NewsletterBinance 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?
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Why is the Crypto Market Down Today? BTC, ETH, XRP Lead Drop
- SEC Crypto Task Force Hosts Financial Privacy Roundtable Today: What to Expect
- Breaking: Kevin Warsh Now Favorite to Replace Powell After Hassett’s Fed Chair Bid Faces Pushback
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
