Bitcoin Lightning Network volume increases by over 400%! The number of payments that occurred on the Lightning Network in the past year doubled after its adoption by Cash App and Chivo.
) from Miami, where it was then withdrawn from an ATM in the equivalent Polish currency — all within the space of three minutes.
That’s the sort of low-cost high-speed transaction that has seen the layer-2 scaling solution for Bitcoin grow 410% in payment volume over the past year.to a report by Arcane Research, the number of payments that occurred on the Lightning Network in the past year doubled while the total value of those payments quadrupled.
The report warned that the widely-cited public metrics used to measure Lightning Network adoption — most commonly total value locked — underestimate the size of the network as they fail to count private channels and invisible nodes. Additionally, the metrics don’t reflect real-world Lightning Network usage, whereas looking explicitly at payment volume paints a clearer picture of real Lightning adoption.
A partial explanation for the surge in payment is owed to the enormous increase in the number of users who have recently gained access to the Lightning Network. This is through applications like El Salvador’s Chivo Wallet and United States-based payment application CashApp.Arcane estimated that in August 2021, roughly 100,000 users had access to Lightning payments.
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