{"id":13591,"date":"2023-10-11T02:00:00","date_gmt":"2023-10-11T02:00:00","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13591"},"modified":"2023-10-11T02:00:03","modified_gmt":"2023-10-11T02:00:03","slug":"bitcoin-lightning-network-growth-jumps-1200-in-2-years","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13591","title":{"rendered":"Bitcoin Lightning Network growth jumps 1,200% in 2 years"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin\u2019s layer 2 Lightning Network has seen an estimated 1,212% growth in two years, with around 6.6 million routed transactions in August, a significant jump compared to August 2021\u2019s 503,000 transitions, according to data from the Bitcoin (BTC)-only exchange River. <\/p>\n<p>In an Oct. 10 report, River research analyst Sam Wouters explained the jump in routed transactions \u2014 which use more than two nodes to facilitate a transfer \u2014 came despite a 44% fall in Bitcoin\u2019s price and considerably less online search interest.<\/p>\n<p>\u201c\u2018Nobody is using Lightning\u2019 should now be a dead meme,\u201d Wouters said in an Oct. 10 follow-up X (Twitter) post, taking a shot at Lightning critics.<\/p>\n<p lang=\"en\" dir=\"ltr\">\u201cNobody is using Lightning\u201d should now be a dead meme.<\/p>\n<p>Launching a new #Bitcoin report from @River: How the Lightning Network grew by 1212% in 2 years \u26a1<\/p>\n<p>It\u2019s time to pay attention to the incredible work of so many people in the space  Link below in the  pic.twitter.com\/FuGLwGHR4R<\/p>\n<p>\u2014 Sam Wouters (@SDWouters) October 10, 2023<\/p>\n<p>River\u2019s 6.6 million figure for Lightning routed transactions is a lower-bound estimate \u2014 the smallest possible value it could assess. The firm also sourced August 2021\u2019s 503,000 figure from a 2021 study by K33, formerly Arcane Research and added it could not assess private Lightning transactions or those between only two participants.<\/p>\n<p><em>Estimated growth of monthly routed Bitcoin Lightning transactions. Source: River<\/em><\/p>\n<p>$78.2 million in transaction volume was also processed on Lightning in August 2023, marking a 546% increase from August 2021\u2019s $12.1 million figure sourced by K33. Wouters noted that Lightning is now processing at least 47% of Bitcoin\u2019s on-chain transactions.<\/p>\n<p>\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<p><em>Estimated growth of monthly routed Bitcoin Lightning transaction volume. Source: River<\/em><\/p>\n<p>In August 2023, the average Lightning transaction size was around 44,700 satoshis or $11.84. River estimated between 279,000 and 1.1 million Lightning users were active in September.<\/p>\n<p>The firm attributed 27% of transaction growth to the gaming, social media tipping and streaming sectors.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Coinbase to integrate Bitcoin Lightning Network: CEO Brian Armstrong <\/em><\/strong><\/p>\n<p>River said the Lightning payments success rate was 99.7% on its platform in August 2023 across 308,000 transactions. The main reason for failure occurs when no payment route can be found that has enough liquidity to facilitate the transfer.<\/p>\n<p>River\u2019s data set consisted of 2.5 million transactions. The nodes in River\u2019s data set represent 29% of all the capacity on the network and 10% of payment channels. <\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>6 Questions for Kei Oda: From Goldman Sachs to cryptocurrency<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-lightning-network-growth-surges-over-two-years\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s layer 2 Lightning Network has seen an estimated 1,212% growth in two years, with around 6.6 million routed transactions in August, a significant jump compared to August 2021\u2019s 503,000 transitions, according to data from the Bitcoin (BTC)-only exchange River. In an Oct. 10 report, River research analyst Sam Wouters explained the jump in routed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13591"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13591\/revisions"}],"predecessor-version":[{"id":13593,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13591\/revisions\/13593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13592"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}