming
up in two days. ADA price in the red | Source: ADAUSD on
TradingView.com Currently, the price of ADA is trading in the $2.3
range, after spending the majority of yesterday trying to hold the
$2.5 which it had balanced at after an upward correction from the
crash. Featured image from Nairametrics, chart from TradingView.com
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