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?
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