Capacity of Lightning Network surpasses 3,000 Bitcoin
The capacity of the Bitcoin Lightning Network surpassed 3,000 Bitcoin on Tuesday.
Lightning Network capacity has surpassed 3000 BTC.#Bitcoin is scaling ⚡— Bitcoin Magazine (@BitcoinMagazine) October 5, 2021
The Lightning Network is the prominent Layer-2 solution for Bitcoin, built with the purpose of making payments of the cryptocurrency cheaper and faster.
“Lightning network is an extended phenotype of bitcoin. Similar to humans domesticating horses to move faster.”
Lightning network is an extended phenotype of bitcoin.— Brandon Quittem (@Bquittem) October 5, 2021
Similar to humans domesticating horses to move faster.
In dollar terms the Lightning Network is now valued at over $150m.
Since the beginning of January 2021, the Lightning Network has been growing at a rapid rate.
The Lightning Network is growing at a rate that is hard to comprehend.— Pomp 🌪 (@APompliano) October 4, 2021
Lightning Network Capacity is now well above 3000B. 2021 has been a breakthrough year for the network and it has clearly entered an exponential phase of adoption. How long before 5000B? Q1 2022? Hypothetically if bitcoin is around $200k by then, that would be $1B in LN capacity👀 pic.twitter.com/wgtcXftRtT— 🟠Puru Goyal🟠 (@purugyl) October 4, 2021
The exponential growth has come about as a result of a number of factors. Most recently, Twitter announced that it was rolling out its tip function via the Lightning Network.
Twitter allowing users to natively tip others over the open Lightning Network is a huge event. Agree it’s not all the way yet, but it looks like you’ll be able to plug in a non-custodial LN wallet soon for receiving tips— Alex Gladstein 🌋 ⚡ (@gladstein) September 30, 2021
Then there is El Salvador, where the country’s official Bitcoin wallet, Chivo, is supported by the Lightning Network for transfers. Any announcements by nation states or major corporations are likely to bring about a continuation of the rapid trend seen since the beginning of the year.
Brazil has ~215 million inhabitants.— Arthur van Pelt 🔥 ∞/21M ⚡ (@MyLegacyKit) October 5, 2021
El Salvador onboarded half their population of ~6 million on Lightning Network in about 3 weeks after starting to use #Bitcoin.
Just saying. 🤷♂️https://t.co/haMKPswQuH pic.twitter.com/gYiRn2voZI
A Lightning channel is created with a multisignature address in the network in which the two parties each hold a key. Therefore both keys are required for moving funds.
This allows the two users in the channel to transact while preventing one user from stealing funds from the other.