After being launched in January 2018, Lightning Network, a second layer solution which aims to make BTC transactions faster and cheaper, has been growing at a rapid pace. It now boasts of 16 000 nodes.
Bitcoin’s lightning network, an open protocol layer that aims to make Bitcoin transactions faster and cheaper, officially launched on Mainnet in January of 2018. In just two weeks, over 4 BTC in channel capacity had been added to the network. Since then, the network has seen explosive growth in not only the number of open channels, but also the value held on those open channels.
As of now, the number of active Lightning nodes exceeds 16 000, with over 450 BTC (roughly worth $1.8 million) being held in the network’s channels.
Last month, the number of nodes exceeded 4 070, with network capacity reaching $1.64 million or 281.07 BTC. The network has been constantly growing in the course of the last four months. For instance, it expanded by 85% in August alone. This is definitely the exponential growth pattern, given that the network was launched just 1.5 years ago.
Though Lightning Network’s progress may be of little interest to average users, its 10 000% yearly growth excites bitcoin enthusiasts and Lightning fans, who had launched LightningHood website in support of second layer solutions.
As reported in September, Lightning Labs released a new version of the Lightning application powered by Neutrino light client.