AAX Exchange Integrates Bitcoin’s Lightning Network for Fast and Cheap Transactions


article image

Vladislav Sopov

Track live crypto price of 10000+ coins!


Mainstream second-layer solution for Bitcoin (BTC) scalability is now avaliable for AAX Exchange clients

Contents

AAX Exchange, a top-tier cryptocurrency exchange ecosystem, advances crypto trading and the storage experience for its Bitcoin (BTC) holders. With new integrations, it started supporting fast and low-cost transactions through a mainstream L2 solution.

Bitcoin Lightning Network goes live in AAX Exchange

According to the official announcement shared by AAX Exchange team, its ecosystem now supports Lightning Network, the most popular second-layer scalability solution for Bitcoin (BTC).

AAX exchange introduces Lightning
Image by AAX Exchange

With Lightning Network, Bitcoin (BTC) transactions are sent through payment channels as it significantly reduces the pressure on Bitcoin (BTC) mainnet. As such, transactions on Lightning are faster and more cost-efficient compared to those sent over the Bitcoin (BTC) network directly.

For AAX clients, all operations with Bitcoin (BTC)—deposits, withdrawals, in-app transfers and trades—are now authorized in a nearly instant manner. As per the team’s estimations, it even unlocks arbitrage opportunities for traders on AAX.

By contrast, some transactions on Bitcoin (BTC) mainnet can take more than 30 minutes and are charged with $10-$15 fees. These metrics can even be higher during periods of extreme volatility due to the overload of Bitcoin’s mempool.

Satoshi Standard (SATS) approved by AAX

Besides that, AAX Exchange has integrated the Satoshi Standard or SATS mechanism, an instrument for Bitcoin (BTC) microtransactions. It significantly lowers the entry barriers for Bitcoin (BTC) trading: even crypto holders with low deposits can benefit from Bitcoin (BTC) price fluctuations.

Related:  $ALGO: Cross-Chain Messaging Protocol Launches Support for Algorand

Ben Caselin, head of research and strategy at AAX, stresses the importance of these integrations for his service and for Bitcoin (BTC) adoption in the DeFi era:

Our move to switch to a Satoshi Standard and to launch a dedicated SATS/USDT spot market that enables everyone to purchase and save in Bitcoin, at no cost, really only starts to make sense if it is coupled with an integration with Lightning Network.Our integration with this open network makes it possible for users to not only trade, but also deposit and withdraw Bitcoin at virtually no cost. It’s an effective and important way for crypto exchanges to promote the adoption of Bitcoin worldwide.

So far, AAX is the only centralized cryptocurrency exchange, with SATS transactions available to the general public.

With more than two million users in over 100 countries, it is also the first exchange with LSEG Technology. It advances the security and profitability of crypto trading for retail and institutional users.


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: