The Vasil Hard Fork is the next major change that the crypto community will see after the Ethereum Merge, which went live on September 15.
Binance is suspending deposits and withdrawals.
Binance announced their support for the Vasil upgrade in an official press release on September 22, just hours before the upgrade went live. The debate went on to discuss the changes that customers should expect when the upgrade goes live.
Furthermore, on September 27 at 8:45 PM, Binance will prohibit ADA deposits and withdrawals. This is also an hour before the Platus V2 Cost Model upgrade, which is scheduled for September 27 at 9:45 PM.
The Cardano community anticipates the Platus V2 Cost Model upgrade five days after the Vasil Hard Fork. Cardano's upgrading programme is now complete. The Vasil Hard Fork will take effect at epoch 365, while the Platus V2 Cost Model upgrade will be place at epoch 366.
Vasil upgrade is scheduled for the end of period 364.
As of press time, the Cardano chain is at epoch 364, which will conclude in 7 hours. Binance provided other noteworthy details in addition to the notice of deposit/withdrawal restriction. ADA trade will be unaffected during the upgrade, according to the exchange.
Binance also stated that no additional tokens will be issued as a result of the upgrade. This is not the case with the Ethereum Merge, which resulted in the formation of ETHW (ETHPoW). Finally, Binance stated that deposits and withdrawals will be resumed following the upgrade. However, the resuming timing will be at the discretion of the Binance team.
As the Vasil upgrade approaches, Cardano co-founder Charles Hoskinson took to Twitter to notify the community. He updated the Cardano network status nine hours before the upgrade. The network status stated that over 25 billion ADA tokens have been staked.
