2022-3-23 23:38 |
AAX, the first crypto exchange to implement the Satoshi (SATs) Standard, is excited to announce the Lightning Network’s integration. AAX may demonstrate its adherence to the SATS Standard by utilizing Lightning Labs’ technology, which is the main creator of the quicker, cheaper, and worldwide Layer-2 network for Bitcoin.
The integration of AAX with the Lightning Network demonstrates the company’s continued commitment to providing its users with the most modern blockchain technologies. As BTC use grows and more users interact with the network, scaling solutions are in great demand, resulting in higher transaction fees and longer processing times. BTC payments can currently take up to 30 minutes to process, with costs of $10 or more.
Users will be able to send BTC in real-time at a low-cost thanks to AAX’s integration with the Lightning Network. It will provide every AAX user with a frictionless trading experience, from depositing and purchasing tokens to making withdrawals with a near-zero waiting time. The near-instantaneous transactions also provide arbitrage traders on the AAX with more options.
The implementation of the new SATS Standard will be aided by a more streamlined user experience. The SATS Standard, which simplifies BTC transactions when customers purchase or sell smaller amounts of tokens, was adopted by AAX as the first cryptocurrency exchange. This change is designed to make Bitcoin more accessible to new cryptocurrency users, particularly those from underbanked populations with little financial resources.
“Our decision to migrate to a Satoshi Standard and introduce a dedicated SATS/USDT spot market that allows anyone to buy and save Bitcoin for free only makes sense if it’s accompanied by Lightning Network integration,” said Ben Caselin, AAX’s Head of Research and Strategy. “Through our integration with this open network, users can not only trade, but also deposit and withdraw Bitcoin at a low cost.” It’s a crucial and successful strategy for crypto exchanges to encourage Bitcoin acceptance around the world.”
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