Binance Supports Highly-Anticipated Cardano Upgrade, Alonzo Hard Fork

The world's largest cryptocurrency exchange by trading volume, Binance, said it would give full support to the launch of the highly-anticipated Cardano upgrade.

Binance Supports Highly-Anticipated Cardano Upgrade, Alonzo Hard Fork
Binance Crypto Exchange | Image: Optimisus

Binance announced that it will support the Cardano (ADA) network upgrade and hard fork. The crypto exchange announced that when ADA upgrades to its Alonzo hard fork, it will halt withdrawals of ADA for 30 minutes or until it believes the network is stable.

As per Cardano Foundation, the hard fork will introduce smart contract capacity to the crypto, starting up decentralized finance (DeFi), and other functionalities to users.

Binance announced the news as follows,

“The ADA network upgrade and hard fork will commence during epoch 290 or at approximately 2021-09-12 21:44 (UTC). Deposits and withdrawals of ADA will be suspended starting from 2021-09-12 21:14 (UTC).”

In addition, Cardano also noted explained that an epoch consists of 432,000 slots. Each slot is equal to 1 second, turning to an epoch serving approximately 5 days. Cardano is at epoch 289, at press time.

What is more, Cardano developer IOHK noted that some digital asset exchanges started integrating against the Alonzo network. The exchanges include US-based crypto exchange Coinbase and Hong Kong-based exchange HitBTC.

According to CoinMarketCap, ADA is trading at $2.61 at the time of writing.