Monday, June 14, 2021

Binance Announces Support for Cardano (ADA)’s Mary Protocol Upgrade

Binance, the largest cryptocurrency exchange by trading volume, has announced that it will support the upcoming Cardano’s Mary protocol upgrade and hard fork.

This was announced moments ago via the official Twitter and website of Binance exchange.

Read Also: Charles Hoskinson Explains Blockchain to Children As Cardano Prepares For Goguen Era

Binance tweeted, “Binance will Support the Cardano ADA Network Upgrade & Hard Fork.”

As the protocol upgrade is slated for 1st March 2021, Binance stated that the Cardano network and hard fork will commence during epoch 251, which is relatively 21:44:51 (UTC).

Read Also: Cardano (ADA) Displaces XRP for the First Time in History

According to the exchange, Cardano (ADA) deposits and withdrawals will be suspended starting from 1st March 2021 at 16:00 (UTC).

Additional note from the exchange is as shared below:

  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.

Importance of Mary Protocol Upgrade to Cardano (ADA)

The Mary protocol update is a key aspect of the Goguen era of Cardano development. Going by the Cardano roadmap, “Shelley era decentralizes the core of the system, Goguen adds the ability to build decentralized applications (DApps).”

Read Also: Charles Hoskinson: Cardano (ADA) Goguen Launch Remains as Slated; New Yoroi Extension for Mary Released

Goguen will also see improvements to the core Cardano offering. Most significantly, the addition of a multi-currency ledger will extend the usefulness of Cardano even further, enabling users to create new natively-supported tokens. binance

This will allow the creation of fungible and non-fungible tokens, supporting the creation of new cryptocurrencies on Cardano as well as the tokenization of many types of digital and physical assets.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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