- The most recent Taproot Assets version from Lightning Labs that is available on the mainnet is Lightning Network compatible.
- The startup wants to give stablecoin users a less costly and safer choice for settlement.
The capacity to create digital assets, such as stablecoins on Bitcoin BTC -2.19%, and then send them via the Lightning Network was made possible by Lightning Labs’ announcement that Taproot Assets v0.4 has been deployed on the mainnet.
Users may transfer assets instantly and for a little price with Taproot Assets, adding trillions of stablecoin volume to bitcoin. To X, Lightning Labs posted.
Lightning Network support was absent from an earlier version of Taproot Assets, which was released on the mainnet at the end of last year.
The company stated in a blog post that all asset issuers can now take advantage of the network effects of the 5,400 bitcoin that have been assigned to the Lightning Network, rather than having to bootstrap their own sub-network of liquidity and routing nodes. We can now create scalable multi-asset networks using Lightning and bitcoin that are based on the security and decentralization of the former.
The goal of Lightning Labs’ proposal is to make Bitcoin into a multi-asset network that can scale. Its creators want to increase the stability of the vast stablecoin market, which is mostly dependent on the Ethereum and Tron networks.
Taproot Assets will be less costly and safer as a stablecoin system, according to remarks made by Ryan Gentry, an executive at Lightning Labs, last year.
According to him, it will be integrated with the Lightning Network, which offers stablecoin users the low fees and rapid settlement they consistently seek. And it lands on the Bitcoin blockchain, which is the safest and most dependable by far.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
