Binance Will Support the Cardano (ADA) Network Upgrade & Hard Fork

Binance, the largest cryptocurrency exchange by trading volume announced its support the upcoming Cardano hard fork.

Just a few days left before the long-anticipated Cardano network upgrade and hard fork, Binance exchange announced that it will support the event. More than 80% of the Cardano pools have successfully upgraded to Alonzo 1.29.0.

Binance issued a statement in their blog, saying that the leading digital asset exchange will support the upcoming Cardano network upgrade. The announcement detailed:

“The ADA network upgrade & hard fork will commence during epoch 290 or at approximately 2021-09-12 21:44 (UTC). Deposits and withdrawals of ADA will be suspended starting from 2021-09-12 21:14 (UTC).”

According to the statement the exchange will not be suspending ADA trading, but the exchange asked investors to “leave sufficient time for deposits to be processed prior to the above cut-off time.”

The network upgrade and hard fork will not result in any new tokens being created.

Binance will resume deposits and withdrawals once they deem the upgraded network to be stable, and will not notify users in a further announcement.

IOG, the team behind the popular blockchain project successfully implemented a smart contracts capability on the Alonzo testnet.

Shortly after the was criticism revealing a concurrency issue found on a Cardano-based decentralized exchange (DEX) – Minswap, which the developer was fast to react to.

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.