Binance begins with the operation of Bitcoin-Lightning network node

Binance begins with the operation of Bitcoin-Lightning network node

The crypto exchange giant Binance has redeemed its promise from May and confirmed on Tuesday that he started operating several knots in the Lightning network from Bitcoin.

Plans to use the Layer 2 scaling solution to enable cheaper deposits and withdrawals from Bitcoin (BTC) on its platform.

  • Binance decided to integrate Lightning after the popularity of Memecoins/Ordinals at Bitcoin increased explosively, which led to a large block chain overload and drove the transaction fees by over 1000 %.
  • The event intervened Since stock exchanges like binance try to meet users' deposit and withdrawal inquiries, the stock exchange briefly exposed the BTC deductions on May 7.
  • In response, the company increased the transaction fee that raises it for Bitcoin withdrawals (to ensure that these are processed faster by the miners) and insured follower said that withdrawals Lightning Network are in the works.

to prevent a similar repetition in the future, our fees were adjusted. We will continue to monitor the activities in the chain and make appropriate adjustments if necessary.

Our team also worked on enabling lifts through the BTC Lightning Network, which will be helpful in such situations.

-Binance (@binance) 8. May 2023

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