⚡ Mempool Launches BTC Transaction Accelerator
posted 29 Jul 2024
The off-chain service Mempool Accelerator allows users to speed up transaction confirmations for an extra fee.
Users can locate their transaction in the mempool.space and pay for the acceleration service using Bitcoin through the Lightning Network, or using fiat currency through Cash App, Apple Pay, and Google Pay. The service forwards the request to one of its partner mining pools, which will then give higher priority to the transaction. Initial partners include Foundry USA Pool, MARA Pool, SBICrypto, SpiderPool, and Ocean Pool, which together account for about 40% of Bitcoin’s global hash rate.
According to The Block, the service charge is approximately 100 times more than the current average $0.39 fee. Users can expect the first confirmation within 9 minutes of payment.
For greater transparency, all acceleration requests will be visible on Mempool's block audit dashboard. To prevent any market manipulation related to the sequencing of transactions, once a request for acceleration is confirmed, it cannot be canceled or modified.
The service also provides an API that third-party developers can integrate into their blockchain apps.
Mempool Accelerator is currently available in an open beta version.
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