Binance will support Cardano (ADA) upgrade and hard fork

Support for Cardano includes pausing ADA deposits and withdrawals on Binance for approximately five hours. However, the trade will continue. This occurs when the coin reaches new ATHs and the market capitalization keeps increasing.

Binance announced on February 27 that the trading platform will support Cardano network upgrade and fork. The platform will suspend ADA deposits and withdrawals from 16:00 UTC on March 1. Binance expects to restore full service at 21.45 UTC the first.

The exchange also stated that trading would not be affected. Cardano would not be creating new coins. Additionally, the exchange would resume full service as soon as the network demonstrated stability. He would not announce the resumption ahead of time.

Cardano ATH

The update comes at an exciting time for the project, from a market point of view. Cardano broke the general trend this week with a run that brought new all-time high prices to the ADA coin. On February 26, it also hit a new record for market capitalization.

Cardano hit a high of $ 1.48 on February 27, and at press time it was at $ 1.42. ADA had reached a previous high of $ 1.18 on January 4, 2018, which it broke on February 26.

ADA’s market capitalization began a major surge in December 2020. It eventually violated its ATH, set in January 2018, on February 14 alone, and peaked at $ 46.5 million on February 27. At press time, the market cap was holding above $ 46 million.

Third, not fourth

The rise of ADA solves, for now at least, the struggle for dominance among a set of projects. ADA, DOT, and XRP had been in fourth place lately. Ripple’s XRP had been third, until it was replaced by the stablecoin Tether (USDT) when Ripple’s fortunes waned. The lawsuit against the company by the Securities and Exchange Commission (SEC). However, the strength of Cardano’s ascent has broken a stalemate as both USDT and XRP slide.

Cardano update

Goguen’s launch on March 1 brings changes to the platform that keep it at the forefront of decentralized finance (DeFi). The rise of DeFi platforms in 2020 illustrated the need for interoperability, high-speed performance, and lower transaction costs.

While many projects seek to connect with each other, Cardano is also working on interconnections at deeper levels. On February 26, the project team announced support for the Glow development language. The integration is designed to help developers work across all ecosystems.


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