I'm surprised to see that tweet. I was really expecting them to cancel their plans to implement LN after the fees lowered, especially when they're always trying to push their own version of BTC (WBTC).

It would be interesting to see if they're going to charge any extra fees for this.


I agree, but if I had to guess, I would say that most LN users are probably using custodial services like Exodus or Wallet of Satoshi instead of Electrum, Zap, etc.

I would also imagine that once this is implemented, Binance Academy will start writing articles to help educate its users.

Not just WBTC but Bitcoin BEP20 and Bitcoin BEP2 

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It doesn't, there are exchanges that implemented LN in 2018-2019. If small exchanges could do that, then why not Binance. I think they were reluctant because they wanted to promote their copy-paste blockchain.

The competition is already on. Kraken, Bitfinix, OKx etc. already made such implementation. Another wave of very high withdrawal fees, and we will see more exchanges follow the trend.

Oh so there are lots of them already, yet it was implemented almost 2 years ago already while binance and coinbase is yet to add it on their platform.

Binance is the worst in bitcoin withdrawal fees, they charge 3-5 times or even higher even the network is not congested.

The reason may be obvious, because LN will cut their business revenue even if this feature becomes mainstream among competitors and of course slow down the mass adoption of their custom bitcoin token.

I'm also slightly guessing that their LN feature will have additional limitations that it shouldn't normally need. Just see what will happen.

wBTC withdrawal fee on Binance is 0.0001 wBTC. With its price at $28992, the withdrawal fee in United States dollars is $2.89, which is expensive it is only on Ethereum blockchain (ERC20) if compared to BEP2 and BSC.


     

All the coins are altcoins and not bitcoin, except the one with only bitcoin in the image which is the bitcoin. I am just saying that wBTC on Binance is also expensive because it is ERC20 token.

Note the attempts to indirectly promote BSC, cheaper fees and less confirmation time, as on average, the transaction confirmation time is supposed to be from 10 minutes to half an hour, but they mentioned an hour as an average, which is a very far estimate.
When you compare the fees, you will inevitably choose BSC because it is the cheapest compared to all networks, but I was surprised that the withdrawal fee is 0.0001. I thought it was much more. or 0.0001 for wBTC not for BTC.

Not only that, but an attempt to falsify the facts by mentioning the average hour.

This is not at all surprising, after the previous overload of the bitcoin mempool, when the binance even suspended withdrawals for some time. The management of this exchange understands the need to integrate lightning network, which will allow their users to make cheap and fast transactions.

Binance is the current leader crypto industry among exchangers and their actions will no doubt set an example for others. I predict that other exchanges will also integrate lightning network, because the problem of the overload of the mem-pool also concerned them.

And here you are right. Most users will not create their own nodes. Will this affect decentralization? We'll see.

Well, here's the answer.
Binance would be fine even if they set out the highest gas to broadcast their withdrawal transactions exclusively to all existing validators. The fact is that it's not a loss at all, all the rewards earned will return to the binance pocket again.

Because of the lightning network technicalities, people can not go through the stress of the technical know how about having lightning nodes, setting up a channel and making use of noncustodial lightning wallets for it. Even on some wallets that are noncustodial, you can see a centralized lightning network on it in a way that only what the wallet users needs is the payment invoice, just as it was on Bluewallet before.

I mean the fee for withdrawing filecoin is cheaper, yet Binance ki6ed about faster confirmation for its BEP20.

Do not trust what you see Binance doing. Filecoin transfer from noncustodial wallet to another noncustodial wallet takes some seconds, not more than 15 to 20 seconds. You can try that if you think that I am wrong. Although, its withdrawal on Binance is also fast but they are representing it wrongly.