The cryptocurrency exchange Binance announces that it will support the launch of Cardano’s upcoming smart contract mainnet.
Binance says that if Cardano (ADA) updates to its Alonzo hard fork, ADA’s withdrawals will be suspended for half an hour or until the network is deemed stable.
The Alonzo hard fork will introduce the third largest cryptocurrency by market capitalization with the smart contract capability and open up decentralized finance (DeFi) and other functionalities to users.
“The ADA network upgrade and hard fork will begin during epoch 290 or around 9/12/2021 at 21:44 (UTC). ADA deposits and withdrawals will be suspended from September 12th, 2021 at 9:14 pm (UTC). “
An epoch currently consists of 432,000 slots on the Cardano blockchain. Each slot corresponds to one second, which corresponds to an epoch that lasts approximately five days. At the time of writing, Cardano is in epoch 289.
According to Cardano developer Input Output Hong Kong (IOHK), some cryptocurrency exchanges have already started integrating with the Alonzo network, including the US digital asset exchange Coinbase and the Hong Kong-based exchange HitBTC.
The hardware wallets Ledger Nano S and Ledger Nano X have been marked as “Alonzo ready” by IOHK.
According to CoinGecko, ADA is trading at around $ 2.5 at the time of writing. It’s nearly 20% lower than the all-time high of $ 3.09 it hit earlier this month. Cardano’s percentage of total market capitalization is around 3.98% at the time of writing.
Don’t Miss A Beat – Subscribe to crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the daily Hodl mix
Check the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are made at your own risk and you are responsible for any losses. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / GrandeDuc