OKEx users can now use the Lightning Network, a Layer-2 scaling solution for bitcoin, for deposits and withdrawals. The feature is currently live on OKEx's desktop website, with mobile to be followed.
With the Lightning Network, the average cost of bitcoin transactions will come down to "less than 0.01 cents," OKEx CEO Jay Hao told The Block in February. Whereas average transaction confirmation time will reduce to "1-3 seconds," Hao said at the time.
While there seem to be cost and speed benefits with the Lightning Network, there are certain limitations. The network is primarily meant for smaller transactions. Hao told The Block in February that OKEx would set a limit of up to 0.05 BTC (currently worth around $2,830) on transactions.
The transaction limit remains the same, Hao told The Block after the publication of this story.
The Lightning Network was launched in 2018. A number of crypto exchanges currently support the network, including OKCoin, Bitfinex, and Bitstamp. Earlier this year, Kraken also announced its plan to integrate the network. Other U.S.-based exchanges, such as Coinbase and Gemini, do not currently support the network.
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.