UXUY has successfully run the Bitcoin Lightning Network node and built infrastructure for trading Bitcoin Layer2 assets, actively participated in the construction of the Taproot Assets test network, and is well prepared for the upcoming Bitcoin DeFi Summer.
Singapore, Oct. 13, 2023 (GLOBE NEWSWIRE) — Today 13th of October, 2023, the next-generation decentralized trading platform UXUY will officially implement the Bitcoin Lightning Network node named UXUY. As part of the Bitcoin Layer2 plan which we aptly named- “UXUY Struck By Lightning”. The implementation of the Lightning Network node marks UXUY’s journey to becoming an active contributor, improving the Bitcoin ecosystem, and promoting the development of the Lightning Network.
UXUY differs from other traditional Bitcoin contributors because we focus more on connecting Bitcoin assets to Ethereum, BNB chains, and other ecosystems. We have successfully connected to Ethereum, BNB Chain, Polygon, Tron, Optimism, Arbitrum, Avalanche-C, Fantom, Linea, Base, and other public chains, and through our exclusive GasPool solution, we have reduced the threshold for cross-chain transactions between Bitcoin and other ecosystems.
At present, UXUY has successfully run the Bitcoin Lightning Network node and built infrastructure for trading Bitcoin Layer2 assets, actively participated in the construction of the Taproot Assets test network, and is well prepared for the upcoming Bitcoin DeFi Summer.
The First DEX to Implement the Lightning Network Node
In 2020, Bitfinex officially announced the operation of Lightning Network nodes, and since then, major CEXs have successively connected to the Lightning Network. Currently, traditional CEXs such as Binance, Bitfinex, Kraken, Bitstamp, and OKX have completed the integration of the Bitcoin Lightning Network.
CEXs connected to the Lightning Network are mainly used in deposits and withdrawals, taking only partial advantage of the Lightning Network. With this situation, we can see that in the face of the upcoming outbreak of Taproot Assets, there is no ready solution for users.
As a next-generation DEX, UXUY is the first DEX to run a Lightning Network node and, with this move, promote the integration of DeFi and the Bitcoin ecosystem. As UXUY co-founder Jordan has said, “Currently, the scale of Bitcoin assets on the Lightning Network is only 5,000+ BTC, equivalent to US$100 million. In contrast, the size of USDT is US$86.6 billion. To promote the development of the Bitcoin Lightning Network ecosystem, we can not be limited to the existing asset scale of the Lightning Network. The advantage of UXUY is to introduce Stablecoin and Token assets to realize decentralized multi-chain transactions. This is the essential difference between us and traditional Lightning Network products (such as Walletofsatoshi, Phoenix, Muun).”
Elizabeth Stark, co-founder of Lightning Network, has also affirmed UXUY’s stance on the matter. In a statement, she said,
Taproot Assets helps Bitcoin in numerous ways, including onboarding people to Bitcoin through fiat where they can easily swap between assets. This is particularly useful in a high-inflation environment, as many people around the world live in economies where their currencies are continually losing value. Thus, Taproot Assets helps facilitate fiat to Bitcoin rails. Further, as Taproot Assets uses bitcoin liquidity to route assets issued on the protocol, there will be greater demand for bitcoin on the Lightning Network. As a result, bitcoin will route dollars, fiat, and everything in between. This is how we bitcoinize the dollar.
We believe UXUY’s move to implement a Lightning Network node may have a ripple effect throughout the industry, driving more DEXs to support the Bitcoin Lightning Network. As more and more users join the network, the Lightning Network’s node and channel scale may once again reach new heights.
Multi-chain transactions for Taproot Assets
UXUY will fully open Lightning Network nodes to the Taproot Assets ecosystem and promote the construction of Lightning Network infrastructures. As the next generation of decentralized multi-chain trading platform, UXUY will improve the trading environment of Taproot Assets, launch BLIP — define the trading layer based on Bitcoin Taproot Assets, and enrich the liquidity of Taproot Assets.
UXUY will help Taproot Assets’ asset issuers complete project deployment, issuance, and liquidity management. Significantly reducing the cost for project parties to issue assets on the Lightning Network, especially for the DeFi and RWA fields, UXUY will provide rich development tools and Bitcoin Lightning Network node support.
UXUY has exclusively created uPool to serve multi-chain pipelines. Its core is to allow stablecoins to play a more active role in cross-chain transactions. This will help users use existing assets to directly trade Taproot Assets, greatly reducing users’ costs. Cross-chain transaction threshold.
UXUY’s implementation of the Bitcoin Lightning Network node is just the first step in Struck By Lightning. If you are also a Crypto Native, join UXUY in Struck By Lightning!
About Lightning Network
The Lightning Network is a Layer2 solution for Bitcoin. Due to the limitations of Bitcoin’s scalability, the Bitcoin network can only handle 5 to 7 transactions per second on average, which is far from meeting people’s transaction needs. Joseph Poon and Thaddeus Dryja first proposed the idea of Lightning Network in February 2015 and released a white paper on Lightning Network in January 2016. Lightning Network was officially born. The Lightning Network greatly improves the transaction throughput of the Bitcoin blockchain without changing the core protocol of the Bitcoin network. The Lightning Network guarantees millions to billions of transactions per second, as well as cross-chain atomic swaps.
About UXUY
UXUY, incubated by Binance Labs, is a next-generation decentralized multi-chain trading platform based on MPC & AA wallets. Adhering to the concept of “Your Crypto, You Control”, UXUY actively participates in the construction Bitcoin Layer2 ecosystem. UXUY provides traders with instant cross-chain trading services for digital currencies and encrypted assets between public chains. It has currently been connected to Ethereum, BNB Chain, Polygon, Tron, Optimism, Arbitrum, Avalanche-C, Fantom, Linea, Base, etc. Public chain and Layer 2. By establishing an intent-centered social trading function and creating an aggregated liquidity pool around stablecoins, the universal Gas solution — GasPool, provides users with a CEX-like trading experience. Dedicated to helping users “Follow the Smart Money”, UXUY significantly lowers the barriers to social transactions on the chain.
CONTACT: Jordan L Email: jordan-at-uxuy.com
