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Cryptocurrency exchange Binance has completed the integration of the Bitcoin Lightning Network on its platform for BTC withdrawals and deposits.
The development wasconfirmedby Binance in a July 17 blog post, where they noted thatBinance userscan now use the layer-2 scaling solution for BTC withdrawals and deposits.
When users now choose to withdraw or deposit Bitcoin, they will now be able to select “LIGHTNING” as an option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
Screenshot showing users can select "LIGHTNING" as an option when depositing Bitcoin. Source: CointelegraphBinance first hinted at the integration of the Lightning Network in May after it had to temporarily pause BTC withdrawals due to a flood of pending transactions caused by “the recent surge in BTC network gas fees.”
The explosion in transaction fees has largely been attributed to the creation of memecoins on Bitcoin in the form ofBRC-20 tokens— a new token standard on the network.
#Binancehas completed the integration of Bitcoin (#BTC) on the Lightning Network and deposits and withdrawals are now open.
— Binance (@binance)July 17, 2023
More details herehttps://t.co/aIofPdtAGY
Binance later confirmed it was working toonboard the Lightning Networkon June 20 shortly after users spotted Binance's own Lightning nodes.
Binance joins Bitfinex, River Financial, OKX, Kraken and CoinCorner as the other prominent exchanges to have embraced the Lightning Network.
Coinbase CEO Brian Armstrong also signaled hisintention to integratethe Bitcoin layer 2 network on Coinbase in April. However, he didn't give a timeline as to when that may happen.
The Lightning Networkaims to make Bitcoin transactions faster and cheaper by allowing users to create off-chain transaction channels.
Decentralized finance protocol Aave has finally launched its new algorithmic dollar-pegged stablecoin GHO on Ethereum.
Decentralized finance (DeFi) protocol Aave has launched its algorithmic United States-dollar pegged stablecoin GHO on the Ethereum mainnet, with $2.19 million worth of GHO minted so far.
Aave announced the launch of the new stablecoin in a July 16 blog post, describing the new stablecoin GHO as a “decentralized, over-collateralized” asset. The stablecoin is backed by a “multitude” of digital assets including Ethereum’s native currency Ether
Let's GHO! Congrats to the@AaveAavecommunity on the Mainnet Launch.https://t.co/vI7JbMLYb4
— GHO (@GHOAave)July 15, 2023
The launch of GHO on mainnet came after a community governance vote, which saw nearly 100% of the 424 participating addresses vote in favor of the new stablecoin.
Unlike centralized stablecoins such as Tether’s USDT, which have drawn some criticism for anapparent lack of transparencyaround its reserves, the assets backing GHO are transparent and verifiable and can be confirmed by on-chain data, according to Aave.
“All transactions are performed through self-executing smart contracts, and all data regarding GHO transactions is available and auditable directly from the blockchain or via numerous user interfaces,” Aave wrote.
Additionally, Aave said GHO’s revenue would further bolster its DAO treasury, with governance being entrusted to AAVE and stkAAVE token holders.
Total circulating supply of GHO since inception. Source: DeFiLlamaThe GHO stablecoin is currently available to the public:
“Anyone can mint GHO using the assets they supply into the Aave Protocol V3 Ethereum market as collateral, ensuring that GHO is overcollateralized by a multitude of assets.”
The launch of GHO marks another addition to the growing ranks of DeFi-native algorithmic stablecoins. On May 4, DeFi protocol Curvelaunched its flagship algorithmic stablecoincrvUSD.
At the time of publication, MakerDAO’s Ethereum-based stablecoin DAI is the largest algorithmic stablecoin in circulation, commanding a $4.28 billion market capitalizationaccordingto data from DefiLlama.
However, the total stablecoin market remains dominated by centralized issuers including Tether and Circle.
Stablecoin dominance by market capitalization. Source: DeFiLlamaAt current, Tether’s USDT and Circle’s USD Coin account for 87% of the total circulating supply of all U.S.-dollar pegged stablecoins.
At the time of publication, GHO is trading slightly below the desired $1 peg at $0.9927 and has fallen as low as $0.9814 on July 16,accordingto price data from CoinMarketCap.
Cointelegraph contacted Aave for comment but has yet to receive an immediate response.
https://cointelegraph.com/news/aave-protocol-launch-stablecoin-gho-ethereum-mainnet
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