Cardano has placed the launch of smart contracts capability on September 12th. This offers us just 2 days up until the launch. Ahead of this, crypto exchange giant Binance has made moves to make sure that their platform is compatible with it. The statement was published by Binance on its main site. The network upgrade and hard fork have been scheduled to take place during epoch 290 or at approximately 12:44 UTC on September 12th, 2021.
The statement kept in mind that the Cardano upgrade and hard fork will not lead to the production of brand-new tokens, neither will it impact the trading of ADA tokens on the platform. Although deposits and withdrawals for ADA will be closed until the upgrade and hard fork have been confirmed to be working properly. Users holding ADA tokens on Binance are likewise encouraged to permit enough time for their deposits prior to the cut-off time. While the cryptocurrency exchange will take care of all of the technical requirements associated with the upgrade.
Deposits and withdrawals of ADA tokens will be suspended on 21:14 UTC on September 12th, thirty minutes prior to the upgrade and hard fork are arranged to take place. Deposits and withdrawals will remain unavailable for however long it takes the exchange to confirm that the upgrade is implemented properly and safe to carry out transactions on.
How Cardano Upgrade Will Affect The Network
There are a great deal of advantages to be stated about smart agreements ability concerning the Cardano network. One of these is the ability for developers to build decentralized applications (DApps) on the network, thereby enabling things like decentralized finance (DeFi) protocols and decentralized exchanges.
With the leading smart agreements platform, Ethereum, getting overwhelmed with use, it is crucial for other rivals to step up to the plate. The Alonzo Purple upgrade and hark fork puts Cardano in a position to compete with Ethereum when it comes to DeFi services like lending, staking, and yield farming. Also the creation of tokens on the platform and the minting of NFTs.
ADA Still Struggling
ADA rate is still in a down pattern after the crash that rocked the marketplace on September 7th. The token has not seen much recovery in the past three days despite the long-awaited smart contracts upgrade coming up in two days.
Currently, the rate of ADA is trading in the $2.3 variety, after investing most of the other day attempting to hold the $2.5 which it had actually stabilized at after an upward correction from the crash.
