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Binance tweeted that it is integrating the Bitcoin Lightning Network to allow users to deposit and withdraw $BTC through Lightning. There is still more technical work to be done and an update will be made when the Lightning Network is fully integrated.
The Bitcoin Lightning Network is a second-layer protocol built on top of the Bitcoin blockchain that aims to solve the scalability and transaction speed issues inherent in the original Bitcoin network. It is designed to enable fast and cheap transactions between users without the need for on-chain transactions.
The Lightning Network works by creating a network of payment channels between users. These payment channels enable users to transact with each other off-chain, meaning that transactions can be processed almost instantly and with very low fees. Once a payment channel is established between two parties, they can conduct an unlimited number of transactions without the need to broadcast each transaction to the Bitcoin network.
According to research in May from Glassnode, the fee charged per 1 BTC sent across the Lightning Network was 3,000 satoshis, which is equivalent to $0.84 when $BTC price was $28,800.
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