In just two days Cardano will be preparing to carry out the hard fork that will lead to the launch of smart contracts on its mainnet. After years of development, the project is about to make one of the most important moves in its history, and the event is highly anticipated.
As such, it has attracted all the biggest names in cryptocurrencies, including Binance, the largest exchange in the world by market capitalization. According to reports, the exchange plans to support the hard fork that Cardano (ADA / USD) will implement over the weekend.
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Binance announced its support for the Cardano event yesterday, September 9, via an official statement posted on its website.
According to reports, the update should begin on September 12, around 21:45 UTC. It will take place during epoch 290 and Binance will stop all ADA deposits and withdrawals for a period of time, approximately 30 minutes before the hard fork begins. It should be noted that while ADA withdrawals and deposits will be stopped during this period, trading itself should continue normally.
Binance explained that it has urged investors to allow sufficient time for deposit processing before they are disabled and not to start the process at the last second, as this could result in the loss of funds due to technical issues. Another thing that was pointed out is the fact that network upgrade and hard fork won’t create new tokens, so users don’t have to worry about potential hash rate wars.
Deposits and withdrawals will then be re-enabled after Binance is confident that the network is stable and warns users when the time comes.
As many probably know, Cardano has spent a lot of time testing smart contracts on its testnet and even conducted a bug bounty event trying to find potential problems. With all the bugs that should now be discovered and fixed, Cardano prepares to take one of the most important steps of his life.
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