Binance working to enable Bitcoin lightning network

2 years ago

Binance is moving to alteration Bitcoin (BTC) lightning web withdrawals for its users aft experiencing issues owed to the measurement of pending transactions.

In a May 8 Twitter thread, the speech explained that it had to temporarily pause BTC withdrawals due to the ample measurement of pending transactions. It continued that determination were ample volumes of BTC withdrawal transactions from the speech that were yet to beryllium processed.

According to Binance, the caller surge successful BTC state fees caused this failure. However, it said it would regenerate pending transactions with higher fees truthful mining pools could process them.

The speech yet reopened BTC withdrawals aft astir 2 hours, saying that it had accrued the transaction fees.

“To forestall a akin recurrence successful the future, our fees person been adjusted. We volition proceed to show on-chain enactment and set accordingly if needed,” it added.

Meanwhile, this is not the archetypal clip Binance has paused BTC withdrawals. The speech had earlier paused withdrawals connected May 7 for astir 1 hour. At the time, it cited web congestion issues.

There person besides been instances wherever Binance paused withdrawals and deposits for different integer assets owed to method issues connected the exchange. In December 2022, the speech paused USDC withdrawals due to the fact that the speech was conducting a token swap involving the Circle-backed stablecoin.

BTC web fees surge

Bitcoin transaction fees person risen importantly successful the past fewer months and are presently around $10 after rising to arsenic precocious arsenic $26 a fewer hours ago. There are besides implicit 424,000 unconfirmed transactions connected the web arsenic of property time.

While $10 mightiness look low, it is comparatively high, fixed that Bitcoin transaction fees were astir $1 astir six months ago. Binance CEO Changpeng Zhao said the emergence successful transaction fees is simply a motion of a bull market.

Blockchain analytical steadfast Glassnode reported that the web was “experiencing highly precocious request for blockspace driven by BRC-20 tokens, utilizing text-based inscriptions, and ordinals.”