1 year ago
Crypto speech Binance has completed the integration of Bitcoin (BTC) Lightning Network (LN) for deposits and withdrawals activities, according to a July 17 statement.
LN is simply a “layer 2” outgo protocol built connected Bitcoin. The protocol enables faster, cheaper transactions betwixt nodes and aims to lick BTC scalability issues, thereby improving idiosyncratic acquisition and perchance driving higher adoption of the flagship integer asset.
With its integration, Binance joins Bitfinex, Kraken, and OKX arsenic 1 of the largest trading exchanges to integrate Lightning, according to a GitHub repository by LN advocator David Coen.
Meanwhile, Binance users tin inactive deposit and retreat their BTC via different networks connected the platform, including BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
Binance nodes connected to rival platforms
Amboss’s dashboard shows that the Binance node is connected to rival exchanges, including Kraken, Bitfinex, and OKX. The dashboard further indicates that the Binance node has a full capableness of 3 cardinal Sats—the smallest portion of BTC.
Source: Amboss In June, the crypto assemblage spotted Binance’s LN nodes, with the speech aboriginal confirming that it was moving connected the integration.
Binance experienced issues successful May with the measurement of pending transactions connected its platform, starring to a intermission successful BTC withdrawals owed to web congestion and precocious state fees. These challenges necessitated the integration of LN to heighten its operations.
Bitcoin Lightning Network TVL declines by implicit 600 BTC.
Data from DeFiLlama shows that the full worth of assets locked connected the Bitcoin Lightning Network has dipped by 610 BTC wrong the past 7 days to 4,861 BTC arsenic of property time.
Source: DeFillamaThis represents a steep diminution from the all-time precocious of 5,700 BTC recorded connected June 20. However, marketplace observers person suggested that Binance’s integration would further boost the network’s usage. The speech is the largest crypto speech by trading measurement and controls implicit 40% of the market, according to CCData.
The station Binance completes Bitcoin Lightning Network integration appeared archetypal connected CryptoSlate.
English (US) 