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18 August 2022
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Bitcoin’s Lightning Network sees major increase in application; Network capacity approaches BTC worth $3 million

The prominent rise of Lightning Network is undeniable and its popularity has allowed Bitcoin to build its stock. Lightning Network’s recent rally led to a sudden growth in its BTC processing capacity, which was over 750 BTC [approx. $2.9 million] at press time. The payments channel also experienced an increase in the number of active channels, which improved from 8,000 to 32,000 in the past 30 days.

One of the key highlights of the Lightning Network was the Tippin.me service, which was added to Twitter last month. Twitter user @Kerooke recently shared Tippin.me Lightning Network’s statistics since it went live,

Source: Twitter

One of the fundamental reasons for the rapid growth of Lightning Network’s ecosystem was the popular BlueWallet mobile application. In fact, Lightning Network’s development team revealed that BlueWallet’s in-built “Lapp Marketplace” was accessed by over 40% of its traffic last month.

Nuno Coelho, the co-founder of BlueWallet, recently mentioned that the Bitcoin and Lightning Network wallets reported over 12,000 downloads and 16,000 active users in February. The figures noted a growth of +1.27% in users and downloads from January.

The CEO further mentioned that if users were capable, they can develop and set up their independent nodes and connect it to their respective wallets. He said he wanted users to “have the best of both worlds in terms of sovereignty and mobile experience”.

The Lightning Network has been active in the implementation of various applications and recently, even the LN Pizza was publicized. LN Pizza enabled users to pay for Domino’s pizzas via the Lightning Network.

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