The capacity of the network is almost USD 70 million, equivalent to around 1,189 BTC. Bitcoin exchanges and wallets provide support so that users can access their operations.
The Bitcoin Lightning network already has more than 10,000 active nodes that process near-instantaneous transactions at a low cost. Between April 2020 and April 2021, the number of operating nodes doubled, going from 5,349 to 10,439. That increase represents a growth of approximately 95%.
The decentralized network has gathered momentum, which lays the foundation for the potential scalability of Bitcoin. The number of payment channels enabled has also become evident. According to data from Bitcoin Visuals, there are currently about 40,000 channels that allow immediate transactions.
The Capacity to Process Transactions Has Increased in the Last Year
Each of the channels processed an average of USD 1,657, equivalent to around 2.8 million satoshis, as of April 5th. Twelve months ago, the number of processed satoshis was relatively the same, but that in US dollars was approximately USD 200.
The processing capacity of the Lightning network reached an even more relevant average. Last year, it managed to process transactions for USD 6.5 million that represented around 920 thousand BTC at the time. Currently, the amount committed is 1,189,000 BTC, that is, almost USD 70 million.
Information service 1ML confirmed the figures, indicating that the number of nodes with active channels has grown by 11.5% in the last month. In other words, almost 1,200 nodes have joined the network between March and April of this year.
The Adoption of the Bitcoin Lightning Network Is Expanding Worldwide
Many Bitcoin developers and companies are dedicated to creating proposals for the Bitcoin Lightning Network. The goal of such developments is to help its adoption grow on a global scale. In recent years, exchanges have even incorporated support for users to have access to operations of this type.
Lightning Labs, a company based in San Francisco, United States, is among the most prominent exponents. They promote the development of wallets, desktop apps, and other open-source proposals to advance the technology.
On its recent website, programmers interested in the platform can develop projects based on this second-layer solution on top of Bitcoin.
The Lightning Network Has Received Support From Various Exchanges
Several cryptocurrency exchanges have announced support for operations on the Lightning network. These platforms include OKEx, Kraken, OKCoin, and Bitfinex, among others. Over the year, other exchanges should join the Lightning wave for faster transactions on Bitcoin.
Previously, the CEO of the Bitcoin and Lightning Muun Wallet, Darío Sneidermanis, spoke about these networks. He stressed that developers and the broader community should not separate Bitcoin and the Lightning network. He believes that no one should assume that it is about different things.
Given that Lightning is a decentralized network, it eliminates the risk of delegating the custody of funds to trusted third parties. Transactions with decentralized cryptocurrencies, such as Bitcoin, are secure after the confirmation of six blocks, a period of about one hour.
By Alexander Salazar