Binance, one of the biggest cryptocurrency exchanges, has said it will back Cardano’s upcoming Chang hard fork. The exchange said on August 30 that it would temporarily stop allowing transfers and withdrawals of ADA in order to get ready for the hard fork.
This break in ADA transactions is set to start on September 1, 2024, at 20:45 UTC, which is also the new date for the Chang hard fork. The fork was supposed to happen on August 27, but it was pushed back because Binance and other crypto markets were not ready.
Although there was a brief stop, Binance assured users that trading in ADA would not be affected during this time. The exchange will make all the necessary technical changes, so Cardano users will not be required to do anything during the process.
Binance Supports Cardano Upgrade
Withdrawals and deposits will not be possible until the hard fork is finished successfully and the network is proven to be stable.
The Chang hard fork is an important step in Cardano’s plan. It shows progress toward the Voltaire era, which wants to make Cardano an ecosystem that can support itself and has better governance, such as a voting and treasury system.
There is a lot of excitement in the Cardano community about the hard fork, comparable to the level of excitement that existed before the Vasil hard fork activated smart contracts.
The working group in charge of the hard fork, which includes people from the community, Emurgo, the Cardano Foundation, and Intersect, voted on August 28 to move forward with Chang. This choice came after a delay because exchanges were taking too long to get ready for the upgrade.
Key players, such as exchanges, stake pool operators (SPOs), and decentralized applications (dApps), are now ready to go live, according to the most recent update. Exchanges were only 46% ready on August 23, but they are now over 90% ready, while SPOs are 92% ready. There is a 50% ready level of value locked in dApps.
