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The upcoming Cardano hard fork is expected to significantly upgrade the network, enhancing user experience and overall performance.
Binance, the leading global cryptocurrency exchange by market volume, has announced that it will suspend all deposits and withdrawals on the Cardano (ADA) blockchain to support the network’s long-awaited upgrade and Chang hard fork on September 1.
In a blog post published on Friday, the company, founded by Changpeng Zhao (CZ), disclosed the move aligns with its commitment to supporting the protocol’s transition to the Conway era, scheduled for this weekend on Sunday at approximately 21:45 UTC.
Crypto Exchanges Are 92% Ready for Cardano Upgrade
The upcoming upgrade was initially slated for Wednesday, August 27. However, many crypto exchanges, including Binance, were not fully prepared for the transition. Last week, Charles Hoskinson, founder of Cardano, announced that the hard fork had been postponed to September 1, giving the companies more time to get their houses in order.
The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly.
It looks like Binance and a few others need more time to get their houses in order, so the rocket is going to wait on…
— Charles Hoskinson (@IOHK_Charles) August 23, 2024
With the updated timeline, numerous crypto platforms are working to meet the new deadline. According to data from Intersect, stake pool operators (SPOs) have achieved a readiness score of 92%, while decentralized applications (DApps) are more than 50% ready for the hard fork.
Centralized exchanges have also reached a significant readiness level of 92%, indicating adequate preparation for the Chang hard fork. Leading crypto trading platforms such as Binance, Binance.US, Coinbase, Bybit, KuCoin, HTX (formerly Huobi Global), and Kraken are fully prepared for the upcoming upgrade.
Temporary Suspension of Transactions
As part of its support for the Cardano upgrade and hard fork, Binance will temporarily halt transactions, including deposits and withdrawals on the protocol, during the upgrade to prevent any technical malfunctions.
“Starting at approximately 2024-09-01 20:45 (UTC), Binance will suspend the deposits and withdrawals of token(s) on the Cardano (ADA) network to support its network upgrade and hard fork, ensuring the best user experience,” the company stated.
The companies will also handle all technical aspects involving its massive user base of 200 million. Once the upgrade and hard fork are successfully completed, Binance said it will restore operations on Cardano, allowing users to resume interacting with the chain.
Cardano to Transform to a Fully Decentralized Network
The upcoming Cardano hard fork is expected to significantly upgrade the network, enhancing user experience and overall performance. According to Hoskinson, the network’s upcoming transition will transform the protocol into a fully decentralized platform, giving the community the power to govern the chain.
However, the governance system will be rolled out in phases and will gradually increase in complexity. The community will not be given full decision-making authority over Cardano right away, as the entire process will take time to complete.
The introduction of the governance mechanism on Cardano is known as the Voltaire era, the beginning of the final stage of the project’s roadmap which is aimed at creating a fully decentralized blockchain ecosystem.
The changes introduced by the upgrade will also eventually allow for the election of Delegate Representatives (DReps) by ADA holders, as outlined in the Cardano Improvement Proposal (CIP) 1694.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
