Binance to support Cardano’s network upgrade

Binance has announced it is ready to support the upcoming Cardano (ADA) network upgrade and Chang hard fork on Sept. 1 after failing to prepare for the original Aug. 27 deadline in a timely manner.

Binance will suspend token deposits and withdrawals on the blockchain in order to prevent technical issues during the Sept. 1 hard fork, the exchange said in a blog post.

Binance will handle all technical requirements for its users, which includes ensuring ADA’s compatibility with the new fork. The trading platform will reopen token deposits and withdrawals on the Cardano network after the upgrade is complete and the network is considered stable.

“Starting at approximately 2024-09-01 20:45 (UTC), Binance will suspend the deposits and withdrawals of token(s) on the Cardano (ADA) network to support its network upgrade and hard fork to ensure the best user experience.”

Upgrade delayed by less than a week 

On Aug. 23, Cardano founder Charles Hoskinson announced the postponement of the Chang hard fork to Sept. 1, claiming that many crypto trading platforms, including Binance, “need more time to get their houses in order.”

According to Hoskinson, the Chang hard fork will combine concepts like liquid democracy with a constitutional republic that will enable and allow powerful institutions to pass and walk through stuff like budgets or roadmaps.

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The Chang hard fork represents an important upgrade for the Cardano ecosystem, and Hoskinsion says it will initiate the transition to the Voltaire era, marking the final stage of its road map to create a fully decentralized blockchain ecosystem.

Cardano blockchain ready for the Chang hard fork

The Chang hard fork is intended to be the first step in giving Cardano fully decentralized governance. It begins the “Age of Voltaire” on Cardano’s roadmap, a period characterized by massive changes to the network’s political system.

The developers have outlined these changes in Cardano Improvement Proposal (CIP) 1694. According to this proposal, Chang will eventually allow for the introduction of Delegate Representatives (DReps), who Cardano ADA token holders will elect.

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