While Bitcoin had whittled down waitlisted transaction orders by Wednesday, network congestion remains high. Median confirmation time hovered markedly above ten minutes. The on-chain metric for Bitcoin network fulfillment sits at a high unseen since Feb 2023 and Dec 2022.
Meanwhile, hundreds of thousands of transactions at a time sit waiting to be confirmed. That’s far above normal levels in the tens of thousands. The extent of network lag is so high that at least one longtime Bitcoin proponent says it’s a DDoS attack by BTC senders attaching BRC-20 ordinals scripts.
Binance Turns to Lightning Network
Processing time started looking better during the week, but the network hasn’t nearly recovered to normal speeds. To handle long wait times and high fees, Binance had to pause withdrawals for a few hours Sunday. It restored Bitcoin withdrawals Monday but then paused them again before restoring services.
But Binance is hoping some quick work with Lightning Network could speed things
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