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Tuesday, December 6, 2022

Bitcoin Lightning Network Has Marked A New All Time High

The Bitcoin Lightning Network has been able to take itself to new heights, despite the ongoing bear market. In this regard, it has been pretty similar to Bitcoin, whose underlying architecture does keep outperforming itself. The cryptocurrency has been securing, decentralizing, and speeding up the enviable and impenetrable peer-to-peer network.

The capacity of the BLN did manage to attain an all-time high of 3915.776 BTC, as was reported by data from Bitcoin Visuals, which displayed a commitment to the cause of improving the vast transaction speeds of BTC- while reducing the fees over the layer-2 protocol. 

Bitcoin Lightning Network Rising Steadily 

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Interestingly, the Bitcoin Lightning Network first found itself being implemented in the mainnet of Bitcoin in 2018 that would be addressing the infamous scalability issues of Bitcoin. Since then, it has been able to maintain an upward trajectory in terms of expanding its massive capacity. The climb did see quite a temporary disruption on the 18th of April when the capacity of the Lightning Network went down by 7.7%- from 3687.051 to 3402.273 BTC in just a matter of a few days. 

A data-driven prediction done by a Redditor regarding the Bitcoin Lightning Network will definitely hint at a major disruption that could see the crypto industry move away from bridging between the L1 blockchains toward the L2s. As understood by OP, the adoption of L2 was taking place as we speak- even if it took some time to reconfigure itself.

As previously reported by Cointelegraph, the L2 scaling solutions that the Bitcoin Lightning Network brings with itself would definitely take advantage of the security of L1.

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