2023-10-14 15:33:14
Recently, River, a Bitcoin technology company, published statistics regarding the Lightning Network. The network, which is considered to be Bitcoin’s second layer solution, has grown by 1,212% in two years, according to River. The data was allegedly compiled by analyzing 52% of the node operators that provide the network’s public capacity. The conclusion of the analysis was that the network now has much more global and evenly distributed activity. The Lightning Network provides a solution for exactly what users need. The numbers were determined from transactions that took place on the network in August 2023. According to this, 6.6 million transactions were carried out on Lightning, which is many times the 503 thousand payments calculated in August 2021. All this while, by the way, interest in bitcoin has fallen somewhat along with the exchange rate. Overall, the number means that the Lightning Network is responsible for nearly half of the transactions on an average day, even though Lightning integration has not yet been implemented on some high-volume exchanges and the number of transactions still reflects a bear market. Of course, this is only an estimate, since direct transactions and private transactions between the two parties cannot be measured. In addition to the volume of transactions, their value also increased, since according to River’s analysis, nearly 80 million dollars of capital moved on the Lightning Network in August. This is a 546% increase from the August 2021 figure. The average transaction size in August 2023 was $11.84, confirming the fact that the network is mainly used for transactions that would otherwise not be economical on the blockchain itself. Growth is driven by micropayments linked to games, tips (on social media) and streaming. According to River, these three areas account for a third of the total growth.
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