The cryptocurrency exchange platform Binance announced on Thursday that it would be supporting Cardano’s upgrade and hard fork. Binance will do so by pausing deposits and withdrawals of ADA, Cardano’s native cryptocurrency.
ADA’s suspension on the Binance trading platform will supposedly last from March 1 at 1600 UTC until 2145 UTC the same day. However, Binance stated in its announcement that resumption of ADA’s deposits and withdrawals would only resume once the network is stable. The 1600 UTC – 2145 UTC period provided may be only an estimate of how long the upgrade and hard fork may take.
Although traders would not make deposits and withdrawals during the upgrade, Binance trading platform assured them that the Cardano’s native cryptocurrency trading would continue normally. The only difference will be no new ADA coins will be trading, so subscribers will have to do with exchanging existing coins.
The Upgrade Comes at A Convenience Time
Binance’s support for Cardano’s upgrade and hard fork could not have come at a better time. Recently ADA has been performing excellently on the cryptocurrency market, hitting its all-time high of $1.48 on February 27.
With a market capitalization of $46.5 million, the Cardano’s native cryptocurrency had risen to be the third-largest cryptocurrency by the time of Binance’s announcement. It outdid tether (USDT) and Binance’s BNB to get into third place. Messari recorded that in the past 90 days, ADA had risen by 628.64% and 14.05% in the last seven days.
Cardano Upgrade Contributes to ADA’s Surge
Before Binance’s announcement, Cardano has been on its own conducting a series of updates for its platform for the past year. The improved functionality features may contribute to its popularity among crypto traders.
IOHK, Cardano’s parent company, announced that the forthcoming upgrade and hard fork would further strengthen Cardano’s presence within the world of decentralized finance (DeFi). The March 1 upgrade and hard fork plans to roll out native token and multi-assets. Users will be able to use the native tokens to mint non-fungible tokens (NFTs), stablecoins, wrapped assets or lending protocol utility tokens. Cardano believes this will be instrumental in breaking into the DeFi ecosystem.