OKX and Okcoin Co-Sponsor Developer Grant Recipient for Lightning Network Advancements

OKX exchange has joined Okcoin’s Open Source Developer Grants program to support independent developers working on the Bitcoin protocol. In collaboration with Okcoin, OKX will co-sponsor Dusty Daemon, the latest grant recipient who is developing Splicing, an innovative feature for the Lightning Network that significantly improves its scalability and usability for small Bitcoin payments and instant settlements.

OKX’s Chief Innovation Officer, Jason Lau, expressed the company’s commitment to supporting the Bitcoin community and acknowledged the crucial contributions of open-source developers to the protocol’s development. Dusty Daemon, the recipient of the grant, shared his gratitude for the opportunity to work full-time on advancing the Lightning Network and achieving greater financial freedom for individuals.

The support from OKX and Okcoin will enable Dusty Daemon to focus on four key areas of technical development for Splicing. These areas include the creation of a unified Bitcoin balance that eliminates the need for differentiating between on-chain and off-chain transactions, enhanced privacy through simultaneous “coin join” style transactions, reduced costs for large-scale operators by rebalancing channel funds, and seamless channel resizing and rebalancing to optimize liquidity management.

Dusty Daemon’s work on Splicing has also received support from other organizations, including the Human Rights Foundation and Superlunar. Okcoin’s Open Source Developer Grant Program, which began in 2019, has contributed over $1.5 million towards Bitcoin research and the development of Bitcoin Core and the Lightning Network.

OKX, which integrated the Lightning Network into its centralized exchange in early 2021, has a long-standing commitment to supporting Bitcoin. Recently, OKX Wallet became the first multi-chain wallet to facilitate BRC-20 trading with the launch of its Ordinals Marketplace. Additionally, OKX has formed partnerships with prestigious entities such as Manchester City F.C., McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo to enhance the fan experience and promote web3 engagement.

In conclusion, OKX’s collaboration with Okcoin and its sponsorship of Dusty Daemon through the Open Source Developer Grants program demonstrates the company’s dedication to supporting the Bitcoin community and advancing the Lightning Network’s capabilities. Through ongoing efforts and partnerships, OKX aims to provide a fast, reliable crypto trading experience and explore new opportunities in the realms of NFTs, GameFi, and DeFi tokens through its OKX Wallet platform.

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