Bitcoin’s Lightning Network is a very interesting layer. It allows for small transactions to occur a lot quicker than they would normally. Thanks to healthy LN node growth, it seems as if this technology is getting more people excited.
Steady Lightning Network Growth
Looking back in time, the Lightning Network has been around for some time now. This layer 2 payment protocol was first introduced on March 15th of 2018. Thanks to the release of lnd 0.4-beta for developers, the goal was to make this technology more accessible on the Bitcoin network. It has taken a while, but this layer 2 solution is finally getting some more traction among enthusiasts.
The first real “promotional effort” regarding Bitcoin’s LN occurred on January 19,2019. A chain of transactions, referred to as the “lightning torch” was created to show the viability and potential of this scaling solution. Several influencers took part in this effort, including Hodlonaut, Jack Dorsey, Binance CEO Changpeng Zhao, and others. In the end, the lightning torch passed hands 292 times, with all of the money collected sent to the Bitcoin Venezuela non-profit.
Ever since, the Lightning Network has continued to grow slowly and steadily. It is still not the default method of completing Bitcoin transactions. In fact, its overall capacity – compared to the regular network – sits at just 0.004727%. There is still a lot of work to be done before LN technology becomes the default option. It certainly has the potential to achieve that status further down the line.
More Than 13,000 Nodes
One interesting statistic – according to 1ml – is the number of LN nodes. At the time of writing, there are 13,313 nodes on the network. Over half of those nodes – 7,355 – are nodes with active payment channels. As such, there is still a pretty big gap between the two statistics. Opening up more payment channels is crucial to further push the adoption of Bitcoin’s Lightning Network.
It is interesting to note that 12 new nodes were added in the past 24 hours. That is a healthy rate, for the time being. On the other hand, the number of payment channels has gone down by 1.2%. Furthermore, there were 18.87% fewer new payment channels compared to the day before. Such fluctuations are to be expected, however. This layer is constantly evolving, thus the overall statistics will shift around.
Based on the current statistics, it is a matter of time until the LN capacity hits 1,000 BTC. It would be a more than prominent development for the network as a whole. More capacity allows for more transactions to be settled.