Binance Will Temporarily Suspend Cardano Withdrawals and Deposits On 14th February
On the evening of February 14, 2023, Binance will temporarily suspend Cardano (ADA) deposits and withdrawals amid the upcoming Valentine’s Day update of the Cardano network, called SECP.
Binance To Temporarily Suspend Cardano Withdrawals And Deposits
According to the report, the trading of ADA on the cryptocurrency exchange will not be affected during the network upgrade and hard fork. Whereas Binance will handle all technical requirements for ADA users. The exchange will reopen deposits and withdrawals for ADA once the upgraded network is stable.
From Feb. 11, the SECP update will take place on the test networks before it goes live on the main network.
SECP Upgrade to Enhance Cardano’s Interoperability
New Cardano cryptographic primitives are coming soon. These primitives will help developers to create cross-chain and Input Output Global (IOG) applications. SECP is an elliptic curve used by blockchains like Bitcoin, Ethereum, and Binance Coin to implement public key cryptography. Soon, this open-source and decentralized platform will also get added to this list to improve interoperability and secure cross-chain development.
At present, Cardano uses EdDSA with elliptic curve25519 as its native signature algorithm, but after this upgrade, the Cardano blockchain will get new built-in features to construct smart contracts. Along with the highest level of security, this SECP upgrade will help developers to collaborate with other blockchains.
Interestingly, developers have used Plutus to create around 5,500 smart contracts on Cardano to this date. Making a 57% increase since the beginning of December 2022.
Vasil Upgrade’s hard Lessons
Named after a prominent member of Cardano community, the Vasil upgrade was meant to enhance the ecosystem’s efficiency and block latency speeds. Looking back at node compliance and exchange readiness, the Input Output Global, website of its’s parent company stated that more than 75% of staking pool operators are running the appropriate versions of the nodes.
Also Read: Cardano (ADA) Valentine’s Day Gift: What Will The Upgrade Offer?
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
