Bitcoin’s Lightning Network achieves $5 million in network capacity

A new milestone has been reached by Bitcoin’s lightning network. The second layer scaling solution has hit $5 million monthly network capacity. The network capacity of Bitcoin’s Lightning network is up by 50% from last month.

According to Lightning network analytics website, 1ml.com, the network capacity of the Lightning Network, at press time, was listed to be 1,075.17 BTC or $5.3 million with the current value of BTC.

There is also a 21% surge in the number of Lightning channels compared to last month. The number of nodes has also seen an increase with the number up by close to 11%. There is currently 16 new nodes and 260 new channels being added daily.

According to analyst recent pump could have triggered the sharp rise of Lightning network. But according to past data from 1ML.com Lightning network is on the rise. The recent pump has just got more people interested. According to Ambcrypto,

“the progress of the Lightning Network was highlighted by the development of Lightning Loop, a non-custodial service that made it easier for people to receive funds”

Lightning Torch

One of the biggest movement to raise awareness regarding Lightning network has been the Lightning torch. Some notable holders of the torch include – CZ (founder and CEO of Binance), Justin Sun and Jack Dorsey (founder and CEO of Twitter).

The lightning torch is currently held by Henry Brade.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.