According to data from The Block’s Data Dashboard, the capacity of the Bitcoin Lightning network has grown to over 1,500 Bitcoins, worth $61.3 million at current prices.
Lightning Network is Bitcoin’s master scaling solution designed to make sending small amounts of Bitcoin cheaper and faster. According to Lightning explorer 1ML, payments on the network usually take a few seconds and fees start at just 1 satoshi, or about $0.0038.
The network has been growing rapidly since January when its capacity was as low as 1,040 Bitcoin. It took three years for the network to rise significantly above 1000 Bitcoins, and only after six months after that it had increased by about 50%.
According to 1ML, the number of nodes in the network increased to 21,567. However, only 12,040 of them have online and active channels. There are now more than 50,000 channels connecting nodes across the network.
The Lightning Network gained more attention as the El Salvador government made Bitcoin a legal currency. The Lightning network is already popular in the country, with Lightning-enabled apps like Strike and Bitcoin Beach topping the Google Play Store’s local rankings.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.