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Binance, the world’s largest digital asset exchange, has indicated its support for the Cardano Vasil Hard Fork upgrade slated for September 22. The Vasil Hard Fork is the next big upgrade the crypto community will witness following the Ethereum Merge which came live on September 15.
Binance to suspend deposits/withdrawals
Binance declared its support for the Vasil upgrade through an officialon September 22, a few hours before the upgrade’s eventual deployment. The exchange further highlighted the changes users should expect when the upgrade goes live.
According to the release, BINANCE will suspend deposits and withdrawals of ADA on September 22 8:45 PM (UTC). This will take effect an hour before the network executes the upgrade which would occur on September 22 9:45 PM (UTC).
Furthermore, Binance will also suspend deposits and withdrawals of ADA on September 27 8:45 PM (UTC). This is also an hour before the expected Platus V2 Cost Model upgrade on September 27 9:45 PM (UTC).
Following the Vasil Hard Fork, the Cardano community expects the Platus V2 Cost Model upgrade five days after. This concludes Cardano’s upgrade schedule. While the Vasil Hard Fork will go live at epoch 365, the Platus V2 Cost Model upgrade will occur at epoch 366.
Vasil upgrade is expected to occur at the end of epoch 364
The Cardano chain is currently at epoch 364 which will end in 7 hours as of press time. In addition to the notice of deposit/withdrawal suspension,revealed other notable points. The exchange noted that ADA trading will remain unaffected during the upgrade.
Binance also noted that there will not be any new tokens created following the upgrade. This is unlike the case with the Ethereum Merge that triggered the creation of ETHW (ETHPoW). Conclusively, Binance highlighted that deposits and withdrawals will resume following the upgrade. But the resumption time will be at the Binance team’s discretion.
As the Vasil upgrade draws closer, co-founder of Cardano Charles Hoskinson took to Twitter to update the community. He shared the status of the network status of Cardano nine hours before the upgrade. The status of the network showed over 25B ADA tokens staked.