Cardano Network Upgrade And Hard Fork Gets Support From Binance

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.

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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.

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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