Binance Begins Integrating Lightning Network
Binance starts Bitcoin Lightning Network integration to boost deposit, withdrawal efficiency.
Binance, a crypto exchange, has confirmed that it has begun using the Bitcoin Lightning Network. This step is part of its plan to incorporate this network for deposits and withdrawals.
Binance announced this news in a tweet after some users noticed the new lightning nodes. The company confirmed that they were running the nodes, but also mentioned that they still have more technological work to do. They will provide an update once the Lightning Network is fully integrated.
Previously, on May 8, Binance had mentioned its plan to integrate this network due to congestion on the main Bitcoin network.
The Lightning Network, a Layer 2 network, is designed to reduce costs and increase the number of transactions that can be processed on Bitcoin. This network has already been adopted by other competing exchanges, such as Kraken and Bitfinex.
The Lightning Network can handle 1 million transactions per second. Over the past year, the capacity of this network has been gradually increasing, according to data from The Block's data dashboard. The latest check showed a capacity of $148 million.
