Lightning Network reaches all-time high in Bitcoin and US dollar capacity The Lightning Network, the second-layer payment protocol on Bitcoin, has reached…

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Lightning Network reaches all-time high in Bitcoin and US dollar capacity

The Lightning Network, the second-layer payment protocol on Bitcoin, has reached a new all-time high Bitcoin capacity – the amount of Bitcoin locked in payment channels on the network. According to The Block’s data dashboard, a record high of 5,630 BTC was reached on Saturday, surpassing the previous peak of 5,620 on April 18. The network’s capacity in US dollars also reached an all-time high, exceeding $172 million. Lightning Network capacity in Bitcoin and US dollar terms has increased by 42% and 105% respectively over the past 12 months as adoption continues to increase. The Lightning Network operates as a network of bi-directional payment channels on top of the Bitcoin blockchain, designed to enable fast and cost-effective micropayments. Enabling users to make transactions directly without immediate settlement on the main blockchain, Lightning provides a solution to the slow transaction speeds and high fees associated with Bitcoin’s mainnet. Users can open payment channels among themselves, allowing off-chain transactions to later be settled on the Bitcoin blockchain. “There’s a lot more happening right now,” Marcus said. “I think there’s more happening on Bitcoin in the last 12 months in terms of development energy than in the last X years. It’s really amazing to see.”

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