On the evening of February 14, 2023, Binance Cardano (ADA) will temporarily suspend deposits and withdrawals amid the upcoming Valentine’s Day update from the Cardano network, dubbed SECP.
Binance is temporarily halting Cardano withdrawals and deposits
According to the report, ADA trading on the cryptocurrency exchange will not be affected during the network upgrade and hard fork. While Binance handles all technical requirements for ADA users. The exchange will reopen deposits and withdrawals for ADA once the upgraded network is stable.
Starting February 11, the SECP update will be on the test networks before going live on the main network.
SECP upgrade to improve Cardano interoperability
New Cardano cryptographic primitives are coming. These primitives help developers create cross-chain and Input Output Global (IOG) applications. SECP is an elliptic curve used by blockchains such as Bitcoin, Ethereum, and Binance Coin to implement public key cryptography. Soon, this open-source and decentralized platform will also be added to this list to improve interoperability and secure cross-chain development.
Currently, Cardano uses EdDSA with elliptic curve25519 as its own signature algorithm, but after this upgrade, the Cardano blockchain will get new built-in features to build smart contracts. Along with the highest level of security, this SECP upgrade will help developers collaborate with other blockchains.
Interestingly, developers have used Plutus to create about 5,500 smart contracts on Cardano so far. An increase of 57% since the beginning of December 2022.
Vasil Upgrade’s hard lessons
Named after a prominent member of the Cardano community, the Vasil upgrade was intended to improve ecosystem efficiency and block latency rates. Looking back at node compliance and exchange readiness, the parent company’s Input Output Global website stated that over 75% of staking pool operators are running the correct versions of the nodes.
Also Read: Cardano (ADA) Valentine’s Day Gift: What Does the Upgrade Offer?
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