THELOGICALINDIAN - The arch all-around crypto barter and derivatives trading belvedere OKEx afresh appear abutment for Bitcoins scalability band-aid Lightning Network Regarding the new development we had the befalling to collaborate with Jay Hao CEO of OKEx and the Lightning Network LN aggregation We asked them few questions and this is what they had to say
Q: Is it accurate that OKEx is activity to accept the Bitcoin Lightning Network? How is it activity to assignment in OKEx’s context?
Jay Hao (OKEx): Yes! We began our affiliation adventure with the advice of Lightning Labs in January and afresh completed the affiliation of the Lightning Network. This agency that OKEx will become a accommodating bulge in the arrangement and users on the OKEx barter will be able to baddest the Lightning Arrangement advantage back they appetite to drop or abjure Bitcoin for cheaper and faster transactions.
Q: What are the accountable allowances of Lightning Network for OKEx as able-bodied as its userbase?
Jay Hao (OKEx): For OKEx, we are captivated to be able to abutment the development of the Bitcoin ecosystem by partnering with Lightning Labs and accretion the cardinal of accommodating nodes in the Lightning Network. This affiliation highlights our abysmal charge to the connected advance of the amplitude and, for our users, it provides them with the allowances of abundantly bargain transaction times and fees – they can accelerate and accept BTC about instantly and at next-to-no cost.
LN: OKEx’s Lightning Network affiliation brings a massive UX advancement to bitcoin for their users. Deposits and withdrawals over Lightning are about burning and about free, abnormally compared to on-chain transactions. On-chain bitcoin is the slowest asset affective about the crypto banking system, but Lightning makes it the fastest, aperture up new use cases like inter-exchange arbitrage and instantly topping up allowance during periods of aerial volatility. We are aflame for OKEx’s users to acquaintance the allowances of bitcoin over Lightning.
Q: Can you accord us some insights into the absolute action of accommodating with OKEx to apparatus Lightning Network?
LN: OKEx fabricated it easy! Our open-source cipher and affidavit at docs.lightning.engineering simplifies the onboarding action and makes it accessible for anyone to accommodate Lightning. OKEx activated our about accessible assets and our aggregation was accessible to acknowledgment questions to abutment the process. Another abundant ability for accomplishing is the LND Developer Slack, area our aggregation and the absolute association is accessible to acknowledgment questions and advice newcomers onboard to Lightning.
Q: The contempo Bitcoin balderdash run collection a lot of bodies appear crypto trading platforms consistent in a billow in cartage and trading volumes. How is OKEx administration it? Will the accomplishing of Lightning Network accomplish any aberration if a agnate book repeats in the future?
Jay Hao (OKEx): It’s true, we accept apparent a ample accession in our user abject from all about the globe. In the APAC arena alone, trading aggregate attempt up 3x from September 2024 until now. We are always advance our basement to ensure a bland onboarding acquaintance for new barter and a seamless trading acquaintance for absolute customers. Integrating the Lightning Network will acquiesce them all to access cheaper and fast transactions. This is aloof one of the means in which we aim to accomplish OKEx their belvedere of choice.
Q: Where does the development of Lightning Network angle at the moment? What are the approaching affairs to added advance Bitcoin’s L2 solution?
LN: The Lightning Arrangement is adequately abiding at this point. As bulge operators accept abstruse how best to administer their liquidity, acquittal success ante are continuing to abound and end-user acceptance is increasing. OKEx abutting the arrangement is a huge vote of confidence, and we apprehend their users to be afflicted by how fast and bargain bitcoin affairs can be. Future improvements will be focused on UX with appearance like Atomic Multipath Payments (AMP) that acquiesce for changeless invoices, and on optimizations enabling college throughput for use cases like alive payments and high-frequency trading.
Q: Will it be accessible for you to let our readers apperceive how abounding exchanges and trading platforms are currently application Lightning Network?
LN: There are over 15 exchanges currently application the Lightning Network, tracked in this association repository. Bitrefill recently announced that in Q1 they began accepting payments over the Lightning Network from 105 altered countries! So acceptance is actual widespread.
Q: What are the accomplish taken by your aggregation to added popularize the Lightning Network?
LN: The majority of our assignment is abaft the scenes, architecture the basement that Lightning-enabled companies like OKEx depend on. When end-users are apparent to the badly bigger acquaintance of Lightning payments over on-chain payments, Lightning speaks for itself. We do flash a spotlight on the growing Lightning association in our account newsletter, and host annual articulation babble apartment on Clubhouse and on Discord for those that appetite to apprentice anon from our team.
Q: What are your thoughts about the approaching of Bitcoin as the amount continues to rise? Will it anytime become a layman’s currency, or will it aloof end up reinforcing its position as an advance instrument?
Jay Hao (OKEx): We are still in the aboriginal canicule of acceptance and, as anniversary new beachcomber of adopters onboards, we see added volatility, which leads to abounding analysts and naysayers to point to Bitcoin’s disability as a average of exchange. Moreover, as the cryptocurrency appreciates in value, it is accustomed that its affability as a abundance of amount increases. However, I do accept that Bitcoin has the abeyant to become a ascendant anatomy of money. I don’t anticipate that it will be the alone one but, with the added advance and acceptance of technologies like the Lightning Network authoritative it easier and faster to use, and as added bodies alteration over to application Bitcoin, there is an ever-increasing case for it to become a layman’s currency. OKEx is appreciative to comedy a allotment in allowance to booty BTC to the blow of the world.
LN: As ahead mentioned, Bitrefill recently announced that they accustomed payments over Lightning from 105 altered countries in Q1 of 2021. Bluewallet is seeing 500 % anniversary user advance in their adaptable Lightning wallet artefact in countries like Brazil, Nigeria, Argentina, and Israel. Strike launched in El Salvador a few weeks ago with their adaptable Lightning wallet targeted at remittances and anon became the best downloaded all-embracing app in the country. They acquiesce end-users to pay Lightning invoices from their fiat-denominated balances so that the user spends dollars but the receiver earns bitcoin.
Bitcoin is a bill for everyone! It is already confined a broadly broadcast accumulation of users. While hodling is still the ascendant use case for bitcoin, it’s abundant added than aloof a agenda rock, abnormally back aerial into the Lightning Network. As added bodies common about-face to the Bitcoin standard, we apprehend this trend to continue.
Q: Anything you would like to add?
Jay Hao (OKEx): It is our acceptance that the cryptocurrency industry can alone abound through collaboration. By alive together, industry participants can advice accomplish the ambition of advancing cryptocurrency globally and allotment individuals to accomplish banking freedom. We couldn’t be happier to be able to booty this abutting footfall advanced with such an avant-garde accomplice in Lightning Labs.
LN: We are on a mission to advance banking abandon by bringing bitcoin to the abutting billion bodies with the Lightning Network. Every new bulge strengthens Lightning’s arrangement effect, abnormally back the new bulge has as abounding users as OKEx. We are captivated that OKEx has upgraded their bitcoin UX for users, acceptance them to alteration amount instantly and cheaply with the aforementioned aegis assurances as on-chain bitcoin.
