{"id":61281,"date":"2023-10-11T01:45:53","date_gmt":"2023-10-11T05:45:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=61281"},"modified":"2023-10-11T01:45:55","modified_gmt":"2023-10-11T05:45:55","slug":"bitcoin-lightning-network-climbs-1200-in-2-years","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-lightning-network-climbs-1200-in-2-years\/","title":{"rendered":"Bitcoin Lightning Network Climbs 1,200% in 2 years"},"content":{"rendered":"\n

According to a report from the Bitcoin-only exchange River\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, increased Lightning utilization will play a significant role in Bitcoin's evolution into a superior medium of exchange.<\/p>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

According to data from the Bitcoin-only exchange River, Bitcoin's layer 2 Lightning Network<\/a> has grown by an estimated 1,212% in the past two years, with approximately 6.6 million routed transactions in August, a significant increase from August 2021's 503,000 transactions.<\/p>\n\n\n\n

River research analyst Sam Wouters explained in an Oct. 10 report that the increase in routed transactions \u2014 which employ more than two nodes to accomplish a transfer \u2014 occurred despite a 44% drop in Bitcoin's price and significantly decreased online search interest.<\/p>\n\n\n\n

“‘Nobody is using Lightning' should now be a dead meme,” Wouters wrote in a follow-up X (Twitter) post on Oct. 10, aiming at Lightning critics.<\/p>\n\n\n\n

\n

\u201cNobody is using Lightning\u201d should now be a dead meme.

Launching a new #Bitcoin<\/use><\/svg><\/span><\/a> report from @River<\/use><\/svg><\/span><\/a>: How the Lightning Network grew by 1212% in 2 years \u26a1

It\u2019s time to pay attention to the incredible work of so many people in the space \ud83d\udc47 Link below in the \ud83e\uddf5 pic.twitter.com\/FuGLwGHR4R<\/use><\/svg><\/span><\/a><\/p>— Sam Wouters (@SDWouters) October 10, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

River's estimate of 6.6 million Lightning-routed transactions is a minimum \u2014 the smallest conceivable value it could assess.<\/p>\n\n\n\n

The firm also obtained the 503,000 figure for August 2021 from a 2021 study by K33, formerly Arcane Research, and added that it was unable to evaluate private Lightning transactions or those involving only two parties.<\/p>\n\n\n\n

\"Bitcoin
Estimated growth of monthly routed Bitcoin Lightning transactions. Source: River<\/em><\/figcaption><\/figure>\n\n\n\n

In August 2023, Lightning processed $78.2 million in transaction volume, a 546% increase from August 2021's $12.1 million, as reported by K33.<\/p>\n\n\n\n

Wouters noted that Lightning now processes at least 47% of Bitcoin's on-chain transactions.<\/p>\n\n\n\n

In August 2023, the average quantity of a Lightning transaction was approximately 44,700 satoshis, or $11.84.<\/p>\n\n\n\n

\u201cThis will be an interesting metric to monitor,\u201d he added. \u201cIt is an indicator of Bitcoin becoming more of a medium of exchange.\u201d<\/p>\n\n\n\n

\"Bitcoin
Estimated growth of monthly routed Bitcoin Lightning transaction volume. Source: River<\/em><\/figcaption><\/figure>\n\n\n\n

River estimated that between 279k and 1m Lightning users were active in September.<\/p>\n\n\n\n

The company attributed 27% of its transaction growth to the gaming<\/a>, social media tipping, and streaming industries.<\/p>\n\n\n\n

In August 2023, River reported a 99.7% success rate for Lightning payments on its platform across 308,000 transactions.<\/p>\n\n\n\n

The primary cause of failure is the inability to locate a payment route with sufficient liquidity to effectuate the transfer.<\/p>\n\n\n\n

The data set for River contained 2.5 million transactions. The nodes in River's data set account for 29% of the network's total capacity and 10% of payment channels.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a report from the Bitcoin-only exchange River , increased Lightning utilization will play a significant role in Bitcoin’s evolution into a superior medium of exchange. According to data from the Bitcoin-only exchange River, Bitcoin’s layer 2 Lightning Network has grown by an estimated 1,212% in the past two years, with approximately 6.6 million […]<\/p>\n","protected":false},"author":56,"featured_media":61293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,83],"tags":[5371,12094,710,984,16702,483,4687],"class_list":["post-61281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-bitcoin-news","tag-bitcoin-2","tag-adoption-2","tag-business","tag-cryptocurrency-exchange","tag-lightning","tag-lightning-network","tag-transactions"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/Lightning-Network.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/61281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=61281"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/61281\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/61293"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=61281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=61281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=61281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}