In the discussion about the quality of the upcoming upgrade Alonzo at Cardano (ADA), the world’s most important crypto exchange Binance has signaled support for the official price. The deadline is September 12th.
Cardano (ADA) has not had it easy in the last few days. In anticipation of the major upgrade Alonzo at Cardano, which was due for September 12, a discussion about whether Alonzo is really making ADA fit for DeFi. Now the crypto exchange Binance has taken a position with a message: They will not stand back and fully implement Alonzo at Cardano. Since more than a quarter of global ADA trade takes place at Binance, this is a clear signal in favor of Alonzo.
From a technological point of view, Alonzo is a hard fork at Cardano, i.e. a profound change in the basic code that will no longer be backwards compatible. If a large number of network points were to decide not to implement Alonzo, two separate blockchains would arise and ADA would have competition in the form of Cardano before the hard fork. However, current data from PoolTool shows that more than 80 percent of the nodes have already updated their software to version 1.29.0 and thus prepared it for Alonzo. In this respect, an inharmonious hard fork like the one Bitcoin Cash had to experience in November 2018 is not to be expected at Cardano, which burdened the price development there.
Upgrade Alonzo at ADA – you have to know that
Alonzo will be unlocked on the Cardano blockchain on September 12th when you reach epoch 290. It is expected to be at 23.44 German time on Sunday evening. Binance has announced that it will temporarily switch off ADA deposits and withdrawals half an hour in advance and then restart it when the network at Cardano is stable again. This shouldn’t take long. Trading with ADA will not be suspended during the upgrade. Other crypto exchanges are likely to proceed in a similar manner. So you normally don’t have to worry about anything in terms of Alonzo at Cardano, you just have to be prepared for the fact that no ADA can be paid in or paid out to crypto exchanges for a short time on Sunday night.
Conclusion: does Alonzo meet the high expectations at Cardano?
When Alonzo was unlocked in Cardano’s testent, ADA’s rate soared to an all-time high of over $ 3. ADA is currently trading at around $ 2.50 and the price will be weighed down by whether Alonzo really paves the way for Cardano’s success in the booming DeFi segment. The coming weeks and months will show whether developers will manage to deal with the controversial features of Alonzo Smart Contracts and thereby position Cardano attractively for DeFi and other use cases.
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