Binance announces support for Cardano hard fork, Alonzo
Binance announces support for Cardano hard fork, Alonzo By DailyBitcoin Editor

Binance will temporarily halt deposits and withdrawals for Cardano

holders this Sunday while the upgrade occurs.

***

Binance, the largest digital asset exchange by trading volume, announced that it will support Cardano’s upcoming Alonzo

upgrade.

ADA holders will not be able to temporarily deposit or withdraw cryptocurrency while it occurs. However, trading will not be affected by the hard fork

.

Alonzo is considered Cardano’ s most important update to date, which will allow for the launch of smart contracts on the proof-of-stake blockchain

. It will officially go live this Sunday, September 12, at around 21:44 UTC. As a result, ADA deposits and withdrawals will be suspended half an hour earlier, starting September 12, 2021 at 21:14 (UTC).

Binance

will resume deposits and withdrawals as soon as the update is deemed stable, it said.

According to CryptoMarkets data , Cardano (ADA

) is up a significant 9.47% in the last 24 hours and priced at 6:00 am New York time of USD $2.58. The cryptocurrency has had an excellent performance this year, with gains, for those who bought on January 1, over 1319%. The trading volume on the last trading day is 15% higher than the average for the month.

About Alonzo

In a webcast in August, Cardano CEO Charles Hoskinson explained two important aspects of the Alonzo update: The first is the “combiner” that will grant nodes the new capabilities associated with Alonzo, and the second has to do with the infrastructure around that node, which will allow code to run both off-network and on-network, thus allowing Dapps (decentralized applications) to officially come to Cardano

.

Sources: <a href=”https://www.binance.com/en/support/announcement/9337390d06204fb3aed

cab91ff9aa8ca?ref=JLI1VBLA&utm_source=BinanceTwitter&utm_medium=GlobalSocial&utm_campaign=GlobalSocial”>Binance, Utoday, CryptoMarkets, archive

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