In anticipation of the profoundly expected Cardano Chang hard fork, Binance has affirmed its status, pushing the general trade readiness to a basic level. This improvement denotes a huge achievement for the Cardano organization, as additional trades fall in line with the impending changes in the blockchain’s design.
A crucial step forward is Binance’s readiness, the largest cryptocurrency exchange in the world by trading volume. The significance of this update to the Cardano ecosystem is highlighted by the fact that this action follows a recent uptick in the number of exchanges preparing for the upgrade.
As recently announced by The Crypto Essential, the group behind the Chang hard fork at first planned the redesign for August 27. A comprehensive assessment of the readiness of key stakeholders, resources, and technical requirements led to the selection of this date. In any case, on August 24, Cardano organizer Charles Hoskinson reported a deferment of the hard fork to September 1. He cited the fact that many exchanges, including Binance, were ill-prepared for the change. Around then, Binance represented the most elevated Cardano liquidity at 15.73%, making its preparation significant for a smooth overhaul.
Mysterious $1.88 Billion Bitcoin Transfer Stuns World’s Largest Exchange
read more
At the time of Hoskinson’s announcement, only 31 exchanges had signaled their readiness for the hard fork. However, this number has since increased to 37, according to the latest data from Cardanoscan, a block explorer dedicated to the Cardano network. Binance’s readiness was confirmed just four hours ago, joining the list of exchanges fully prepared for the Chang hard fork.
The Chang hard fork is viewed as a vital second in Cardano’s turn of events, meaning to acquaint critical overhauls and enhancements with the organization’s usefulness and versatility. Trade preparation is crucial for guaranteeing a smooth progress and limiting likely disturbances to exchanging and liquidity. Other than Binance, other driving trades like Bithumb, Bybit, and Gate.io have additionally affirmed their status today. Especially noteworthy is the fact that Bitfinex was the first exchange to announce its readiness earlier this month.
Cardano Chang Hard Fork Preparedness
Currently, 64% of exchanges, representing 37 platforms, have indicated their readiness for the hard fork. An additional 17%, encompassing 10 exchanges, are in the process of finalizing their preparations. Among those still in progress, HTX (formerly known as Huobi) is the most significant, holding 7.25% of Cardano liquidity, followed closely by Bitget with 4.13%.
But 11 exchanges, or 19 percent of the total, haven’t started getting ready for the hard fork yet. Among these, the Lithuanian-based trade P2B holds the most significant liquidity at 3.21%, while the other ill-equipped trades each have under 1% of liquidity.
The majority of wallet providers, in addition to exchanges, are prepared for the upgrade. This incorporates equipment wallets like Record, Trezor, and Cornerstone, as well as light wallets like Ribbon, Nami, and Start. Users will be able to effectively manage their assets during the hard fork transition because these wallets have all indicated that they are prepared.
Furthermore, IOHK, the company responsible for Cardano’s development, released a significant update to the Daedalus wallet on August 20. This update is part of a broader effort to prepare the ecosystem for the Chang hard fork. Meanwhile, Stake Pool Operators (SPOs) are demonstrating strong support for the upgrade, with 92% already indicating their readiness.
For more updates and detailed coverage on the Cardano Chang hard fork and other cryptocurrency news, visit our website at CoinEx Today.
Also Read: SOL, FET, RENDER: Top Cryptocurrencies to Watch This Week
Join our Telegram Channel for Free Crypto Signals and Charts: t.me/coinextoday