Binance Announces Support for Cardano's (ADA) Chang Hard Fork Scheduled for September 1
The Cardano network's Chang hard fork was scheduled for August 27 but was shifted to 1st September. The delay resulted from a lack of preparedness
Binance has announced its support for the upcoming Cardano (ADA) Chang hard fork, scheduled for September 1 at 21:45 UTC. During the upgrade, the exchange will temporarily halt Cardano token deposits and withdrawals to ensure a smooth transition.
Binance will also handle all technical aspects of the migration to minimize any inconvenience to platform users.
Cardano's Chang Hard Fork is now set for September 1
The Chang hard fork on the Cardano network, which was initially scheduled for August 27, has now been shifted to September 1. The delay in the hard fork was due to a lack of preparedness from major exchanges, including Binance, to handle the upcoming network upgrade.
Now that Binance is ready for the hard fork, it will proceed as planned, marking a significant step towards the Conway era. This is a crucial stage in the process, considering that Binance is the exchange with the highest trading volume for Cardano.
Other key players have also confirmed their readiness, ultimately leading to a confirmed date of September 1. The Cardano community can now anticipate the introduction of governance changes with the Chang upgrade.
Binance Pauses Cardano Activity for Chang Upgrade
To ensure a seamless transition during the Chang hard fork, Binance will temporarily suspend Cardano token deposits and withdrawals. This measure is taken to minimize any potential risks to users' assets during the upgrade.
Once the network stabilizes following the upgrade, Binance will resume normal operations. As Binance handles the technical aspects of the network upgrade to ensure a smooth experience for its users, the exchange's operational choices have drawn attention, especially within the Cardano community, where several proactive measures by Binance have been noted.
Cardano's Chang Hard Fork Shows 92% Readiness
According to Intersect, 92% of stake pool operators are now prepared for the Chang hard fork. This readiness level surpasses the threshold, indicating a high level of anticipation for the upcoming network changes.
Additionally, major exchanges, including Binance, have confirmed their readiness for the upgrade. Notably, the Ledger Nano S hardware wallet, which faced earlier queries, is now ready for the hard fork, putting to rest any concerns regarding the wallet's preparedness.
With all key players on board, the Chang hard fork will proceed as scheduled, with no further delays. As the Cardano network prepares to enter the Voltaire era, Binance's participation highlights the role of exchange preparedness in the upcoming hard fork, which is expected to enhance Cardano's governance upon its successful implementation.
This upgrade is highly anticipated by the Cardano community, as it marks a positive step in the network's continuous growth.
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