UXUY has upped the ante in the Lighting Network race with its latest announcement. The firm recently unveiled that it would integrate the Lighting Network to lower fees and transaction times. As part of this strategy, the DEX announced that it would host a Lighting Network node directly.
News of UXUY's plan to integrate the Lightning Network first became public knowledge in October 2023. It was then that the platform officially launched its network node. Lightning Network nodes host payment channels that help reduce the support of chain transactions at lower rates. Once the channel closes the data gets added to the mainnet.
The Time is Now
The decision to open a LN node comes at the perfect time as the Bitcoin network is once again facing high transaction fees and delays due to congestion. Unlike its previous congestion scenarios, this one is brought on by the growth of the ordinals movement,
Ordinals are Bitcoin-powered NFTs. They differ from traditional NFTs because they don’t rely on smart contracts but rather a unique Bitcoin ordering system that provides sequential units to all Satoshis. Notably, a Satoshi is the smallest unit of Bitcoin available.
These tokens add to the congestion of the market because they allow users to embed text and small code on each satoshi on the blockchain. These actions have become increasingly popular with over 10M Ordinals already minted over the last few months
All of this added data and transactions have left many worried. However, the integration of the Lightning Network helps to fight these sky-high fees in a couple of ways. Primarily, it removes a bulk of the data from the mainnet during transaction processing.
The UXUY LN node integration will enable traders to enjoy very low fees and much faster transaction times. They may leverage the Lightning Network to send and receive Bitcoin and its powered assets in milliseconds rather than hours. Additionally, the DEX has some other features that are worth mentioning such as its multi-chain compatible address service.
Lightning Address DID service
UXUY wants to streamline the LN payment process with the use of a DID service. These options reduce confusion by enabling people to send payments directly to custom-made addresses on the network such as [email protected]. This option is more user-friendly than the long Bitcoin addresses that are used normally. Additionally, those who join the DID service are eligible for Satoshi airdrops.
The Lightning Network Expands Bitcoin Uses
The Lightning Network continues to provide more use cases for Bitcoin. In the coming months, developers hope to leverage the network to improve ordinal creation, issue stablecoins on the Bitcoin blockchain, and tokenize other assets into BRC-20 tokens.
UXUY – Positioned for the Future
The innovative minds at UXUY have their eyes on the prize with their latest move. Bitcoiners are eager to save on network fees and the Lightning Network is by far the best solution to make this desire a reality. Consequently, you can expect to hear more from the pioneering team at UXUY in the coming weeks as their airdrops release.