Wednesday, December 8, 2021

Binance Announces Support for Cardano’s Alonzo Mainnet Launch

Binance, the largest cryptocurrency exchange by trading volume, has announced the support for the upcoming Alonzo mainnet launch, an upgrade to the Cardano network expected to activate smart contracts functionality, which will notably boost the competitiveness of Cardano in the blockchain industry.

Binance made this announcement via its official Twitter handle a couple of hours ago. According to the update, the Cardano (ADA) upgrade will commence during epoch 290 or at approximately 2021-09-12 21:44 (UTC).

Read Also: Cardano Public Testnet Set To Hardfork into Alonzo Era Today. What Does This Mean? Details

So, starting from the time mentioned above, Binance reported that deposits and withdrawals of the digital token ADA will be suspended.

Binance exchange tweeted, “Binance Will Support the Cardano $ADA Network Upgrade & Hard Fork.”

Read Also: Justin Bennett States When Cardano (ADA) Will Start Seeing Capital Outflow into VeChain (VET)

In conclusion, the crypto exchange listed four important instructions for users to note

  1. Trading of ADA will not be affected.
  2. Please leave sufficient time for deposits to be processed prior to the above cut-off time. We will handle all technical requirements involved for all users holding ADA in their Binance accounts.
  3. The ADA network upgrade & hard fork will not result in new tokens being created.
  4. We will reopen deposits and withdrawals for ADA once we deem the upgraded network to be stable, and will not notify users in a further announcement.

Charles Hoskinson Says Nothing to Fix, Cardano Isn’t Responsible for Minswap’s Error

On 6th September 2021, Minswap, a decentralized exchange on the Cardano network, announced the temporary shutdown of its testnet, which led to tons of negative reactions from the crypto community.

Read Also: CoinShares: Ethereum and Cardano Dominate Inflows to Institutional Crypto Investment Products

One notable reaction which attracted a response from the CEO of IOG, Charles Hoskinson says as follows:

“Your message should have been short and sweet. “I’m aware that these issues on our public test net have disappointed our customers. The problems with minswap don’t meet your expectations and they don’t meet ours either. Here’s how we’re fixing it”

In response, Hoskinson denied the claim that Minswap problem was caused by the failure of the testnet, stating that there is nothing to fix:

“We are not responsible for miniswap and there is nothing to fix. There is no problem. You guys aren’t getting it.”


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Tobi Loba
Tobi Loba is a passionate writer with over 3 million readers from all over the world. She graduated from a reputable university. She joined the crypto ecosystem about two years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects.

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