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In a recent announcement, major cryptocurrency exchange Binance indicated that it will temporarily suspend deposits and withdrawals on the Cardano network on Jan. 29, 2025, due to the upcoming Cardano hard fork. This measure is standard practice during major network upgrades to prevent any potential issues or disruptions.
The upcoming Plomin hard fork is a key event for the Cardano network, aiming to implement crucial governance upgrades.
Binance stated in its announcement that starting on Jan. 29, 2025, at approximatey 8:45 p.m. (UTC), it will suspend deposits and withdrawals of token(s) on the Cardano (ADA) network to support the Plomin network upgrade and hard fork to ensure the optimal user experience.
Tomiwabold OlajideThe Plomin network upgrade and hard fork is anticipated to occur on Jan. 29, 2025, at 9:45 p.m. (UTC).
While deposits and withdrawals will be temporarily suspended, trading will not be affected. Users can continue to trade on Binance as usual. The suspension is expected to last until the hard fork is completed and the network is considered stable.
Cardano Plomin hard fork
The Plomin hard fork is the second part of the Chang upgrade to Cardano. Originally known as Chang #2, it was renamed in remembrance of Cardano community contributor Matthew Plomin.
The Chang #1 upgrade transitioned the Cardano blockchain into a bootstrapping phase to prepare for the shift to full community governance. This phase included the drafting and approval of a draft Cardano constitution in December 2024. When the Plomin hard fork is implemented, a voting system for ADA holders will be established, either directly or through a delegated representative (DRep).
The Plomin hard fork was approved for enactment on Jan. 24, 2025, after meeting the three thresholds required for a hard fork action: 94% of block-producing stake pools updated to the required Cardano node version, with 65.38% SPO and 100% ICC voting in favor.
Now that it has been approved, the hard fork will be implemented on-chain on Jan. 29, 2025, at 9:45 p.m. UTC. This upgrade lays the groundwork for all future enhancements to the Cardano blockchain.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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