Binance Launches Bitcoin Transaction Accelerator and Teases Layer-2 Solution

Binance is also preparing a BNB Chain layer-2 scaling solution to improve network transaction speeds and costs.

Separately, the firm announced on June 15 that Binance Pool has launched a “Bitcoin Transaction Accelerator.”

The new solution will allow users to confirm their transactions on the Bitcoin network quicker regardless of any potential network congestion issues, it noted.

Binance Pool is the exchange’s service platform dedicated to improving the income of BTC miners.

Binance Teasing a Layer-2

The Bitcoin network has struggled under demand for block space recently amid the BRC-20 memecoin minting and ordinal inscriptions craze.

In May, regular users suffered from high transaction fees and a backlog of unconfirmed transactions in the Bitcoin mempool.

The new transaction accelerator will only be available for verified Binance Pool users.

Also on June 15, BNB Chain posted a short video teasing a new layer-2 solution. It said the new offering would be “coming soon” on June 19, but no further details were provided.

19.6.23 pic.twitter.com/R8ZLTNt4kS

— BNB Chain (@BNBCHAIN) June 15, 2023

Some in the crypto community suggested that BNB Chain will 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.

Binance is currently embroiled in a battle with the U.S. Securities and Exchange Commission, which sued the firm last week for violating securities laws, among other alleged misdemeanors.

BNB Price Outlook

The Binance native token BNB has had a roller-coaster ride since the company came under fire from American regulators.

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 regulatory war on exchanges, BNB has fared much better than a lot of its brethren. Many of the altcoins, especially those related to DeFi, are down 90% from their peak prices.

Crypto markets, in general, remain flat on the day, with total capitalization at $1.07 trillion at the time of writing.