Binance has announced its support for Cardano’s upcoming network upgrade and hard fork.

The cryptocurrency exchange giant disclosed its readiness for Cardano’s Chang hard fork in an announcement on Aug. 30. Ahead of the hard fork, Binance will halt ADA deposits and withdrawals.

The exchange expects a temporary pause to Cardano deposits and withdrawals starting on Sept. 1, 2024, at 20:45 UTC. This date marks the expected activation of the Chang hard fork, rescheduled from Aug. 27 due to unpreparedness from Binance and other crypto exchanges.

What Should Binance Users Note?

According to Binance, the halt to deposits and withdrawals will not impact ADA trading. The exchange will handle any technical requirements on behalf of its users, meaning Cardano holders don’t have to take any action.

However, the resumption of deposits and withdrawals will only occur once the hard fork is complete and the network is deemed stable.

Cardano Set for Chang Hard Fork

The Chang hard fork is crucial to Cardano’s roadmap, representing a step towards the Voltaire era. This era aims to make Cardano a self-sustaining ecosystem, with governance improvements including a voting and treasury system.

Chang has generated significant community interest, similar to the anticipation preceding the activation of smart contracts on Cardano via the Vasil hard fork.

On Aug. 28, the working group for the hard fork, which includes community representatives, Emurgo, the Cardano Foundation, and Intersect, voted to proceed with Chang. This decision followed an earlier delay due to exchanges lagging in their preparations.

According to the update, stake pool operators (SPOs), decentralized applications (dApps), and exchanges have since reached the expected implementation threshold. SPOs were at 92% readiness, while exchanges had hit the threshold after being only at 46% as of Aug. 23. Exchange readiness was over 90%, and the total value locked in dApps stood at 50% readiness.

For more updates on Cardano and other cryptocurrency news, stay tuned to Global Crypto News.

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