Binance will support Cardano's Alonzo hard fork

Binance will support Cardano’s Alonzo hard fork

Binance Provides a Major Boost to Cardano’s Much-anticipated Upgrade “Alonzo hard fork”

Binance will support Cardano's Alonzo hard fork
Source: twitter.com/cardano

Binance, the largest cryptocurrency exchange in the world, has announced that it will support Cardano’s imminent smart contract mainnet launch.

When Cardano (ADA) upgrades to its Alonzo hard fork, Binance says it would halt ADA withdrawals for half an hour or until the network is deemed stable.

The Alonzo hard fork will add smart contract functionality to the third-largest cryptocurrency by market capitalization, allowing users to access decentralized finance (DeFi) and other features.

During epoch 290, or around 2021-09-12 21:44 (UTC), the ADA network upgrade and hard fork will begin. From 2021-09-12 21:14 (UTC), ADA deposits and withdrawals will be suspended

An epoch on the Cardano blockchain currently has 432,000 slots. Each slot corresponds to one second, resulting in a five-day period. Cardano is currently at epoch 289 at the time of writing.

Some cryptocurrency exchanges, notably US-based digital asset exchange Coinbase and Hong Kong-based exchange HitBTC, have already begun integrating against the Alonzo network, according to Cardano creator Input Output Hong Kong (IOHK).

IOHK already declared Hardware Wallets Ledger Nano S and Ledger Nano X as “Alonzo ready”

According to CoinGecko, ADA is now trading at around $2.5 at the time of writing. It has dropped over 20% since hitting an all-time high of $3.09 earlier this month. At the time of writing, Cardano has around 3.98 percent of the overall market capitalization.

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