NANO has topped XRP in a Recent Binance Speed Test
Editorial Team

During the Bull Run of last year into early this year, many traders shared information about which cryptocurrency was the fastest when shooting funds across exchanges to catch in on the trading action. As the global trading volume was increasing, many of them discovered that Bitcoin and Ethereum networks were getting congested, thus delaying crypto transfers.

They also found that Litecoin was pretty fast and they began to use it for transferring funds across exchanges. The use of LTC is partly the reason why the digital asset peaked at around $372 early this year.

As the time was passing, the traders found that XRP was a much faster option for transferring funds between exchanges The XRP community has an ongoing campaign to have the digital asset added as a base currency on the cryptocurrency exchange of Binance.

In the most recent exchange deposit speed test by Bitcoinkit.com, NANO has topped even XRP to become the fastest digital asset when transferring funds to Binance, with Stellar to conquest the second position, leaving XRP in the fifth one. The list is constantly updated by the hour.

The ranking and speed can be found in the screenshot below from Bitcoinkit.com.

Investigating the reason behind the excellent NANO performance in the deposit speed test, ethereumworldnews.com found out that Binance is a representative on the NANO network.

A representative on the NANO network is defined as follows:

“Representatives are accounts which cast votes in the case of a fork in the network…

A good representative is a node that has high uptime (so it can vote frequently) and a locally stored wallet containing accounts that other users can delegate to. Maximizing the number and diversity of representatives increases network resiliency.”

Source: Ethereumworldnews.com