- Cardano’s network upgrade is around the corner.
- Crypto exchange Binance will support the upgrade.
- Cardano’s Chang hard fork will transition the network to a new model.
Over the past months, Cardano has been gearing up for a significant upgrade to enhance its governance and decentralization. The Chang hard fork represents a major step toward the network’s community-driven governance model, introducing features such as on-chain voting, a constitutional committee, and delegation representatives.
As anticipation builds for the upgrade, Binance, the crypto exchange, has announced its support for the initiative.
Binance to Support Cardano Chang Hard Fork
To ensure a smooth transition for users, Binance announced in an August 30 statement that it will support the upcoming Cardano (ADA) network upgrade and hard fork.
Sponsored
As part of a standard practice during major network upgrades to avoid complications, the exchange stated that all deposits and withdrawals of ADA tokens during the upgrade will be suspended starting around 20:45 UTC on September 1, 2024.
The exchange will manage all the technical requirements associated with the upgrade, so users do not need to take any action themselves.
However, the network upgrade will not impact ADA trading on Binance, meaning that users can continue to buy, sell, and trade ADA tokens on the platform without any interruptions.
Deposits and withdrawals for ADA will resume upon the completion of the upgrade. Users must monitor the network’s status for updates, as Binance noted that it will not issue a separate announcement for this.
When is the Cardano Chang Hard Fork Upgrade?
Originally scheduled for August 23, the network upgrade was postponed due to insufficient exchange liquidity.
The new go-live date for the upgrade is set for September 1, 2024, at 21:45 UTC. The Chang hard fork will transition Cardano from a highly decentralized chain to a fully decentralized ecosystem, where token holders will govern the project.
Emphasizing the project’s importance, Cardano founder Charles Hoskinson highlighted that Chang is the most advanced governance model in the crypto space. It features ‘liquid democracy with a constitutional republic’ and enables millions of ADA holders to access Cardano’s treasury for the betterment of all stakeholders.
On the Flipside
- The Cardano community has recently proposed ideas for treasury spending.
- While community governance can enhance participation and decentralization, risks may include prioritizing token value increases over social benefits.
- At press time, ADA is trading at $0.34.
Why This Matters
Binance’s decision to support the upcoming Cardano network upgrade will ensure a smooth transition for the exchange’s users.
Cardano founder invited hackers to crack the new PGP-encrypted Lace paper wallet for a $1M bounty; read more here:
$1M Bounty: Cardano Founder Dares Hackers to Crack Lace
Here’s how Donald Trump is advancing his “crypto president” campaign:
Trump Pledges “Crypto Capital” Status for the U.S. if Elected
