Binance has announced that it will support the upcoming Cardano’s (ADA) Chang hard fork, which is now scheduled for September 1 at 21:45 UTC. The exchange said it would temporarily cease Cardano token deposit and withdrawal services during the upgrade to avoid complications.
Additionally, Binance will oversee all technical matters involved in the migration process so that platform users will not be inconvenienced in any way.
The Cardano network’s Chang hard fork was scheduled for August 27 but was shifted to 1st September. The delay resulted from a lack of preparedness from major exchanges such as Binance.
Now that Binance is ready, the hard fork will go ahead, which will be a significant milestone towards the Conway era. This is an important step in the process because Binance is the exchange that performs the most transactions in Cardano.
Other key players have also expressed their readiness, making 1st September a confirmed date. The Cardano community can now expect the change in the governance system expected to be introduced by the Chang upgrade.
Binance Halts Cardano Activity for Chang Upgrade
To prevent problems during the Chang hard fork, Binance will suspend Cardano token deposit and withdrawals during this period. This step minimizes possible risks to the users’ assets during the update. Binance will resume normal operations after the network stabilizes following the upgrade.
Binance operational choices to regulate the technical side of the network upgrade so that the users will not face any problems. This is something that Binance has decided to do to continue providing the best possible experience for its users.
This has not gone down well with the Cardano community, as the exchange has been seen taking several proactive measures.
Cardano’s Chang Hard Fork Shows 92% Readiness
According to Intersect, 92% of stake pool operators are prepared for the Chang hard fork. This readiness level is higher than the threshold, thus indicating a high level of readiness for the changes to be made soon.
Furthermore, major exchanges such as Binance have confirmed that they meet the upgrade requirements. The Ledger Nano S hardware wallet, which was previously questioned, is now ready for the upgrade.
This development ends the concerns about the wallet’s preparedness. All the key players involved have agreed to the Chang hard fork, so there will be no more delays. As the Cardano network is about to shift to the Voltaire era, Binance’s participation brings the role of exchange preparedness into focus.
The hard fork, dubbed the Chang, is expected to improve Cardano’s governance when it is successfully implemented. The Cardano community looks forward to this upgrade as a positive move for the network’s future growth.
