Will the Lightning Network save the day for Bitcoin's Mempool heap?

Will the Lightning Network save the day for Bitcoin's Mempool heap?

Although Bitcoin had reduced the waiting list transaction orders by Wednesday, the network overload remains high. The average confirmation time was well over ten minutes. The on-chain metric for the Bitcoin network processing is at a maximum as it has not been since February 2023 and December 2022.

In the meantime, hundreds of thousands of transactions are waiting for their confirmation at the same time. This is far above the normal value in the ten thousand area. The extent of the network delay is so large that at least one long-standing Bitcoin supporter says that it is a DDOS attack by BTC sender that attach the BRC 20 regulations scripts.

Binance turns to Lightning Network

The processing time looked better during the week, but the network has not yet reached the normal speed. In order to cope with long waiting times and high fees, Binance had to interrupt the withdrawals for a few hours on Sunday. The Bitcoin withdrawals were restored on Monday, but then interrupted again before the services were restored.

But Binance hopes that a quick collaboration with Lightning Network could accelerate things. The exchange

BTC Network Jam lets the Bitcoin transaction fee skyrocket

The storage pool of unconfirmed transactions remained high this week and is located at hundreds of thousands. This is much higher than your normal level. In times of low network overload, there are usually several ten thousand at the same time.

The total deficit of BTC orders since the weekend that began on May 6th is a magnitude of the network cladding that has not existed since June 2021. At that time, the Bitcoin price shot up in a cyclical crypto bull run. The current traffic jam was caused by order senders that use the BRC 20 token standard to shape "ordinal" NFTs using the BTC blockchain.

By adding these scripts through sender, the blockchain suddenly became slower. John W. Ratcliff, an experienced Bitcoin supporter and software, says that it is an attack on the Bitcoin network.

on Twitter he referred to the unnecessarily data-wasting format that most BRC-20 users insert. He says it is a level of incompetence that is too shocking to believe it. However, it would be a strange way to attack the network that would lead to the miners earn higher fees. Regardless of this, the need to be the mother of innovation again.

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