September 1 is locked in for the Chang hard fork, as Binance announces it will support the upcoming Cardano network upgrade.
Leading crypto exchange Binance has announced it will support the Cardano’s upcoming hard fork. In a blog announcement today, the trading platform said it will play its part in ensuring that Cardano sees a smooth transition to the Conway era through the Chang upgrade.
The long-anticipated Chang hard fork is set for September 1 by 21:45 UTC. An August 23 decision saw the network abandon an initial August 27 date due to a lack of preparedness from Binance and some other exchanges.
Cardano Gets Binance’s Backing
The largest crypto exchange by trading volume stated that, as part of its support for Cardano, it would suspend token deposits and withdrawals on the blockchain to avoid any technical complications during the September 1 hard fork.
Binance also stated that it would handle all technical requirements for its users. This is to ensure that its users do not experience any issues while the Cardano network rolls out new functionalities through the Chang upgrade.
Furthermore, Binance will reallow normal transactions on the chain when it returns to normalcy after the upgrade. This includes deposits and withdrawals from the chain.
Binance’s support for Chang will drive positive sentiments among the Cardano community as they anticipate the upgrade that would shift governance to them. Cardano’s ADA increased slightly on Friday and was trading at $0.3556 at the time of writing.
September 1 Locked In
With Binance announcing support, the September 1 Chang hard fork is inevitable. Notably, all the Chang upgrade requirements were met on August 28, and major stakeholders were confirmed as ready for the transition into the Voltaire era.
Data from Intersect showed a 92% readiness score for stake pool operators (SPOs), which has surpassed the desired threshold. Exchange readiness has also reached 92%, signaling adequate compliance for the Chang hard fork. Binance became ready for Chang on August 27, as previously reported by The Crypto Basic.
Preparedness chart
Notably, the Ledger Nano S is now ready for a hard fork, squashing earlier speculations it would not meet the upgrade deadline. The Ledger team has upgraded its Cardano app, taking the hardware wallets’ preparedness to 100%.