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Bitcoin’s Layer 2 Lightning Network Records 1,212% Surge in Growth – Details

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Bitcoin’s Layer 2 Lightning Network has recorded a remarkable surge, resulting to a 1,212% growth.

Notably, this scaling solution enhances the speed and efficiency of Bitcoin transactions and achieved this growth over two years.

READ ALSO:100 Ways to Make Money as a Kid, Teenager, or Youth.

Bitcoin’s Layer 2 Records Remarkable Growth in 2 Years

In August, the Lightning Network recorded about 6.6 million routed transactions, an increase from the 503,000 transactions in August 2021. This is based on data from the Bitcoin-exclusive exchange, River.

Despite Bitcoin’s price dropping by 44% and fewer people searching for it online, there was a significant increase in transactions.

According to River’s research analyst, Sam Wouters, report, these transactions involved using more than two nodes for transfers.

Meanwhile, River’s count of 6.6 million Lightning-routed transactions is a conservative estimate. This means that it’s the smallest amount they could measure. Also, it got the 503,000 figure for August 2021 from a study by K33 (previously Arcane Research).

Additionally, River reported that it couldn’t track private Lightning transactions or the ones that involve just two people.

As reported by K33, in August 2023, Lightning Network handled transactions worth $78.2 million, 546% higher than the $12.1 million in August 2021.

Interestingly, Wouters pointed out that Lightning now manages at least 47% of Bitcoin’s regular transactions.

Wouters said, “This will be an interesting metric to monitor,” “It is an indicator of Bitcoin becoming more of a medium of exchange.” he added.

Lightning Network Trends: Transaction Sizes and User Activity

In August 2023, the typical Lightning transaction was about 44,700 Satoshis, equivalent to $11.84.

River believed that between 279,000 and 1.1 million people used Lightning in September.

It also said that about 27% of the increase in transactions was because of activities like gaming, social media tipping, and streaming.

In August 2023, on River’s platform, almost all Lightning payments (99.7%) were successful out of 308,000 attempts.

When payments failed, it was usually because there wasn’t a clear path with enough funds to make the transfer.

River’s information came from a large pool of data, about 2.5 million transactions. The nodes in their data represent a significant portion of the network’s capacity (29%) and the channels used for payments (10%).

Coinbase Set to Integrate Layer-2 Payment Protocol Lightning Network

The largest crypto exchange in the U.S. has recently confirmed the integration of Bitcoin’s layer-2 payment protocol. This comes as its users seek fast and cheaper Bitcoin transactions.

Until recently, big crypto exchanges like Coinbase and Binance didn’t plan to use the layer-2 solution. This was because some people in the community believed that adding Lightning Network would mean exchanges made less money.

Source: Twitter

However, countering this speculation, Coinbase CEO Brian Armstrong took to Twitter to confirm this integration.

According to Brian Armstrong, “Bitcoin is the most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient.”

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