Binance will support Plomin hard fork and Cardano’s new network upgrade

Binance will support Plomin hard fork and Cardano’s new network upgrade

Binance has announced its support for the upcoming Cardano network upgrade and hard fork, scheduled for January 29, 2025, at approximately 21:45 UTC. To ensure a smooth process, Binance will pause deposits and withdrawals of Cardano (ADA) tokens starting at 20:45 UTC on the same day. However, trading of ADA tokens will continue during the upgrade. Binance will complete all necessary technical preparations to enable a seamless upgrade for users.

The upgrade aims to enhance the functionality of the Cardano network, and Binance’s support reflects its commitment to maintaining an optimal user experience. Users are advised to be prepared for temporary suspension of deposits and withdrawals and to stay updated on any further announcements.

The upgrade introduces the Plomin hard fork, named after the late Matthew Plomin, the CEO of USDM, Cardano’s stablecoin. This upgrade will enable all ADA holders to participate in the network's decision-making, either directly or through a delegated representative (DRep). The goal is to transform Cardano into a fully decentralized governance model, ensuring the community’s broader participation in network decisions. 

This hard fork marks a shift from previous governance, which was managed by interim committees, to a more democratic and transparent process. It is designed to pave the way for smoother future upgrades and further decentralize the Cardano blockchain.

In related news, Cardano launched the Fineqia FTSE Cardano Enhanced Yield ETN on January 24, 2025, at the Vienna Stock Exchange. The ETN, listed under the ticker YADA, provides investors indirect exposure to ADA’s price movements while generating yield through various yield-bearing DeFi protocols. This development opens a new pathway for traditional investors to engage with Cardano’s ecosystem and the broader DeFi market without directly interacting with blockchain technology.

Binance has announced its support for the upcoming network upgrade and hard fork of Cardano, which is scheduled for January 29, 2025, at approximately 21:45 UTC. To ensure a smooth transition, Binance will halt deposits and withdrawals of Cardano (ADA) tokens starting at 20:45 UTC on the same day. However, trading of ADA will continue uninterrupted during the upgrade process. Binance has assured users that all technical requirements will be met to facilitate a seamless upgrade experience.

The primary aim of this upgrade is to improve the functionality of the Cardano network. This includes the implementation of the Plomin hard fork, named after the late Matthew Plomin, former CEO of USDM, Cardano’s stablecoin. The hard fork will bring significant changes to the network, allowing ADA holders to participate more actively in the governance of Cardano. Instead of interim committees making decisions, this upgrade empowers users to either vote directly or delegate their voting power to a representative (DRep), ensuring a more democratic and decentralized governance model.

This shift in governance structure will allow the Cardano community to have a more direct influence on the network’s future, making the system more transparent and responsive to its users' needs. The change is expected to result in a smoother upgrade process and contribute to the ongoing development of Cardano as a fully decentralized blockchain.

Binance's support for the upgrade demonstrates the platform’s commitment to delivering a high-quality user experience, ensuring that its users have access to the latest innovations on the Cardano network. Users are encouraged to prepare for the temporary suspension of deposits and withdrawals and to stay informed with further updates from Binance.

In addition to the upcoming upgrade, Cardano recently launched the Fineqia FTSE Cardano Enhanced Yield ETN on January 24, 2025, at the Vienna Stock Exchange. This exchange-traded note (ETN), listed under the ticker YADA, provides investors indirect exposure to ADA's price movements while earning yield from ADA across various yield-bearing decentralized finance (DeFi) protocols. The launch of this ETN makes it easier for traditional investors to gain exposure to the Cardano ecosystem without directly engaging with blockchain technology, opening new avenues for investment in the growing DeFi market.

With these advancements, Cardano continues to enhance its blockchain's functionality, governance, and accessibility, strengthening its position within the broader cryptocurrency and DeFi sectors.