Cryptocurrency exchange Binance has completed the integration of Bitcoin (BTC) Lightning Network (LN) for deposit and withdrawal activities, according to an announcement on July 17. statement.
LN is a “Layer 2” payment protocol built on Bitcoin. This protocol aims to solve BTC’s scalability problem by enabling faster and cheaper transactions between nodes. This could improve the user experience and facilitate the adoption of flagship digital assets.
According to GitHub, the integration joins Bitfinex, Kraken, and OKX as one of the largest exchanges to integrate Lightning. repository By LN Advocate David Cohen.
Meanwhile, Binance users deposit and withdraw BTC via other networks on the platform including BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), Ethereum ERC-20. can do.
Binance Nodes Connected to Rival Platforms
Ambos’s Dashboard It shows that the Binance node is connected to competing exchanges such as Kraken, Bitfinex and OKX. The dashboard also shows that the Binance node has a total capacity of 3 million satellites (the smallest unit of BTC).
In June, the cryptocurrency community discovered Binance’s LN node, after which the exchange confirmed it was working on integration.
Binance experienced issues with pending transaction volume on its platform in May, suspending BTC withdrawals due to network congestion and high gas fees. These challenges required him to consolidate LN to enhance its operations.
Bitcoin Lightning Network TVL Drops Over 600 BTC.
data According to DeFiLlama, the total value of assets locked in the Bitcoin Lightning Network has decreased by 610 BTC over the past seven days to 4,861 BTC as of this writing.
This represents a significant drop from the all-time high of 5,700 BTC set on June 20. However, market observers suggest that the Binance integration will further increase network usage. The exchange is the largest cryptocurrency exchange by trading volume, controlling more than 40% of the market, according to the report. CC data.
An article about Binance completing the Bitcoin Lightning Network integration was first published on CryptoSlate.