TL;DR Breakdown
- Stakenet’s Lightning network swaps the first BTC and USDT.
- This development will allow users to trade crypto pairs across the Bitcoin and Ethereum blockchains.
Lightning DEX secures a connection between the BTC and ETH blockchains
The Lightning DEX, created by a team of X9 developers, has become the first DEX to trade BTC/USDT. Succinctly, this means that layer-two projects on Bitcoin and Ethereum chains can now connect and communicate with each other. This great improvement will change how cryptocurrencies will be traded on both chains. The network is very user-friendly for both professional and newbie traders alike.
With this development, regular users on both chains can now easily trade crypto pairs that were before now unavailable, such as, BTC/ETH, BTC/USDT. Transactions on Stakenet’s lightning network are off-chain, feeless, very fast and anonymous. Right now, the team is working on trading bots to stress test BTC/USDT to know its capacity in terms of scalability.
Stakenet’s Lightning DEX provides scalability solutions
In contrast to most extant decentralized exchanges which are built on the Ethereum blockchain, Stakenet’s DEX uses the layer-two Lightning network of Bitcoin blockchain to provide robust scalability. The network was built from scratch while leveraging layer-two technologies from both Bitcoin and Ethereum blockchains, like Connext network and Lightning network.
The protocol will make it possible for users who hold BTC to swap them for ETH or USDT at no cost. Also, the network is fully decentralized, which means users are in full control of their funds. Cross-chain transactions on the network are free and private. However, the only costs incurred occur when users move transactions between the main chains and layer-two platform.
Furthermore, the network provides Pro traders with tools for high-frequency trading. Another great feature of this project is Vortex, which allows it to provide more liquidity to the network. Therefore, Stakene’s layer two DEX is, without doubt, a lasting project that will change how trades are being conducted across blockchains. To ensure further development, projects that use the lightning network instantaneously become compatible with the Stakenet DEX.
