Binance to support the upcoming Cardano hard fork

The cryptocurrency exchange Binance said it would support the scheduled Cardano network hard fork overnight on September 12–13 (ADA). Half an hour before the upgrade activates, the platform will suspend ADA deposits and withdrawals, though users will still be able to trade the cryptocurrency as part of trading operations.

#Binance Will Support the @Cardano $ADA Network Upgrade & Hard Forkhttps://t.co/3eh39ProHi

— Binance (@binance) September 9, 2021

The Alonzo upgrade is billed as the most significant upgrade to the Cardano network. With its activation, the blockchain will implement smart contracts — enabling developers to build decentralised applications (dapps).

Last week, IOHK deployed smart contracts on the Cardano testnet. Against this backdrop, the cryptocurrency hit an all-time high above $3.

At the time of writing, ADA was trading near $2.56. In the last 24 hours, its price rose by 8%, according to CoinGecko.

Smart contract integration in the testnet was not without incidents. The first dapp on the Cardano blockchain — the decentralised exchange Minswap — ran into the so-called ‘concurrency issue’. Because of the latter, only a single user could interact with the smart contract within a single block.

What happened during Minswap testnet, and our plan moving forward 👇https://t.co/2OPfmTwEA7

— Minswap | FISO live! 🚀 (@MinswapDEX) September 7, 2021

Developers at Minswap noted that this issue will need to be overcome by any competent team building DeFi protocols on the Cardano blockchain.

“This is not a fundamental flaw, but merely a design issue that needs to be solved,” said Minswap.

Earlier last week in the Cardano testnet, deployed an ERC-20 token converter, which is meant to serve as a bridge between the blockchain platform and the Ethereum network.

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