In the universe of digital assets, above all, this April is Bitcoin halving month. This year's halving is unprecedented, not only because of the significant advances in Layer 2 solutions and new token standards on the Bitcoin network itself, but also because it is taking place in the context of broader developments shaping the landscape. crypto in completely new ways.

The influx of interest and capital from the recently approved Bitcoin ETFs has reshaped the landscape, presenting new opportunities and growing demand. For the first time in Bitcoin's history, the asset reached its new all-time high before and not after the halving.

The recent surge in Bitcoin uses, exemplified by innovations like the signup boom, signals a broadening of the network's horizons far beyond its original design. This technology allows users to embed unique data and digital artifacts directly into the Bitcoin blockchain, thus injecting a novel dimension into the ecosystem.

Here at Binance, we have always been steadfast in our belief about Bitcoin's potential to revolutionize not only the concept of currency but also the digital realm as a whole. As the halving approaches, I would like to take some time to reflect on the deeper importance of the original blockchain, as well as highlight the many ways in which, throughout our history, we have supported the Bitcoin ecosystem and made it easy for users to access the widest possible range of Bitcoin features and functionality, as we continue to do today.

A story of embracing Bitcoin innovation

Binance has always recognized the fundamental role that the Bitcoin ecosystem plays in the broader digital asset landscape. Since our early years, we have made it a goal to closely follow the evolution of Bitcoin and ensure that our users have the means to expose themselves to and benefit from the flourishing innovation in the world of the original cryptocurrency.

We are also proud to contribute to the community by providing avenues to help secure the Bitcoin network. We improved rewards for miners through Binance Pool, launched in 2020, and democratized access for users without specialized equipment through its Cloud Mining functionality.

Binance has fully embraced Layer 2 solutions designed to help the Bitcoin network scale and expand its capabilities. Binance has supported Stacks, an L2 that powers Bitcoin smart contracts and decentralized applications (DApps), since 2020, processing hundreds of transactions daily.

In July 2023, we added support for the Lightning network, which provides a solution to one of the main limitations of Bitcoin and makes BTC suitable for everyday transactions. Today, we host one of the largest nodes on the Lightning Network, providing quality connectivity to major Web3 wallets and centralized exchanges. Every day, Binance users make thousands of Lightning transactions, which complete in seconds. Costing a few cents per transaction, allowing users to make micropayments with BTC, economically unviable on the mainnet.

Inscribing the Future

The upcoming halving highlights the innovation flourishing on the Bitcoin network. This stage of evolution further extends Bitcoin's utility beyond being a currency and store of value, fostering a growing environment for digital collectibles and assets, similar to what we have seen in the NFT space. As the Bitcoin blockchain evolves, it has the potential to attract a broader audience: enthusiasts, investors, artists, creators, etc., each attracted by new opportunities. To support this innovative change, we have been working hard to stay ahead, preparing for these developments with a set of relevant products.

The February 2024 introduction of the Inscriptions Marketplace within our Web3 Wallet, along with support for BRC-20 and ARC-20 fungible tokens enrolled in the Bitcoin network, Taproot addresses, and unspent transaction balance management ( UTXO), underscore our commitment to supporting the burgeoning Bitcoin ecosystem that has emerged, and providing users with the tools they need to explore these developments. Today, Binance Web3 Wallet is one of the few multi-chain wallets that supports both ARC-20 and BRC-20 enrollments.

Our Inscriptions Marketplace simplifies the buying, selling, minting, and managing of enrolled assets directly in the Binance app. Key features of the marketplace include support for over 60,000 popular BRC-20 tokens and one-click transfers between the exchange and the Web3 Wallet.

As we fine-tune our product suite to align with the dynamic pulse of Bitcoin, we will of course never neglect the basics: always providing the highest liquidity and lowest slippage possible, ensuring optimal BTC trading for all our users.

Whatever the outcome of this historic halving, Binance will continue to support the latest developments in the space, providing our users with a convenient, secure and innovative experience. As the Bitcoin landscape expands and diversifies, we remain focused on our users and helping them surf the wave of digital asset innovation. After this halving, or the next one, we will always continue to build.

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