Binance Embraces the Bitcoin Lightning Network

Binance Embraces the Bitcoin Lightning Network

Binance, a cryptocurrency trading platform, has successfully integrated the Bitcoin Lightning Network. Users can now make bitcoin deposits and withdrawals. The announcement comes a little under a month after the exchange revealed its intentions to incorporate the Bit Lightning Network.

Utilizing Layer-2 Scaling Solution

Binance customers can utilize the layer-2 scaling solution for bitcoin deposits and withdrawals. The exchange verified the progress in a blog post on July 17.

Multiple Choices for Users

The BNB Smart Chain (BEP20), Bitcoin, the BNB Beacon Chain (BEP2), Bitcoin Core (SegWit), and Ethereum ERC20 are some further choices for users.

Lightning Network Now Fitted with AI

Lightning Labs, one of the groups behind the scaling solution, is also issuing tools to integrate the system with AI. On July 6, the group stated that the developer tools were available for download, incorporating Lightning and Bitcoin as native features into a global, inclusive, and out-of-the-box cost-effective long language model (LLM) toolset. AI applications can process Bitcoin transactions on-chain and via the Lightning Network.

Overcoming Congestion

After being forced to briefly halt bitcoin withdrawals in May owing to a rush of pending transactions brought on by “the recent surge in BTC network gas fees,” Binance indicated the possibility of integrating the Lightning Network during that month. On June 20, after users detected Binance’s Lightning nodes, the exchange explained that it was preparing the layer-2 scaling solution.

The proliferation of Ordinals and the widespread adoption of the BRC-20 standard for creating non-fungible tokens-like assets on Bitcoin has seen transaction fees rising in recent months.