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Binance increases deposit flexibility

On July 17, Binance introduced two significant improvements to its depositing process. These include the integration of Bitcoin's Lightning Network and the addition of a multi-address deposit feature.

Lightning Network Integration

Binance now supports Bitcoin deposits and withdrawals through the Lightning Network. This way, users can deposit amounts from 0.00002 to 0.05 BTC at a time, with a fee of approximately 0.00001 BTC (โ‰ˆ$0,3, subject to change). The previous methods for depositing and withdrawing Bitcoin on the exchange remain unchanged. 

The Lightning Network is a second-layer payment protocol operating atop blockchain-based cryptocurrencies like Bitcoin. This network addresses Bitcoin's scalability issue by enabling swift transactions between participating nodes, resulting in improved transaction efficiency both in terms of speed and cost.

The Lightning Network works through direct payment channels established between users. Within these channels, they can carry out numerous transactions. Fees are incurred only when opening and closing the channel, making transactions more efficient as they do not need to be recorded on the blockchain until the channel's closure. 

The Lightning Network payments also do not depend on the load and cost of commissions in the main network, which is especially important given the growing popularity of Ordinals. To learn more about using the Lightning Network on Binance, follow this link.

Multiple deposit addresses for Ethereum and EVM-compatible blockchains

Starting today, Binance users can generate up to 20 deposit addresses for tokens on Ethereum (ERC20) and EVM-compatible blockchains. The platform already plans to expand this functionality to other networks in the future.

Previously, users were assigned a single address for depositing tokens on a particular blockchain. However, the enhanced feature now enables users to generate unique addresses based on their individual needs.

Let's say you want to receive USDT on Ethereum from two separate individuals without disclosing the same address. Now you have the option to accept tokens at unique addresses while the funds still accumulate in your Binance account balance.

EVM-compatible blockchains refer to blockchain platforms that utilize the Ethereum Virtual Machine (EVM) to execute smart contracts. This compatibility means that developers can design smart contracts for Ethereum and seamlessly deploy them on these other blockchains with minimal modifications. EVM-compatible blockchains include BNB Chain, Arbitrum, and others.

Maria Kachura
Maria Kachura

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