The Bitcoin Lightning Network’s Capacity Continues Momentum Topping Over 700 BTC ($2.75 Million)
Bitcoin’s Lightning Network has been one of the most popular topics in the crypto space recently. The Lightning Network is a “Layer 2” payment protocol that operates on top of a blockchain-based cryptocurrency (like Bitcoin). It enables fast transactions between participating nodes and has been touted as a solution to the Bitcoin scalability problem.
It features a peer-to-peer system for making micropayments of cryptocurrency through a network of bidirectional payment channels without delegating custody of funds. Lightning Network implementation also simplifies atomic swaps.
The popularity of Lightning Network was evident as “Bitcoin Lightning Torch” had been one of the most discussed topics in the crypto ecosystem for the past month. The idea is that Bitcoin transactions are being made by the users and passed on the next, just like an Olympic Torch. This has been a very successful marketing campaign for the Lightning Network, an off-chain Bitcoin solution that was created in order to make payments faster.
To add to the positive stories around Lightning Network, it has been reported that the total capacity of LN has increased to an all-time high of almost 703 BTC. This is equivalent to a whopping $2.75 million. This marks a 30% increase in the last 30 days.
The number of open channels across the network also saw 30% gains over the same period. This has led to new all-time highs of 27,800 open channels and 6,300 total nodes for the micropayment network.
One of the fastest-growing Lightning channels over the last few weeks has been the ln.pizza node. This node has seen its capacity increase by over 5,000% in just the last seven days. The popularity has been down to the newly launched services for customers to receive discounts when purchasing pizza for pick-up or delivery from any Domino’s store located in the USA.
— ⚡BTC⚡ (@Johnson19Justin) February 17, 2019
On the Lightning Pizza website, customers can order Domino’s pizza using the Lightning Network to receive a discount of 5% (with a >$0.01 transaction fee), instant settlements, and 30-minute delivery time. This represents the first nationwide retail service powered by Lightning payments and aims to spread awareness and adoption of the Layer 2 Bitcoin scaling solution.