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can someone ELI5 what Utexo and Lightspark are doing on LN and why Tether is backing them?

Dollarize the Bitcoin network

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but why?

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LN is the anonymous, fastest and cheapest network to move funds

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I think bitcoin is the most secure chain and has the most cash balances by a mile than the other chains

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true, except that bitcoin itself would be not scalable as it is now with Lightning

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