- Binance decided to deploy the Lightning Network after experiencing difficulties.
- CZ tweeted about the commitment of his exchange to sustained expansion.
One of the major cryptocurrency exchanges, Binance, has stated that it is working to integrate the Bitcoin Lightning Network. So that users may make deposits and withdrawals more quickly.
The company’s CEO, Changpeng Zhao (CZ), has also verified the update. Binance decided to deploy the Lightning Network after experiencing difficulties processing a significant number of BTC withdrawal requests on May 8.
Sustained Expansion
Some technical operations have to be completed before the Bitcoin Lightning Network may be integrated by the exchange. Binance is able to provide a better service to its customers by using the Lightning Network. By facilitating instantaneous and scalable Bitcoin transactions.
CZ tweeted about the commitment of his exchange to sustained expansion. The exchange is making progress, he said, although slowly. User efficiency and convenience will increase when transaction fees are lowered and settlement times are shortened.
The Lightning Network’s off-chain features also improve Bitcoin’s scalability by removing bottlenecks and reducing transaction times.
Binance reportedly suspended Bitcoin (BTC) withdrawals due to a surge in pending transactions since the exchange couldn’t pay out enough in incentives to miners to record the deals. Due to a rapid increase in Bitcoin network gas costs, the biggest in almost three years since July 2021, CZ dealt with this bull market problem.
Moreover, Binance resolved the issue by resubmitting the outstanding Bitcoin withdrawals with increased fees so that they would be accepted by mining pools and confirmed on the blockchain. The exchange tweeted later that day that they were going to activate BTC Lightning Network to stop future problems similar to this.
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