Singapore, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The price of Bitcoin has stabilized at the $40,000 mark, and with that, a wave of Ordinals and BRC20 inscriptions is sweeping across the entire Web3: As of December 2023, it took people less than 1 year to pay 3,363 Bitcoins as Gas fees for engraving and trading inscriptions, which is equivalent to $130 million. This is undoubtedly a huge expense, but behind the story of ORDI’s thousand-fold increase in wealth, more BRC20 inscriptions have been dragged into the quagmire of “sky-high gas consumption”. This wave of inscriptions and the corresponding pricey fees is evolving into a funfair for miners and burden for users.
UXUY officially announced its support for Lightning Network and Lightning addresses on December 5, 2023, becoming the world's first DEX to support Lightning Network. In the same vein, the Layer 2 plan initiated by UXUY — “Struck by Lightning” began.
The goal at UXUY is to go all out to help users rescue themselves from paying sky-high gas fees through the Lightning Network, and to truly achieve a transaction experience with zero gas fees, and millisecond transfer, using Bitcoin's native consensus.
Users can activate the lightning address DID service (such as hello@uxuy.com) by using the latest version of UXUY APP, and can receive up to 5,000,000 Bitcoin Sats airdrops. Currently, nearly 10,000 users from more than 40 countries and regions have participated in the event and successfully received the airdrop reward.
Reintroducing the Lightning Network
As Bitcoin Layer 2, the Lightning Network has successfully solved the problems of long block confirmation on the Bitcoin main network and expensive gas costs. Relying on the security of the Bitcoin main network, it has become Layer 2 with the most potential . Currently, The Lightning Network has a total of 5,080 BTC stored, and more than 1.16 million unique users use it for transactions and payments every month, and this amount continues to grow.
On October 18, 2023, Lightning Labs officially released Taproot Assets, which launched the Bitcoin Lightning Network into the multi-asset era. Since then, it has become possible to issue digital assets and stablecoins on the Lightning Network.
Kevin, the founder of UXUY, once published an article on his blog entitled "Stablecoins are the biggest variable in the Bitcoin ecosystem", in which he mentioned:
There is currently $126B in stablecoin market size, and it does not run on Bitcoin at all. Five years later, let us look back at this data, and we will get a brand new answer. This is the biggest variable in the Bitcoin ecosystem in the next five years. This is a challenge for UXUY, but also an opportunity for UXUY.
The introduction of the Lightning Network into stablecoins will not only increase the scale of payment scenarios, but also improve the convenience of transactions with native Taproot Assets in the Bitcoin ecosystem. Traders can not only trade diversified assets, but also enjoy the ultimate experience of zero gas fees.
Soon, we can see: encrypted assets on the Lightning Network, stablecoins on the Lightning Network, and Bitcoin on the Lightning Network... The Lightning Network breeds unlimited possibilities for Web3. With this conviction in mind, UXUY launches this round of airdrops to provide users with free Lightning address DID services, which will become the passport of the new era of Web3, allowing users to have smooth access to the Lightning Network ecosystem.
Users from all over the world share the joy of receiving Bitcoin on the X platform
All In on the Bitcoin Track
As a DEX, UXUY is fully betting on the Bitcoin track.
On June 16, 2023, UXUY released, "Why did UXUY choose to support .sats ahead of the Bitcoin ecosystem boom?", officially entering the Bitcoin ecosystem. After that, UXUY launched the Struck by Lightning plan:
- On October 13, 2023, UXUY officially implemented a Lightning Network node and became the first DEX to run a Lightning Network node.
- On October 18, 2023, UXUY discovered a major vulnerability in the Lightning Network and submitted bug modification suggestions, becoming a core contributor to Lightning Labs
- On October 30, 2023, UXUY fully supports Bitcoin Taproot assets
- On November 6, 2023, UXUY launched Taproot Assets block explorer V1.0
- On November 13, 2023, UXUY launched Project Columbus to mint $TAPROOOT assets and conduct network-wide airdrops
- On December 5, 2023, UXUY launched the lightning address service, becoming the world’s first multi-chain compatible address service
We are different from traditional Bitcoin maximalists. Before connecting to Bitcoin and Lightning Network, UXUY connected to more than ten public chains such as Ethereum, BNB Chain, Polygon, Tron, Optimism, Arbitrum, Avalanche-C, and Fantom. and Layer2, UXUY, is leveraging the convenience of the Lightning Network to reconnect the entire crypto continent.
