The capacity of the Lightning Network exceeded 1,500 BTC with a total value of over $60 million. The network has 12,000 nodes serving 45,000 payment channels.
Designed to address the scalability of the bitcoin network and enable instant transactions, the Lightning Network has grown at a rapid pace since the beginning of the year. Since early 2021, it has jumped 42% to reach 1,500 BTC worth $60 million.
According to the crypto payment service Bitrefill, in recent weeks they have carried out 10,000 transactions per day. According to their estimates, this allowed to save about 2 blocks in the on-chain.
LN was integrated by many cryptocurrency exchanges. Among the latter is OKEx. In the near future, Kraken will also integrate LN. “The Lightning Network has matured to a level where it can be used by Kraken. It really comes back to what our users are asking for. They want instant and efficient payment – the ability to deposit and withdraw bitcoin without having to wait for confirmations and without high withdraw fee withdrawals,” Pierre Rochard told CoinDesk in December 2020. According to him. the integration will behoove traders looking for arbitrage opportunities between exchanges.
LN can be used not only for transactions, but also integrated into messaging services, which will make them more secure. Twitter creator Jack Dorsey announced plans to integrate the Lightning Network into Twitter. Dorsey praised the Sphinx Chat message encryption protocol, which allows users to communicate with each other on the LN, and one of his subscribers asked if Twitter or BlueSky could integrate Lightning.
“Only a matter of time,” Dorsey replied.
Lightning Network (LN) is a second level BTC blockchain solution with instant and cheap transfers. The network was launched in 2018.