OKX is pleased to announce that BTC Lightning Network is now live on OKX website, enabling much faster and cheaper BTC transfers. OKX users are now able to use the Lightning Network for both BTC deposits and withdrawals.
What is the Lightning Network?
The Lightning Network is a decentralized payment protocol that allows instant, off-chain transactions on a blockchain, such as Bitcoin. The network achieves this by using bi-directional payment channels that are not settled on-chain in real-time, allowing scalability beyond the underlying blockchain’s typical transaction throughput.
By integrating layer 2 solutions like the Lightning Network, OKX is able to offer an improved trading experience to its users — with lower costs and faster transactions — alongside supporting the Bitcoin ecosystem by increasing the number of participating nodes.
April 19, 2021 (UTC)