Binance, one of the leading cryptocurrency exchanges, has announced its preparedness to support the upcoming Cardano (ADA) network upgrade and Chang hard fork, which is now scheduled for September 1, 2024. The exchange missed the original deadline of August 27 but has since adjusted its schedule to accommodate the new date.
The upgrade involves Binance and Cardano, with Charles Hoskinson, the founder of Cardano, playing a key role in the development and announcement of this critical update.
The network upgrade and Chang hard fork are set to occur on September 1, 2024, at around 20:45 (UTC). During this time, Binance will temporarily suspend ADA token deposits and withdrawals to ensure a smooth transition.
The changes will affect the Cardano blockchain globally, impacting all users with ADA tokens on Binance and other platforms that support Cardano.
The Chang hard fork represents a pivotal moment for the Cardano ecosystem as it begins the “Age of Voltaire,” the final phase in Cardano’s roadmap towards full decentralization. This upgrade will introduce decentralized governance mechanisms, allowing ADA holders to elect Delegate Representatives (DReps) to participate in decision-making processes on the network.
To prepare for the Chang hard fork, Binance will manage all technical requirements for its users, ensuring their ADA tokens remain compatible with the updated network. In the lead-up to the fork, Binance will suspend deposits and withdrawals of ADA to prevent any issues during the upgrade. Once the network is confirmed stable post-upgrade, these services will resume.
Charles Hoskinson announced on August 23 that the Chang hard fork was postponed to September 1 to give exchanges like Binance more time to prepare. The upgrade will integrate concepts like liquid democracy and a constitutional republic into Cardano’s governance structure, enabling more robust and decentralized decision-making.
This hard fork is a crucial step in Cardano’s evolution, setting the foundation for a fully decentralized blockchain system. The Cardano community is looking forward to this upgrade, which is expected to significantly enhance the network’s governance and operational capabilities, solidifying its position in the crypto space.
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