Bitcoin has been performing poorly over the last week. Despite this, the number of coins blocked on the Lightning Network continues to grow and surpass previous records.
According to DeFi Pulse data, the amount of bitcoins locked up in LN has more than tripled in the last year. On February 22, 2021, the network blocked 1089 BTC. Today, we set a new all-time high of 3479 BTC.
The value of the blocked coins is $1.3 billion, based on bitcoin’s current price of $37,600. The ability of technology to support fast, efficient, and low-cost transactions on the Bitcoin network has been the primary driver of growth.
Lightning Network
The Lightning Network is the Bitcoin blockchain’s second layer, enabling off-chain transactions. Additionally, this network is a second-layer scaling solution that enables the formation of channels between two peers to delay the final settlement.
Furthermore, the Lightning Network promotes scalability by moving small, regular off-chain transactions and then batching them. This enables you to conduct low-cost, fast peer-to-peer transactions.
Furthermore, the Lightning Network promotes scalability by moving small, regular off-chain transactions and then batching them. This enables you to conduct low-cost, fast peer-to-peer transactions.
The amount of bitcoin locked up in LN demonstrates the technology’s continued adoption despite bitcoin’s volatile price. As LN’s capacity increases, it is likely to see an increase in adoption in everyday life. It may become more frequently used for payment. Bitcoin is currently viewed more as a store of value or an investment.
Read Also: 13 cryptocurrency mines in Kazakhstan have been shut down
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
- Advertisement -
Comments are closed.