ADA Cardano announced the launch of its smart contracts on September 12th. That gives us just two days until launch. In light of this, cryptocurrency exchange giant Binance has made moves to make sure its platform is compatible with it. The announcement was posted by Binance on its official website. The network upgrade and hard fork were scheduled to take place during time period 290 or at approximately 12:44 UTC on September 12, 2021.
The announcement noted that the Cardano update and hard fork will not result in the creation of new tokens, nor will it affect the trading of ADA tokens on the platform. Although deposits and withdrawals for ADA are closed until the upgrade and hard fork is working properly. Users holding ADA tokens on Binance are also advised to allow enough time for their deposits before the cutoff time. The cryptocurrency exchange will take care of all the technical requirements associated with the upgrade.
Deposits and withdrawals of ADA tokens will be suspended at 21:14 UTC on September 12th, 30 minutes prior to the scheduled hard fork and upgrade date. Deposits and withdrawals will remain unavailable for as long as it takes the exchange to confirm that the update has been properly and securely implemented for transactions.
In this article, we will discuss:
How the Cardano upgrade will affect the network
There are many good things to be said about the capability of smart contracts coming to the Cardano network. One is the ability for developers to create decentralized applications (DApps) on the network, thus enabling things like decentralized financial protocols (DeFi) and decentralized exchanges.
With the leading smart contract platform, Ethereum, becoming overwhelmed with use, it is imperative that other competitors step forward. The Alonzo Purple upgrade and hark fork put Cardano in a position to compete with Ethereum when it comes to DeFi services such as lending, staking and agricultural production. Also the creation of tokens on the platform and the minting of NFTs.
ADA still struggling to stay above $2,50
The ADA price is still on a downward trend after the crash that shook the market on September 7th. The token hasn't had much recovery over the past three days, despite the long-awaited smart contracts update coming in two days.
Currently, the price of the ADA is trading in the $2,37 range, after spending most of the previous day trying to hold onto the $2,5 it had balanced with after an upward correction of the crash.
