Bitcoin has been making headlines a lot lately, and this is due to all kinds of price prediciotns and the Lightning Network as well. Check out the latest reports about this below.
Bitcoin’s LN sees massive growth
Despite Bitcoin’s (BTC) bearish price action, the Lightning Network has experienced significant transaction growth over the past two years, according to a BTC technology company called River.
The Lightning Network is a layer-2 solution for BTC that aims to address scalability issues. River analyzed data from the operators of nodes making up 52% of the public capacity on the Lightning Network.
They estimate that in August, there were at least 6.6 million routed Lightning transactions.
However, the upper bound estimate is difficult to quantify because there wasn’t available data for transactions between only two participants or private transactions.
It’s important to note that routed transactions involve more than two nodes.
Explains the firm, as per the online publication the Daily Hodl:
“This represents a 1,212% increase since the 503,000 Lightning payments estimate for August 2021 by K33 (formerly Arcane Research).”
The same notes revealed the following as well:
“This growth was despite a 44% Bitcoin price drop and a 45% decrease in search interest. It is the equivalent of 2.5 transactions per second (TPS), compared to Bitcoin’s on-chain average of 4.4 TPS and K33’s August 2021 benchmark of 0.2 TPS.”
According to the notes coming from the same online publication, gaming, social media tipping, and streaming are behind 27% of the network’s transaction growth, says River.
The firm also stated the fact that the Lightning Network is processing at least 47% of Bitcoin’s on-chain transactions on a daily basis.
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the green and the coin is priced at $26,899.
There are various optimistic predicitons about the price of Bitcoin these days, especially since we are getting close to the halving.
