Binance, the world's largest cryptocurrency exchange, has declared that it will support the Cardano hard fork.
Binance has stated that it will support the long-awaited Cardano network update and hard fork, which is only a few days away. This comes as more than 80% of Cardano pools have upgraded to Alonzo 1.29.0 successfully.
The largest digital asset exchange confirmed its intentions to support the impending Cardano network upgrade in a statement on September 9th. On September 12th, about 21:45 (UTC) – during epoch 290 – the event is scheduled to occur. Around 30 minutes before the hard fork, Binance will halt deposits and withdrawals of Cardano's native coin, ADA.
The exchange, on the other hand, will not halt ADA trade. “Leave ample time for deposits to be processed prior to the above cut-off period,” the statement advised. It also stated that no new tokens will be issued as a result of the network upgrade and hard fork.
Binance will restart deposits and withdrawals once "we judge the enhanced network to be reliable," and "we will not notify users in a subsequent announcement," according to the company.
The team behind the famous blockchain project introduced smart contracts capability on the Alonzo testnet, according to CryptoPotato.
However, soon after, complaints surfaced, showing a concurrency issue on Minswap, a Cardano-based decentralized exchange (DEX).
Despite the difficulties, on September 6th, most Cardano pools upgraded to Alonzo 1.29.0. According to Pooltool, a network monitoring site, the number was 64 percent at the time, but it has already risen to over 82 percent three days later.
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