Rapid Development of the Bitcoin Lightning Network Capacity Has Grown to over $2M
The popularity of the Bitcoin Lightning Network has increased significantly. In fact, the platform is currently valued at $2 million (575 BTC).
The demand for Bitcoin peaked during the famous bull run of 2017. As a result of increased users, the Lightning Network (LN) was developed to assist with scaling on the Bitcoin blockchain. It works by adding a layer to the Bitcoin network. Also, it enables the user to establish direct peer-to-peer connections for transferring funds.
Bitcoin users have embraced the Lightning Network solution because of its top-notch security features as well as its speed and reliability. Over the past month, the number of active nodes on LN increased by 20%. Similarly, the number of channels increased by a whopping 43%.
The most notable improvement regarding LN was its network capacity. As mentioned above, it grew to $2 million worth of BTC.
As expected, this news generated lots of responses on Twitter. One user expressed optimism in LN, saying that it would enable the purchase of goods for low fees. Another said that the rapid growth of Lightning Network over the past year is an indicator of its bright future.
There were some grievances, with one user saying that the proposed redirection of miners’ revenue to routing entities won’t work.