Binance, the digital asset exchange with an enormous trading volume, announced that it would support Cardano’s upcoming Alonzo upgrade.
Cardano (ADA) Holders will Temporarily Not Deposit or Withdraw ADA
In a blog post published by the exchange, Cardano’s ADA network upgrade and hard fork will begin in epoch 290 or around 9:44 pm (UTC) on September 12th. As a result of the upgrade, ADA holders will temporarily not deposit or withdraw the cryptocurrency. However, the transaction is not affected by the hard fork.
It recommends that ADA holders allow adequate time to process deposits before the deadline stated above. Once the network is updated and stabilised, ADA deposits and withdrawals will reopen, and the Exchange will notify its users in further announcements.
“Please allow enough time to process deposits before the above deadline. We will take care of all technical requirements for all users who have ADA in their Binance account.”
“As soon as we believe the updated network is stable, we will reopen ADA Deposits and Withdrawals and will not notify users in any further announcements.”
ADA network upgrades and hard forks do not generate new tokens.
As reported by Fxcryptonews, the Network will officially carry out Cardano’s most significant upgrade to date on September 12th, which will allow smart contracts to be launch on the proof-of-stake blockchain.
Cardano Recovers From Tuesday’s Downward Move
Cardano (ADA) is currently recovering from Tuesday’s massacre that caused ADA’s price to drop 35% from its ATH of $ 3.10. Before the rebound began, ADA fell to a weekly low of $ 2.04. The altcoin is currently trading at $ 2.51 and is hoping to gain momentum ahead of the final Alonzo upgrade scheduled for next Sunday.
Alonzo Purple, the first public testnet, implemented smart contracts integration on September 1st, and the first Dapp on the blockchain was soon released. However, on the first Dapp, traders encountered many problems and complications, and many people complained of issues in processing transactions. In addition, many Ethereum supporters accused Dapp of only processing one transaction per block. Still, IOHK later posted a blog to clarify that this issue is not a big deal and will be resolve before the mainnet upgrade.