Bitcoin's Lightning Network capacity reaches an all-time high
September 29, 2021, 12:48PM EDT
1 min read
The capacity of the Bitcoin Lightning Network has reached an all-time high, nearing 3,000 bitcoin, according to The Block's Data Dashboard.
The Lightning Network is the main Layer-2 solution for Bitcoin, designed in an effort to make small bitcoin transfers cheaper and faster. The current capacity of the network stands at around 2,955 bitcoin (over $123 million at current prices), meaning its users can move (send and receive) this much worth of amount via the network.
The Lightning Network has been growing at a rapid pace since January of this year. Several factors appear to have led to that growth, including Twitter's recent announcement that said the company has rolled out its tips function worldwide via the Lightning Network. El Salvador's official bitcoin wallet, Chivo, also supports the network for transfers.
From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.