Lightning Network records network capacity of $5.6 million

Lightning Network’s capacity has increased to facilitate over 8000 public lightning nodes which are collectively worth about $5.6 million. The secondary layer payment system, Lightning Network, is built on top of the Bitcoin network and the main aim behind its creation was to reduce traffic on the main blockchain and hence, help with Bitcoin’s scalability.

Recently, Lightning Network started to show improvements and a faster rate of adoption, on the back of the rising number of public nodes and their corresponding capacities. In addition to having 8,000+ nodes, the number of nodes rose by 5.74% over the last month.

Source: 1ML

Additionally, the number of active nodes, at press time, was over 4,000. Comparing the same over the last month, an increase of over 3% was recorded. Each node was seen to have a processing transaction worth [on an average] of $1,335, which, at Bitcoin’s price at press time, was worth approximately 0.25 BTC.

Further, Andreas Antonopoulos, author of Mastering Bitcoin and a famous Bitcoin proponent, spoke about Lightning Network and its effects on Bitcoin.

“There are almost 6000 nodes involved in the Lightning network with a capacity if $4 million. There is no one-off test for the LN and I will assure you, since Jan of last year, the network has been running spectacularly.”

Addressing the recent Lightning Torch campaign, Antonopoulos stated that this movement was a way to test user nodes and wallet setups. Additionally, he stated,

“The entire point of the lightning torch process is to test the strength and capacity of the network itself”

A Twitter user, @AnthonyLeducq, commented,

“Lightning Infrastructure growth is going great, but front end merchant and end-user integration not so great. #lightning #LTC #litecoin”

Another Twitter user, @AMAlganza, remarked,

“I’m sure it will, but we need (mobile) wallets that support #litecoin $LTC @lightning #LN already.”

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