Binance announces support for Alonzo hard fork

The world’s largest cryptocurrency exchange, Binance, has announced that it will support the upcoming Cardano update and Alonzo hard fork

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Both the Cardano update and hard fork are scheduled for September 12. These events will begin during epoch 290 or around 21.44 UTC. As we can read in the announcement, Binance will suspend deposits and withdrawals of ADA tokens half an hour before the fork

.

The platform stressed that trading

will be possible all the time, and the event will not create new tokens. It also asked Cardano users to make their deposits early so that they can be processed before the aforementioned deadline. Sponsored Sponsored

Besides, the exchange has stated that it is shouldering all the technical requirements. In turn, ADA deposits and withdrawals will resume as soon as the upgraded network is deemed stable. Once everything is working as expected, users will be notified.

Cardano Network Upgrade

Since the middle of the year, this third-generation blockchain project has been rolling out elements of

the

Alonzo upgrade. The overall goal of this effort is to bring smart contract functionality to the Cardano network. If successful, this will mark the end of the Gougen era, and developers will be able to build decentralized applications (dApps

) on the blockchain.

First, the IOHK team launched Alonzo Blue, which offered smart contracts to a limited number of tech insiders. Along with it came a huge anticipation for the development and growth of the network. This was followed by the introduction of Alonzo White and Alonzo Purple. In addition to DeFi‘s capabilities, the updates also bring the potential for ERC-20 tokens to be issued by the Cardano blockchain. Along with smart contracts also comes the prospect of another popul

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arious recent market – NFT.

Nevertheless, previous implementation delays have caused investors’ confidence in Cardano to plummet. Some time ago, most of the cryptocurrency community even bet that Cardano would fail to launch smart contracts as planned. However, that bearish sentiment seems to have disappeared. In fact, ADA is ranked 3rd among cryptocurrencies in terms of market capitalization.

What else are we hearing about the project?

Cardano also recently partnered with Coinfirm on analytics relevant to anti-money laundering.

According to Weiss Crypto, the move will make the network vulnerable to censorship and go against the idea of decentralization. Cardano’s founder, Charles Hoskinson, however, is convinced that the move is necessary for further mass adoption.

On September 7, the ADA experienced a sizable price drop of $2.40. However, this correction was correlated with the market-wide crash. Currently, the coin is trying to recover and at the time of this writing is trading at $2.60, up 8 percent on the day.

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