Binance to Support Cardano’s Plomin Hard Fork on January 29, 2025
The Cardano ecosystem will undergo a major upgrade and hard fork, the Plomin hard fork, on January 29, 2025. This upgrade aims to enhance the blockchain's governance structure and has received approval from key members within the network.
Key Points of the Cardano Plomin Hard Fork
- Binance supports the upgrade but will halt ADA deposits and withdrawals during the process.
- The hard fork is named after Matthew Plomin, former CEO of USDM, Cardano’s stablecoin.
- The governance model will shift towards decentralization, enabling ADA holders to vote directly or via delegated representatives (DRep).
- The change aims to better reflect community interests in network operations.
- The Fineqia FTSE Cardano Enhanced Yield ETN (YADA) was launched at the Vienna Stock Exchange, allowing traditional investors to engage with Cardano.
ADA Price Outlook
- ADA price recently fell below $1, indicating potential volatility.
- If it breaks the $0.882 support level, a further decline of 20% could bring it to $0.762.
- Despite bearish trends, ADA increased by 8.7% in the past day, targeting resistance at $1.
- The success of the Plomin hard fork may influence short-term price movements.