Bitcoin [BTC] Lightning Network achieves $5 million capacity on the back of the bull run

Bitcoin [BTC] Lightning Network achieves $5 million capacity on the back of the bull run

bitcoin [BTC] Lightning Network reached a milestone, after recording an impressive $5 million in capacity, on the back of the bull run in the cryptocurrency market.

According to data released by 1ml.com, the network capacity of the Lightning Network, at press time, was listed to be 1,068.17 BTC, around $45.3 million. This is an all-time high for the 2nd-layer payment protocol.

When compared to last month, bitcoin’s transaction capacity increased by over 50 percent. The number of active channels recorded was 39,124. The number of channels surged by 22.36 percent over the past 30 days.

The capacity per channel, at press time, remained at an average of $128 and was indicated by the violet line. However, as the blue line indicated, the capacity per channel achieved higher efficiency, raising the average to around $425.

The progress of the Lightning Network was highlighted by the development of Lightning Loop, a non-custodial service that made it easier for people to receive funds, last month. The objective of the loop was to simplify the process of the transaction over the 2nd layer payment protocol.

Another advocate for the increased popularity of Lightning Network has been the Lightning Torch experiment. The experiment continued into its third month, involving more and more well-known personalities from inside and outside the cryptocurrency sphere.

At press time, Henry Brade had the Lightning Torch, after he received it from @CryptoRafe, a bitcoin enthusiast on Twitter.

Other famous personalities to be involved in the experiment were Tron’s Justin Sun, Binance’s Changpeng Zhao and Twitter CEO Jack Dorsey.

The post Bitcoin [BTC] Lightning Network achieves $5 million capacity on the back of the bull run appeared first on AMBCrypto.

Published at Thu, 04 Apr 2019 19:53:13 +0000