BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday

Bitcoin Lightning Network officially surpassed 1,000 BTC network capacity just on the day of its one year anniversary. The event marks the huge progression that the two-layer scaling solution in a short span of only 12 months and in the latest Bitcoin news we read more about it.

Exactly one year ago, Lightning Labs CEO Elizabeth Stark, announced the first beta implementation of the Lightning Network. The official beta solution received a lot of support from Twitter’s CEO Jack Dorsey, SpaceX investor Bill Lee, Tesla and most importantly support from major computing giants such as Microsoft and other popular names in the crypto community.
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One year later, the Lightning Network (LN) has come a long way. According to 1ML, an LN monitoring website, the capacity of the network is currently at 1,056.83 BTC or about $4.2 million which is a 54 percent increase only in the past 30 days.

The number of channels seems to be increasing also by nearly 50 percent in the last month alone, and currently standing at 39,222. The node number reached 7,381 which is an 18 percent increase over the same period.

What is also really important, the actual adoption rate of the LN is making serious steps up. Jack Dorsey praised this scaling solution stating that it is only a matter of time when Twitter will use it:

‘’It’s not an ‘if;’ it’s more of a ‘when’ – how do we make sure that we’re getting the speed that we need and the efficiency?’’

LN gained a lot of attention earlier because of the initiative named Lightning Torch which aims to raise awareness of the LN benefits. The ‘’Lightning Torch’’  is a wave of multiple transactions between the users of the network and each user will receive the transaction with added nominal amount of 10,000 satoshis and will later pass it to someone they trust. There are currently 3 million satoshis in the torch.

Meanwhile, the charts show that Bitcoin (BTC) that is currently trading at $4,020 officially broke the $4,000 price point. Tom Lee, the Head analyst at Fundstrat Global Advisors said that the number one cryptocurrency should be able to manage to maintain stability hovering at these current levels and that in the next couple of months, Bitcoin could start behaving ‘’technically like it’s back in a bull market.’’