Lightning network sees 100x growth in one month: Report
According to a 60-page report by research firm Arcane Research, Bitcoin’s Lightning Network has seen tremendous growth over the past month with an increase in user base by more than 11,000%. The number of users using the Lightning Network rose from 87,000 in August to 9.7 million in September.
The report has cited the adoption of Bitcoin in El Salvador, Twitter’s adoption of Bitcoin’s Lightning Network for the ‘Tip’ feature, and Paxful integration with the Lightning Network, as some of the reasons driving growth into the industry.
While the number of payments on the Lightning Network doubled in September, the Bitcoin capacity on the Lightning Network only increased by 26%.
In addition, personal transfers (including merchant payments and gift cards) increased by 122% in one month, while online services increased by 65% using the Lightning Network.
Lightning Network is a layer 2 solution that offers a payment network for Bitcoin without compromising the security of its network.
The Lightning Network allows for near-instant transactions without a minimum transaction value required to avail the technology. The average transaction size currently stands at 2 cents. No other payment system can allow such small transactions to be settled immediately without counterparty risk.
The report also estimated that approximately 700 million users will pay for gaming, video, and audio via the Lightning Network by 2030. Also, with the current state of growth, the report estimated the Lightning Network to grow by at least 364 trillion Lightning transactions per year by 2030.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
