Following through on its promise in May, crypto exchange giant Binance confirmed on Tuesday that it has begun running multiple nodes on Bitcoin’s lightning network.
The exchange plans to leverage the layer-2 scaling solution to enable cheaper Bitcoin (BTC) deposits and withdrawals on its platform.
Binance resolved to integrate lightning after an explosion in memecoin / Ordinals popularity on Bitcoin in May, which triggered major blockchain congestion and drove up transaction fees by over 1000%.
The event interfered with exchanges like Binance attempting to satisfy users’ deposit and withdrawal requests, prompting the exchange to briefly suspend BTC withdrawals on May 7.
In response, the firm increased the transaction fee it attached to Bitcoin withdrawals (to ensure they’d be processed faster by miners) and assured followers that lightning network withdrawals were in the works.
To prevent a similar recurrence in the future, our fees have been adjusted. We will continue
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