Binance is integrating the Bitcoin Lightning Network to its Platform
The cryptocurrency exchange is running Lightning nodes ahead of fully integrating Bitcoin Lightning Network payments.
#Binance has started running Lightning nodes before supporting the #bitcoin Lightning Network for deposits and withdrawals.
Binance's official Twitter account confirmed this past Tuesday morning saying, "Yeah, that's us!" after some "eagle-eyed users" spotted the exchange's Lightning network nodes. Binance had first announced the addition of Lightning Network support on May 8.
However, Binance noted that “more technical work still needs to be done” before supporting payments on the Lightning network.
Binance is working to integrate the Bitcoin Lightning Network for deposits and withdrawals. Some eagle-eyed users spotted our new lightning nodes recently. Yes - that's us! However, there's still more tech work to be done. We'll update once Lightning is fully integrated.
On the other hand, Bitcoin developer Udi Wertheimer reported finding "Binance" nodes on Lightning last week. A Lightning node enables routing and processing of Lightning network transactions.
What is the Bitcoin Lightning Network?
The Bitcoin #LightningNetwork is a second layer solution developed for the Bitcoin blockchain to facilitate faster and cheaper transactions than the main Bitcoin network.
The median fee for transactions on the Lightning network is $0.00013, according to data from Glassnode.
So far, several cryptocurrency exchanges, including Kraken, OKX, and Bitfinex, and the mobile payment platform, Cash App, have integrated support for the Lightning Network.
Glassnode data shows that total Bitcoin connected to the Lightning Network is up 65% since the start of the year; Bitcoin's Layer 2 network currently has a capacity of 5,424 BTC, worth $146.4 million.