The Lightning Network grows over 400% in transaction numbers

Key facts:
  • The Lightning Network has grown exponentially since the beginning of 2021.

  • Within a few months, the network’s capacity, in terms of bitcoin deposits, exceeded the 3900 . figure

The Lightning Network, a decentralized network of instant payment channels, has doubled the number of its monthly transactions. Massive growth of the network, used by many Bitcoin (BTC) users.

The Lightning Network has grown by 410% in the number of transactions, as of the beginning of 2021, according to Arcane Research, a company devoted to blockchain research. The data shows that The number of transactions increased from 100,000 at the beginning of 2021 to 500,000 as of today.

Another big growth was The amount of bitcoins deposited on the Lightning network, peaking at 3,942 BTC From 2021 to the current date, which will be more than $123 million, according to the CriptoNoticias calculator. This data was provided by Amboss Space, a Lightning Network explorer.

Chart Shows Increase in Bitcoin Transactions on the Lightning Network
The Lightning Network has doubled the number of its monthly transactions so far in 2022. Source: Arcane Research.

Not only has it increased the amount of BTC on the Lightning Network, it has also increased the capacity of payment channels with more than 82,000 channels, according to Amboss. The number of contracts has also grown from 8288 at the beginning of 2021 to 16260 today.

Lightning Network capacity is the amount of BTC deposited into channels, which indicates the network’s liquidity.

An interesting fact is that The number of transactions has grown more than the amount of money deposited in the payment channels of the Lightning Network. In the past year, several people deposited money into the network, and bet on adoption. However, this year, albeit with fewer deposits, there has been more daily use of the Lightning Network’s payment channels.

The Lightning Network is growing exponentially with its adoption

One of these factors Lightning growth is the financial and educational support provided to developers from the lightning network. A recent case is that of Francisco Calderon, a Venezuelan programmer who was awarded a scholarship by the Foundation for Human Rights thanks to his work with the Telegram bot Inp2Bot, with which you can exchange satoshis for fiat money, without custody, identification and directly from the same social platform.

Another factor was Lightning Network integration with various digital platformsLike the case of BitPay, one of the most important bitcoin-based payment processors on the market, CriptoNoticias reported. This allows traders to accept BTC more quickly.

in The final factor will be the adoption of this network in different countries and regions. Latin America has become the worldwide champion in terms of bitcoin Lightning network adoption thanks to El Salvador and its many initiatives, such as Bitcoin Beach in El Zonte, a region that has become the standard for using the BTC payment channel network, among others.

 

 

 

 

 

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