Binance Will Support Cardano (ADA) Vasil Hard Fork Upgrade latest News

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Binance, the world’s largest digital asset exchange, has indicated its support for the Cardano Vasil hard fork upgrade for September 22. The Vassil hard fork is the next major upgrade that the crypto community will see after the Ethereum merge going live on 15 September.

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Binance to suspend deposits/withdrawals

Binance Announces Support for Vasil Upgrade via an Official Press release On September 22, a few hours before the final deployment of the upgrade. The exchange also highlighted the changes users should expect when the upgrade goes live.

According to the release, Binance will suspend deposits and withdrawals of ADA on September 22 at 8:45 pm (UTC). This will take effect one hour before the upgrade is executed which will take place on September 22 at 9:45 pm (UTC).

In addition, Binance will also suspend deposits and withdrawals of ADA on September 27th at 8:45 pm (UTC). That’s also an hour before the expected Platus V2 cost model upgrade on September 27 at 9:45 pm (UTC).

After the Vasil hard fork, the Cardano community is expected to upgrade to the Platus v2 cost model five days later. This ends Cardano’s upgrade schedule. While the Vasil Hard Fork will live in the 365 era, the Platus V2 Cost model upgrade will take place in the 366 era.

Vasil upgrade expected at the end of 364 era

The Cardano chain is currently at epoch 364 which will end in 7 hours as of press time. In addition to the deposit/withdrawal suspension notice, Binance revealed other notable points. The exchange noted that ADA trading will remain unaffected during the upgrade.

Binance also noted that no new tokens will be created after the upgrade. This is in contrast to the case of the Ethereum merge which triggered the creation of ETHW (ETHPoW). Specifically, Binance highlighted that deposits and withdrawals will resume after the upgrade. But the timing of the restart will be at the discretion of the Binance team.

As the Vasil upgrade draws closer, Cardano co-founder Charles Hoskinson took to Twitter to update the community. He shared the network status of Cardano nine hours before the upgrade. The state of the network has revealed that over 25B ADA tokens are at stake.

Abigail V. is a cryptocurrency writer with over 4 years of writing experience. She focuses on news writing, and is skilled at sourcing hot topics. She is a fan of cryptocurrencies and NFTs.

Binance Will Support Cardano ADA Vasil Hard Fork Upgrade latest CryptomarketBagBinance Will Support Cardano ADA Vasil Hard Fork Upgrade latest CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.

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