Cardano launched its smart contract capabilities on September 12th. This leaves us with just two days left before its launch. They are compatible with it. The NS announcement was posted by Binance on the official website. Network upgrades and hard forks are scheduled during the 290s at approximately 12:44 UTC on September 12, 2021.
The announcement states that upgrading Cardano and hard fork will not result in the creation of new tokens. and does not affect the trading of ADA tokens on the platform, although deposits and withdrawals for ADA will be closed until upgrades and hard forks are confirmed to be working properly. Users holding ADA tokens on Binance should allow enough time for their deposits before the closing time. While the cryptocurrency exchange takes care of all technical requirements related to the upgrade.
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ADA token deposits and withdrawals will be suspended at 21:14 UTC on September 12, 30 minutes prior to the upgrade and hard fork schedule. How long will deposits and withdrawals remain unavailable in exchange to verify that the upgrade is properly implemented and secured in the transaction?
How will the Cardano upgrade affect the network?
There are a lot of good things to say about the smart contract capabilities coming to the Cardano network, one of which is the ability for developers to build decentralized applications (DApps) on the network. Implemented things like decentralized finance (DeFi) protocols and decentralized exchanges.
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With the leading smart contract platform, Ethereum, it is in great use. Other competitors need to take the lead. Alonzo Purple upgrades and hark fork put Cardano in a competitive position with Ethereum when it comes to DeFi services such as lending, staking, and yield farming. Platform token generation and NFT generation
ADA still struggling
The ADA price remains in a downtrend following the crash that rocked the markets on Sept. 7. The token has not seen much recovery over the past three days. Although there is a long-awaited upgrade of smart contracts in two days.
ADA price in the red | Source: ADAUSD on TradingView.com
The ADA price is currently trading in the $2.3 range after spending most of yesterday’s effort trying to hold the $2.5 balanced after a bullish correction.
Featured image from Nairametrics, chart from TradingView.com
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