UXUY, a rising decentralized exchange (DEX), has made its name in crypto history by becoming the first DEX to implement a Bitcoin Lightning Node. This innovative move not only sends UXUY into the limelight but also signifies a significant achievement toward offering multi-chain trading for Taproot assets, thereby unlocking new opportunities in the decentralized trading market.
UXUY Is The First DEX To Implement Lightning Network Node
The next-generation decentralized trading platform, UXUY, is set to officially implement a Bitcoin Lightning Network node, aptly named “UXUY Struck By Lightning,” as part of its Bitcoin Layer2 plan.
UXUY sets itself apart from traditional Bitcoin contributors by prioritizing the connection of Bitcoin assets to various ecosystems, including Ethereum and BNB chains. Having successfully linked to numerous public chains like Ethereum, BNB Chain, Polygon, and Tron and employing their unique GasPool solution, UXUY has lowered the barrier for cross-chain transactions between Bitcoin and other ecosystems.
Currently, UXUY has effectively operated the Bitcoin Lightning Network node, established infrastructure for trading Bitcoin Layer2 assets, is actively engaged in building the Taproot Assets test network, and is fully prepared for the imminent Bitcoin DeFi Summer.
In 2020, Bitfinex initiated the operation of Lightning Network nodes, followed by major Centralized Exchanges (CEXs) like Binance, Kraken, and OKX, integrating the Bitcoin Lightning Network primarily for deposits and withdrawals.
However, these CEXs utilize only a fraction of the Lightning Network’s capabilities and lack a prepared solution for the impending surge of Taproot Assets. Contrarily, UXUY, a next-generation Decentralized Exchange (DEX), stands out as the first DEX to operate a Lightning Network node, championing the blend of DeFi and the Bitcoin ecosystem.
UXUY co-founder Jordan said, “Currently, the scale of Bitcoin assets on the Lightning Network is only 5,000+ BTC, equivalent to US$100 million. In contrast, the size of USDT is US$86.6 billion. To promote the development of the Bitcoin Lightning Network ecosystem, we cannot be limited to the existing asset scale of the Lightning Network.”
UXUY Enables Multi-Chain Transaction For Taproot Assets
UXUY plans to integrate Lightning Network nodes with the Taproot Assets ecosystem and bolster Lightning Network infrastructure. As a multi-chain trading platform, UXUY aims to enhance Taproot Assets trading, introduce BLIP—a trading layer based on Bitcoin Taproot Assets—and boost Taproot Assets liquidity.
UXUY will assist Taproot Assets’ issuers in project deployment, issuance, and liquidity management, significantly cutting costs for asset issuance on the Lightning Network, especially in the DeFi and RWA sectors. They’ll offer extensive development tools and support for the Bitcoin Lightning Network node.
Furthermore, UXUY’s unique uPool is designed to enhance multi-chain transactions, enhancing stablecoins’ role in cross-chain activities. This will enable users to trade Taproot Assets directly with existing assets, substantially lowering cross-chain transaction costs.
Elizabeth Stark, co-founder of Lightning Network, has also expressed support for UXUY’s position. She conveyed that Taproot Assets significantly benefit Bitcoin in various ways, such as enabling people to enter the Bitcoin space through fiat, facilitating easy asset swapping, and being especially beneficial in high-inflation environments.
Stark highlighted that many individuals globally reside in economies where their currencies consistently depreciate. Therefore, Taproot Assets aids in establishing fiat to Bitcoin channels. Additionally, since Taproot Assets utilize bitcoin liquidity to route assets issued on the protocol, it will generate increased demand for bitcoin on the Lightning Network. Consequently, bitcoin will route dollars, fiat, and other assets, contributing to the “bitcoinization” of the dollar.
It is believed that UXUY’s decision to implement a Lightning Network node could create a domino effect in the industry, attracting more DEXs to back the Bitcoin Lightning Network. With an influx of users joining the network, the scale of the Lightning Network’s node and channel might potentially soar to new peaks.
