The Bitcoin Lightning Network is seeing a rapid increase in the amount of bitcoin it holds as well as in its number of users. Although not a mind-blowing milestone, the surge is worth noting.
As of the time of writing this report, data from 1ML showed that the Bitcoin Lightning Network presently holds approximately 2,290 bitcoins. The current figure is an estimated 15% increase from that of last month in which the network hit a 2K BTC mark.
The Bitcoin Lightning Network is an alternative payment protocol that was designed and layered on the Bitcoin Blockchain to enable cheaper and faster off-chain transactions through channels, thus serving as an assisting partner to the Bitcoin Blockchain itself. On the Lightning network, transactions are often denominated in sats or satoshis, the smallest divisible units of bitcoin.
Further data from 1ML showed that there are presently 24,856 active nodes and 65,311 active channels currently operating on the network. Worth mentioning is the approximately $108 million worth of bitcoins are presently being processed via the network, a double and more growth to last month’s $76.1 million.
Although an alternative payment option, it is clear that more and more people are recognizing and starting to use the Bitcoin Lightning Network to conduct transactions.
Paolo Ardoino, CTO of popular crypto exchange, Bitfinex reported last week that roughly 34% of its Bitcoin transaction count were lightning transactions. Many of the other top crypto exchanges, listed here by Coin Companion, are seeing similar lightning transactions, signifying increased uptake of the technology.
In fact, if the number of users keeps this steady growth for a couple of months or more, the network might possibly hit a 3K BTC mark before this year rounds off.
Notably, El-Salvador’s official adoption of Bitcoin as legal tender did affect many individuals and countries’ views of Bitcoin, raising controversial issues across the globe. More hell was let loose when the country’s president, Nayib Bukele, went ahead to announce that no other cryptocurrency but Bitcoin would be made legal tender in El-Salvador.
This development no doubt positively affected the Bitcoin Lightning Network last month, leading to a massive increase in its number of users.
