Breaking Binance to Support Cardano (ADA) Upgrade and Hard Fork

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In Brief
  • Binance announced on Feb. 27 that it was supporting the Cardano upgrade on Mar. 1.

  • Cardano will hard fork its blockchain in order to upgrade the system.

  • Cardano's ADA is hitting new price and market cap ATHs.

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Support for Cardano includes pausing ADA deposits and withdrawals on Binance for about five hours. Trading will continue, though. This comes as the coin reaches new ATHs and the market capitalization keeps rising.



Binance announced on Feb. 27 that the trading platform will support the Cardano network upgrade and hard fork. The platform will suspend ADA deposits and withdrawals starting from 16.00 UTC on Mar. 1. Binance expects to restore full service by 21.45 UTC on the first.

The exchange also stated that trading would not be affected. Cardano would not be creating new coins. Also, the exchange would resume full service as soon as the network proved stable. It would not announce the resumption ahead of time.



Cardano ATHs

The upgrade comes at an exciting time for the project, market-wise. Cardano bucked the general trend this week with a run that brought new All-Time High prices to the ADA coin. On Feb. 26, it also hit a new high by market capitalization.

Cardano reached a peak price of $1.48 on Feb. 27, and at the time of publication was at $1.42. ADA had reached a previous maximum of $1.18 on Jan. 4, 2018, which it broke on Feb. 26.

ADA’s market capitalization began a serious rise in December 2020. It finally breached its ATH, set in January 2018, only on Feb. 14, and hit a high of $46.5 million on Feb. 27. At the time of publication, the market cap was holding above $46 million.

Third, not Fourth

ADA’s rise settles, for now, at least, the jockeying for dominance among a set of projects. ADA, DOT, and XRP had all occupied fourth place lately. Ripple’s XRP had been third, until replaced by the Tether (USDT) stablecoin as Ripple’s fortunes waned. The suit against the company by the Securities and Exchange commission (SEC). The strength of Cardano’s rise, though, has broken a deadlock while both USDT and XRP slide.

Cardano Upgrade

The Goguen Rollout on Mar. 1 brings changes to the platform that keep it on the cutting edge of Decentralized Finance (DeFi). The rise of DeFi platforms in 2020 illustrated the need for interoperability, high-speed throughput and lower transaction costs.

While many projects are looking to be able to connect together, Cardano is also working on interconnects at deeper levels. On Feb. 26, the project’s team announced support for the development language Glow. The integration is designed to help developers work across ecosystems.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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