Binance to Support Cardano's Chang Hard Fork and Network Upgrade

Binance has announced its support for the upcoming Cardano (ADA) network upgrade and the Chang hard fork, which is set to take place on September 1, 2024. Initially scheduled for August 27, the upgrade was postponed to give cryptocurrency exchanges, including Binance, additional time to prepare for the transition. In anticipation of the upgrade, Binance will temporarily suspend token deposits and withdrawals on the Cardano blockchain to prevent technical issues during the process.

The Chang hard fork marks a significant milestone for the Cardano ecosystem as it transitions into the "Voltaire era," a phase focused on decentralized governance. The upgrade will introduce features like liquid democracy and a constitutional republic framework, allowing for more robust and participatory governance within the network. These changes, outlined in Cardano Improvement Proposal (CIP) 1694, will eventually enable the election of Delegate Representatives (DReps) by ADA token holders, further decentralizing the network's governance.

Cardano founder Charles Hoskinson has emphasized the importance of the Chang hard fork as the first step toward fully decentralized governance on the platform. Following the successful implementation of the upgrade, Binance will resume ADA deposits and withdrawals once the network is deemed stable, ensuring a smooth transition for its users.

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