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Lightning Network Bitcoin Deposits Now Live on Binance
Binance joins Kraken and Bitfinex in offering lightning network deposits.
Updated Jul 17, 2023, 3:34 p.m. Published Jul 17, 2023, 3:05 p.m.
Bitcoin (BTC) holders can now deposit their assets to the crypto exchange Binance using the Lightning Network, according to an announcement.
Binance has completed integration after stating last month that it had set up Lightning Network nodes.
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Depositing bitcoin via Lightning is faster and cheaper than on the main blockchain; the base fee on lightning is $0.04, whereas regular bitcoin deposits spiked to as high as $30 in May, according to ycharts. Transactions also settle in under a minute, with regular bitcoin transactions taking roughly 10 minutes per confirmation.
The Lightning Network, which is often called "Bitcoin's second layer," was designed in 2016 to speed up transaction times and assist with network congestion. The network currently has a capacity of $147 million with 69,395 payment channels, according to 1ml data.
Binance join the likes of Bitfinex and Kraken in offering Lightning Network deposits, with Coinbase (COIN) CEO Brian Armstrong recently suggesting that his exchange will also integrate the scaling solution in future.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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