Binance is the biggest crypto exchange in the world, with the highest trading volume for Bitcoin (BTC), the leading cryptocurrency. The company confirmed the Bitcoin Lightning Network implementation on June 20, but after two months, Binance’s activities regarding Bitcoin’s second layer are still far away from its competitors.
The Lightning Network (LN) is a Layer-2 solution for scaling Bitcoin transactions, in which two peers open a bilateral channel by depositing BTC in a joint wallet (known as a multi-sig wallet), that can be later redeemed to the Bitcoin’s first layer with both users’ balances updated according to all the transactions they did using this channel — that were confirmed faster and with less network fees.
Notably, Binance’s first Lightning Network channel was opened 62 days ago (June 16), according to data retrieved by Finbold from Amboss Space on August 16. But the most recent channel, out of six channels, already existed for 30 days — showing that no new
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