Crypto Drama: Binance Suspends Cardano Deposits! You Won’t Believe Why! 😱

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In a rather startling announcement that has sent ripples through the cryptocurrency pond, the illustrious Binance exchange has declared it will temporarily suspend deposits and withdrawals on the Cardano network come the fateful day of January 29, 2025. Why, you ask? Well, it appears we are on the brink of a Cardano hard fork, and as any seasoned trader will tell you, such measures are par for the course during major network upgrades. After all, we wouldn’t want any pesky disruptions, would we? 😏

Now, this upcoming Plomin hard fork is not just any old event; it’s a veritable gala for the Cardano network, designed to usher in some rather crucial governance upgrades. Think of it as a grand ball where the blockchain dons its finest attire and prepares to dance into the future.

According to the official missive from Binance, starting at approximately 8:45 p.m. (UTC) on January 29, 2025, the exchange will hit the pause button on deposits and withdrawals of token(s) on the Cardano (ADA) network. This is all in the name of supporting the Plomin network upgrade and hard fork, ensuring that users have the most splendid experience possible. Because who wouldn’t want their crypto experience to be as smooth as a well-buttered scone? 🥐

The Plomin network upgrade and hard fork is set to take place at the stroke of 9:45 p.m. (UTC) on the same day. Mark your calendars, folks! 🗓️

Fear not, dear traders! While deposits and withdrawals will be temporarily suspended, trading will continue unabated. Yes, you can still engage in the delightful pastime of trading on Binance as if nothing has happened. The suspension is expected to last only until the hard fork is completed and the network is deemed stable—much like waiting for a soufflé to rise, I daresay.

The Cardano Plomin Hard Fork: A Tale of Governance and Glory

The Plomin hard fork is the second act in the grand Chang upgrade saga for Cardano. Originally dubbed Chang #2, it has been rebranded in honor of the late Matthew Plomin, a beloved contributor to the Cardano community. A touching tribute, indeed! 💔

The first act, Chang #1, saw the Cardano blockchain transition into a bootstrapping phase, preparing for a full-blown community governance extravaganza. This phase included the drafting and approval of a draft Cardano constitution back in December 2024. When the Plomin hard fork takes center stage, a voting system for ADA holders will be established, either directly or through a dashing delegated representative (DRep). How democratic! 🎩

Now, the Plomin hard fork was given the green light for enactment on January 24, 2025, after meeting the three thresholds required for such a momentous occasion: 94% of block-producing stake pools updated to the required Cardano node version, with 65.38% SPO and a resounding 100% ICC voting in favor. Talk about a unanimous decision! 🗳️

With approval in hand, the hard fork will be implemented on-chain on January 29, 2025, at 9:45 p.m. UTC. This upgrade lays the groundwork for all future enhancements to the Cardano blockchain, paving the way for a bright and prosperous future. Or at least, one can hope! 🌟

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2025-01-28 19:54