In a new report, analyst firm Glassnode noted that over the past year, Bitcoin Lightning has set a new record for the number of nodes and channels.
Glassnode said that the volume of Lightning Network (LN) nodes, which is a Layer 2 solution for the Bitcoin network, grew by 160%, reaching an all-time high of 15,600 nodes. Although at the end of August, about 6,000 nodes were working.
In parallel with this, there was an increase in the number of LN channels, having increased by 170% from January this year to 73,000. Now, on average, 4.6 channels fall on one node, which is two times more than the volume of channels used from 2019 to 2020. The largest increase in this indicator occurred in May 2021. At the same time, according to Bitcoin Visuals, the average channel rate per node was 9.3 last Sunday.
The active growth of nodes and channels, in turn, was reflected in the overall throughput of the Lightning Network. It is now at a record 2,904 BTC, equivalent to over $120.55 million. At the same time, in September 2021 alone, about 22% ($514 BTC) was added to the network bandwidth.
The average bandwidth of the channel today is 0.04 BTC or $1,660.48, which was another ATH set by the Lightning Network. This is noticeably higher than the average channel volume for 2019 and 2020, which was 0.028 BTC or $1,162.33. The average channel size also increased by 0.01 BTC $415.12) from July to August 2021.
The reason for this exponential growth of the Lightning Network is generally clear to analysts by the integration of LN into the tipping system of one of the largest social networks, Twitter, and the nationwide deployment of Bitcoin as the official currency in El Salvador.
In addition, over the past few months, LN has been integrated by the OKEx crypto exchange and the Paxful P2P service, and one of the Bitcoin enthusiasts Salinas Pliego announced the support of the Lightning Network in his stores in Latin America.
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