The most popular cryptocurrency, Bitcoin, is getting more scalable every day despite the persistent bear market. According to the most recent data update, the capacity of the Bitcoin lightning network, which provides a layer 2-scaling solution for quick and inexpensive bitcoin payments, has risen to a new all-time high (ATH) of over 4200 BTC.
#LightningNetwork https://t.co/Q0CaYRhLWD observed:
— Lightning Network statistics ? (@LNstats) July 12, 2022
17,699 nodes
85,951 channels
4,233.386 BTC capacity ($84,020,736)
median node capacity: 0.005 BTC ($99.24)
past 24h:
+20 nodes +362 channels +10.927 BTC ($216,864)#Lightning #LN #bitcoin $BTC
At the time of reporting, the Bitcoin lightning network has 4281 BTC stored in its more than 89,000 channels, according to statistics from TXStats.com. This led to a spectacular increase in the network’s bitcoin capacity compared to this time last year, when the capacity was a little over 1800 BTC.
Given that the Lightning Network can handle over a million transactions per second in contrast to the BTC network, which can only support about seven transactions per second, BTC adoption is advancing in 2022 with increased scalability.
Michael Saylor, CEO of MicroStrategy and a Bitcoin (BTC) maximalist, recently suggested that the BTC Lightning network would put an end to the ongoing unrest in the decentralized finance (DeFi) sector.
The sound ethical, economic & technical foundation for DeFi is #Bitcoin. The next generation of DeFi will be built using the #Lightning?? protocol and the #BTC token.https://t.co/5LlNlXkLMt
— Michael Saylor?? (@saylor) June 14, 2022
Saylor claimed last month that Bitcoin offers a “sound ethical, economic & technical foundation for DeFi” in response to Bloomberg’s report on the difficulties of DeFi. He continued, “next generation of DeFi will be built using the Lightning protocol and the BTC token”.
Saylor also made reference to the NYDIG report, which demonstrated the effectiveness of the lightning network and made Lightning Finance even more possible (LiFi).
The goals of DeFi are noble, but the failure of cryptos like Terra has shaken the confidence of the entire industry and is causing many to consider whether we might best achieve true decentralization via LiFi (“Lightning Finance”) on the #Bitcoin network.https://t.co/abU7lbhFRy
— Michael Saylor?? (@saylor) June 4, 2022
According to the report, lightning is a “network effect” technology, much like the telephone. The user experience improves with increased user numbers. LiFi, (“Lightning Finance“), an emerging ecosystem of Lightning-based financial products that take advantage of Bitcoin’s security, transparency, and decentralization, is made possible thanks to Lightning. Given that there were 17,697 nodes, or users, on the lightning network at the time of reporting, it is clear that it is expanding.
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