Binance Completes Integration of Lightning Network
Binance, the popular cryptocurrency exchange, has recently announced the completion of its integration of the Lightning Network, a scaling layer for the Bitcoin blockchain. This new feature allows users to deposit and withdraw bitcoin from Binance with faster transaction speeds and lower fees compared to the base layer of Bitcoin. Here are the key points:
- Lightning Network accelerates transaction speed, eliminating the need for long waiting times.
- Transactions on Lightning Network are cheaper than Layer 1-based transactions.
- Binance accepts deposits starting from 0.00001 BTC and up to 0.05 BTC.
- Withdrawals from Binance will have a network fee of 0.000002 BTC per transaction.
This integration comes after Binance experienced network congestion in May, prompting them to work on improving their infrastructure. Binance CEO, Changpeng Zhao, had previously mentioned the complexity of implementing the Lightning Network due to its on-demand generation of invoices. Now, Binance users can enjoy the benefits of faster and more cost-effective transactions. This is a significant step forward for the crypto community, providing a more efficient way to use Bitcoin on the Binance platform.
By
By
By
By
By
By