Bitcoin's Lightning Network hit another milestone, an all-time high in public network capacity.
Bitcoin’s Lightning Network hit another milestone, an all-time high in public network capacity.
The Bitcoin community celebrated as the layer 2 payment system reached a total of over 3,400 BTC locked. That is an equivalent of around $141 million.rose dramatically over the last year. During the same period, bitcoin became significantly more utilized as a network and an investment asset by investors and large companies as the crypto bull run went on.since November’s crypto crash. Moreover, Lightning’s total capacity is still minuscule compared to the $790 billion in Bitcoin’s market cap.
In fact, users hold more Bitcoin on the Ethereum blockchain as Wrapped tokens, with the market cap of Wrapped BTC standing at $10 billion.is an off-chain network that allows users to make Bitcoin payments at near-zero fees. Launched in 2018, it aimed to solve Bitcoin’s scalability problem.It does so by letting users lock up a sum of Bitcoin on the network. They then use its equivalent to make many smaller, off-chain payments.
Once transactions are completed, the network sends out the payments on one on-chain transaction. The results are significantly lower fees and less congestion.However, there are some issues with the network. Firstly, it does not completely eliminate the cost of Bitcoin transactions. It still saddles users with the cost of opening a Lightning channel, which has to be on-chain.
Most of all, it makes users exposed to Bitcoin’s price risks. Specifically, the network requires users to lock their coins up.Block and Lightning
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