Binance prepares the ground for the Cardano network upgrade

Binance is preparing to accompany the evolution of the Cardano network with the imminent hard fork and the governance update. The technical support will ensure a smooth transition for the platform’s users.

Let’s see all the details below. 

Towards the Voltaire era of the Cardano network and Binance’s help for the update 

As anticipated, Binance has announced its commitment to support the upcoming Cardano (ADA) network upgrade and the Chang hard fork, scheduled for September 1st.

The exchange made this decision after postponing the necessary technical preparation by the initial deadline of August 27.

To avoid possible technical issues during the update, Binance suspends deposits and withdrawals of tokens on the Cardano blockchain starting from 20:45 (UTC) on September 1st.

Once the hard fork is completed and the network is established, the platform will reopen these functionalities.

The founder of Cardano, Charles Hoskinson, explained that the postponement of the Chang hard fork to September 1st was necessary to allow trading platforms of criptovalute to adjust.

This update, known as Chang, is crucial for implementing concepts such as liquid democracy and a constitutional republic, which will revolutionize network governance.

The hard fork marks the beginning of the “Era di Voltaire” for Cardano, a period that promises significant transformations in the political system of the blockchain.

Also known as CIP 1694, the update will introduce Delegate Representatives (DReps), whom ADA token holders will be able to elect to actively participate in the network’s governance.

Implications of the Cardano update

This transition is seen as a crucial step towards a fully decentralized governance for Cardano. 

The developers have worked intensely to prepare the blockchain for the Chang hard fork, which represents not only a technical upgrade but an opportunity to revolutionize the entire ecosystem.

The implementation of the hard fork Chang is awaited with great attention by the crypto community, as it marks a milestone in Cardano’s roadmap towards complete decentralization. 

Hoskinson emphasized that these changes not only improve the efficiency of the network, but also strengthen the security and trust of the users.

In conclusion, Binance’s commitment to supporting the Cardano network upgrade reflects the growing importance of transparent and participatory governance in the cryptocurrency sector. 

With the hard fork Chang, Cardano is ready to inaugurate a new era of innovation and decentralization, setting new standards in the global blockchain landscape.

Cardano on the edge: risks and opportunities in a critical moment

Cardano (ADA) is in a crucial phase, with its anticipated breakout from a descending pattern encountering unexpected challenges. 

The recent price action of the cryptocurrency has disappointed investors’ expectations, leading to a delay, if not outright failure, of the anticipated bull movement. 

Last week, the technical indicators suggested an imminent rise, but the rapid change in market conditions hindered this possibility, leaving investors in a state of growing uncertainty. 

The repeated inability of ADA to capitalize on favorable technical configurations has eroded the positive sentiment surrounding the cryptocurrency, with many now questioning its future. 

The confidence of investors has taken a hard hit, as ADA fails to capitalize on the main bull market opportunities. This has led to a significant drop in optimism among ADA holders. 

The persistence of these failures could exacerbate existing bear trends, creating a negative spiral that could further depress the price. 

To further complicate the situation is the drastic decline in the activity of the so-called “crypto whale”, the large wallet holders. 

In the past month, the transaction volume of these influential figures has dropped by 32%, from 7.81 billion to 5.26 billion dollars, signaling a possible disinterest that could foreshadow further declines. 

Currently traded at around $0.36, ADA risks failing to overcome the resistance of the descending pattern that has dominated its trend.

While a breakout could theoretically trigger a 47% rally up to $0.53, the decline in investor confidence makes this outlook uncertain. 

Instead, ADA could find itself trapped below the resistance line, exposing itself to a possible drop towards the support of $0.31.