Despite bear market conditions, the Bitcoin Lightning Network continues to grow. Total Lightning Network capacity is 4,290 according to the data Bitcoin (BTC) has set a new record with an increase of 34.6% since the market peak in November.
glassnode by platform July 22According to data shared on Bitcoin, working on Bitcoin Lightning Network‘s total capacity in public channels has been almost almost since November last year. 34.6% with an increase 4,290 Bitcoinsreached .
Glassnode, the on-chain data and analytics platform in the Twitter post made the following statements:
Bitcoin Lightning Network capacity on public channels continues to rise to new heights despite the prevailing bear market conditions.
The growth of the Lightning Network, along with successful updates that improve the network, even as the market goes through bad market conditions. increased trust in the network and intensity of use means. Specifically, Bitcoin transactions faster and cheaper designed to make layer-2 scaling solution The Lightning Network, which is a real-life Bitcoin use case, has significantly paved the way for real-life usage opportunities. For example, El Salvador‘s adoption of Bitcoin as a legal currency a real use case has presented. Increased capacity and lower transaction fees in daily use areas potentially leading to a rise.
The impact of the Lightning Network, based in the USA Federal Reserve Bank of Cleveland highlighted in a recent study by:
We think there is a significant correlation between Lightning Network adoption and reduced congestion on the blockchain, suggesting that Lightning Network helps improve the efficiency of Bitcoin as a means of payment. This improvement cannot be explained by other factors such as changes in demand or adoption of SegWit.