Binance Exchange said it will support the Cardano Plomin hard fork set for January 29.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
The Cardano ADA $0.75 24h volatility: 1.5% Market cap: $26.96 B Vol. 24h: $1.07 B ecosystem is about to undergo a major network upgrade and hard fork on January 29, 2025. This development promises to bring significant changes to the blockchain’s governance structure. The upgrade, dubbed the Plomin hard fork has bagged approval from key founding members in the Cardano network.
According to crypto.news, Binance, a leading crypto exchange player in crypto exchanges, has announced its support for this upgrade. During the upgrade, Binance will stop users from depositing or withdrawing ADA, but trading the coin will still continue as usual. This upcoming upgrade is an important step in Cardano’s growth.
The Plomin hard fork, named after Matthew Plomin, the late CEO of USDM, Cardano’s stablecoin. This upgrade is set to bring a significant change to Cardano’s governance system, transitioning to a more decentralized model.
Previously, decisions regarding network upgrades were made by interim committees. With this update, ADA holders will have more influence on the protocol. They can either vote directly on proposals or choose a representative, called a delegated representative (DRep), to vote for them.
This transition is poised to make the Cardano network grow in a way that reflects the interests of the broader community. It will make it more fair and clear. With the Plomin hard fork, ADA holders will have a say in how the network is run.
This development could possibly set a new example for decentralized decision-making in blockchain systems.
In addition to the upcoming upgrade, Cardano has been expanding its ecosystem. On January 24, the Fineqia FTSE Cardano Enhanced Yield ETN was launched at the Vienna Stock Exchange.
The ETN, trading under the ticker YADA, allows investors to track ADA’s price movements and earn yield through decentralized finance (DeFi) protocols. This new product also gives traditional investors a chance to engage with Cardano’s ecosystem without directly using blockchain technology.
This move highlights the network’s potential to attract more traditional investors seeking ways to get involved in the DeFi market.
While Cardano’s ecosystem continues to grow, ADA’s price has faced some challenges. ADA has seen a downturn after briefly climbing to $1.16 earlier this month. Recent technical signals show that Cardano is still subject to high volatility.
ADA’s fall below the $1 mark, an important psychological level, suggests uncertainty lies on the horizon. Analysts believe that if the digital asset breaks the $0.882 support level, a 20% drop could bring the price down to $0.762.
The double-top pattern at $1.152 suggests that the negative cross of the 50-day and 100-day moving averages raises concerns. Despite the bearish pressure, the digital asset has shown resilience.
As reported by Coinspeaker, ADA has shot up by 8.7% in the past day, aiming to retest the longstanding resistance level at $1. Also, the long-term outlook for ADA remains relatively positive. Whether ADA breaches this $1 mark soon will lie in the success of the Plomin hard fork.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
