BTC Lightning Network Capacity Hits All-Time High

BTC Lightning network capacity hits an all-time high, reaching another milestone in its public network capacity so let’s read further in today’s latest Bitcoin news.

The BTC community celebrated the layer 2 payment system and its goal to reach a total of 3400 BTC locked which is an equivalent of around $141 million. Bringing near-zero fee BTC payments, Lithnign’s adoption increased dramatically over the past year, and during the same period, BTC became even more utilized as a network and investment asset by the investors and large companies as the bull run continued.

Growth has been slowing down since the crypto crash in November and the BTC Lightning Network capacity is still small compared to the Bitcoin market cap at $790 billion. In fact, the users hold more BTC on the ETH blockchain as Wrapped tokens with a market cap of Wrapped BTC standing at $10 billion. The Lightning Network is an off-chain network that allows users to make BTC payments at near-zero fees and it was launched in 2018 aiming to solve the BTC scalability problem. It does so by allowing users to lock up a sum of BTC on the network and they then use the equivalent to make smaller off-chain payments.

Once the transactions are completed, the network sends out payments on the on-chain transaction and the results show lower fees with less congestion. However, there are issues with the network. It does not completely eliminate the cost of BTC transactions but saddles users with the cost of opening a Lightning channel that has to be on-chain. Most of all, it makes the users exposed to BTC price risks and the network requires users to lock their coins up. The violent BTC price fluctuations can be one of the reasons for the slow network growth.

Back in January, Cash App integrated the Lightning NEtwork and brought zero-fees BTC payments to the app. The integration became quite possible due to the Block open-source LN Kit. Block or formerly known as Square, is Cash app’s parent company and recently, the CEO Jack Dorsey restated his commitment to open-source software as well as open protocols like Bitcoin.

Block’s Cash app officially integrated Lightning Network for bitcoin transactions and will be available to customers in the US.
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