Difficult to know the current situation of the Binance platform internationally. This is because the numerous regulatory attacks against it are not accompanied by the transparent communication that Changpeng Zhao (CZ) proudly displayed at the height of the FTX disaster. We must therefore try to rely on other clues, such as for example the continuation of its internal development programme against all odds.
The world's leading cryptocurrency exchange has taken a major step forward in this area. The Binance platform just officially announced the successful integration of the Lightning Network of Bitcoinmodeled after its competitor Kraken in April of last year. But some voices have already been raised to question the commissions applied to transfers via this level 2 made in BTC.
Binance – Lightning Network Integration
The Binance platform has made the official announcement on Twitter: its developers have “completed the integration of the Bitcoin Lightning Network and deposits and withdrawals are now open”. Because that's what its ability to reduce fees and speed up transactions that this second-tier network is making its debut on this exchange. And there are 4 official reasons for this:
- To allow for more transactions per second (TPS).
- Near instant payments settled in seconds or even milliseconds.
- Allow for economically viable microtransactions.
- Protect user privacy.
In practice, this new feature takes the form ofan option “BTC-Lightning which can now be selected when making a deposit or withdrawal on the Binance platform. TO procedures fully explained step by step on his official blog. But with a small detail that is sure to raise heads and take notice of this payment option associated with the Bitcoin network.
Binance Lightning Network – $7 fee and 5 minute wait, really?
Indeed, as part of its tutorial to explain this new procedure, the Binance platform took the traditional screenshots. The problem? In his example, when the very fast and inexpensive Lightning network is selected, the advertised bill is over $7… for a wait of about 5 minutes. Nothing to do with the promises of this network, nor with the advertising of Binance.
So the Lightning Network option is no more interesting than the classic version of transferring via the Bitcoin network. And it's impossible to verify this, as my Binance account doesn't yet have this option at the time of writing. But anyway this raises some questions on the relevance of this service, given the current state of affairs.
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