Binance, the world’s largest cryptocurrency exchange by trading volume, has launched a new tool called “Bitcoin Transaction Accelerator” to enable users to confirm their transactions on the Bitcoin network more quickly, regardless of any potential network congestion issues. The new solution was launched on June 15, and it will only be available for verified Binance Pool users. Binance Pool is the exchange’s service platform that is dedicated to improving the income of Bitcoin miners.
The Bitcoin network has been struggling under the demand for block space recently, especially due to the BRC-20 memecoin minting and ordinal inscriptions craze. Regular users have suffered from high transaction fees and a backlog of unconfirmed transactions in the Bitcoin mempool in May.
BNB Chain Layer-2 Scaling Solution
Binance is preparing a BNB Chain layer-2 scaling solution to enhance network transaction speeds and costs. On June 15, BNB Chain teased a new layer-2 solution that would be “coming soon” on June 19. However, no further details were provided. Some members of the cryptocurrency community suggested that BNB Chain would emulate Polygon and launch a zkEVM for layer-2 chains. A zero-knowledge Ethereum Virtual Machine is a fully compatible layer-2 solution that can seamlessly integrate with Ethereum’s smart contract ecosystem.
The Binance Native Token BNB Performance
Binance is currently embroiled in a battle with the U.S. Securities and Exchange Commission (SEC), which sued the firm last week for violating securities laws and other alleged misdemeanors. Since then, the Binance native token BNB has experienced a roller-coaster ride. The asset fell to an intraday low of $231 before recovering to trade at $236 at the time of writing. It has lost 22.6% since the SEC sued the firm on June 6. BNB is currently down 65.5% from its all-time high of $686 on May 10, 2021.
Despite the ongoing regulatory war on exchanges, BNB has fared much better than many of its counterparts. Many altcoins, especially those related to DeFi, are down 90% from their peak prices.
Crypto Markets Remain Flat
At the time of writing, crypto markets, in general, remain flat, with a total capitalization of $1.07 trillion.
In summary, Binance has launched a new tool to accelerate Bitcoin transactions, and it is also preparing a BNB Chain layer-2 scaling solution to improve network transaction speeds and costs. While the Binance native token BNB has experienced a decline in value, it has fared much better than many other altcoins during the ongoing regulatory war on exchanges. Finally, the crypto markets, in general, remain flat at present.