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Binance Adds Support to Cardano Network Upgrade, Hard Fork

CryptocurrencyFeb 28, 2021 11:31AM ET
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Binance Adds Support to Cardano Network Upgrade, Hard Fork

  • Binance announced support for Cardano’s Mary protocol upgrade.
  • The ADA network upgrade & hard fork will start approximately March 1, 2021.

Binance has stated its plan to back Cardano’s new system upgrade named Mary. The exchange said that ADA withdrawals and deposits will be on pause from March 1, 2021 at 16:00 (UTC).

Once the Mary upgrade is complete and the network is stable, Binance will resume its services for ADA users.

On the other hand, the final stages for Cardano’s next protocol update is underway. Once the upgrade is executed on the Cardano blockchain, we will see Cardano’s potential increase. This will mostly be thanks to two major features introduced in Goguen — native tokens and multi-asset capability.

Cardano is excited about this latest expansion to its feature set. As they recently announced, it will take effect on the Cardano Mainnet at approximately 21:44:51 UTC on March 1.

Just like Cardano’s previous two protocol updates (Shelley and Allegra), this too will use the same HFC approach. Cardano hopes that the entire upgrade process will be just as smooth with minimal disruptions for their users and exchanges.

Moreover, users holding ADA in wallets or on exchanges have nothing to be concerned about. Their assets will remain safe. However, some exchange users may face exchange downtime or service interruptions. This is due to exchanges finishing their final integrations.

ADA users holding funds on exchanges can continue to trade during this time. However, they may face some issues while making withdrawals or deposits, according to Binance’s announcement. Nevertheless, Binance said that this is temporary and won’t be an issue once the upgrade is complete.

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Binance Adds Support to Cardano Network Upgrade, Hard Fork
 

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