Cardano has launched the Smart Contracts functionality on September 12th. That leaves us with only 24 hours until the start. In advance, the crypto exchange Binance has taken steps to ensure that the platform is compatible with Cardano. The announcement was published by Binance on the official website. The network upgrade and hard fork are scheduled to take place around 21:44 UTC on September 12, 2021.
The announcement states that the Cardano upgrade and hard fork does not lead to the creation of new tokens and will not affect trading in ADA tokens on the platform. Still, ADA deposits and withdrawals will be closed until the upgrade and hard fork have finished. The crypto exchange will take care of all technical requirements related to the upgrade.
ADA token deposits will be suspended on September 12th at 21:14 UTC, 30 minutes before the upgrade and hard fork is due to take place. Deposits and withdrawals will not be possible until the exchange has confirmed that the upgrade has been properly implemented and transactions can be carried out safely.
How the Cardano upgrade will affect the network
There are a lot of good things that can be highlighted about the Smart Contract ability of the Cardano network. One of these is the ability for developers to create decentralized applications (DApps) on the network, which enables things like decentralized financial protocols (DeFi) and decentralized exchanges.
With the leading smart contracts platform Ethereum currently overloaded with usage, it’s imperative for other competitors to jump on the bandwagon. The Alonzo Purple Upgrade and Hark Fork enable Cardano to compete with Ethereum in theory when it comes to DeFi services like lending, staking and yield farming. The creation of tokens on the platform and the minting of NFTs should also be made possible in this context.
ADA still struck
ADA price is still in a downtrend after the crash that rocked the market on September 7th. The token has barely recovered in the past three days, although the long-awaited update of the smart contracts is due in two days.
ADA is currently trading in the $ 2.4 range after the cryptocurrency tumbled from a high of over $ 3 a few days ago. Almost all cryptocurrencies suffered heavy losses after Bitcoin crashed a few days ago from just under $ 52,000 to $ 44,000 within a few minutes. So far, the leading cryptocurrency has not yet managed to recover.