Is Binance using the Bitcoin Lightning Network? No new channels for 30 days
Binance, the largest crypto exchange in the world, confirmed the implementation of the Bitcoin Lightning Network on June 20. However, after two months, it seems that Binance’s activities regarding Bitcoin’s second layer are lagging behind its competitors. Here are the key points to note:
– The Lightning Network is a Layer-2 solution for scaling Bitcoin transactions, allowing users to open bilateral channels and transact with lower fees and faster confirmations.
– Binance’s first Lightning Network channel was opened 62 days ago, but no new channels have been created since then.
– The total capacity available for Binance’s Lightning Network node has remained the same since at least July 24, indicating no significant growth.
– In comparison, Bitfinex and Kraken are leading the way in Lightning Network usage, with multiple nodes and higher capacity channels.
Despite being the leading exchange by Bitcoin volume, Binance’s usage of the Lightning Network is not meeting expectations. While other exchanges are actively expanding their Lightning Network presence, Binance’s activities seem to have stalled.
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