On July 16, Binance announced that it had integrated the layer-2 protocol Bitcoin Lightning Network into its platform, and users could use it to make deposits and withdrawals. And now, less than two months after this development, the platform has recorded a significant milestone with the protocol. 

Binance Node Growing Rapidly

According to data from the analytics platform Amboss, Binance’s lightning node has been growing rapidly. The exchange is currently ranked 14th based on capacity, boasting 77.7 BTC out of the network’s total of 4,873.39 BTC.  

This means that Binance’s integration of the Lightning Network has been well-received, and Binance users are actively using the Binance lightning node to process their Bitcoin transactions.

This milestone comes after a report alleged that Binance’s implementation of the Bitcoin Lightning Network wasn’t seeing impressive traction as users weren’t creating channels on the platform. According to the report, published on August 16, no new channel had been created in the last 30 days. 

In response, Amboss clarified that Binance, unlike some of its competitors like Kraken, doesn’t broadcast node connection details, so “general users” cannot open direct channels with Binance. 

BTC price sitting at $26,042 | Source: BTCUSD on Tradingview.com

Lightning Network Integral To Bitcoin AdoptionGo to Source to See Full Article
Author: Scott Matherson

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