The record-breaking high of the Bitcoin lightning network is now. Due to the bull rally in recent years and the increased adoption of Bitcoin, there is a greater need for the lightning network. The network has seen a tremendous growth. This is the latest addition to a long list of all-time records for liquidity in lightning networks.
The network’s success has been driven by its ability to facilitate fast, efficient and inexpensive transactions. Adoption is increasing at an unprecedented rate, which represents a significant liftoff for digital assets in the future.
Bitcoin Lightning Network Beats New Record
This shows how rapidly the bitcoin lightning network has evolved since its conception. The network’s liquidity is making it more valuable. It is more evidence that adoption has occurred in recent months, with a record 3225 BTC in the network.
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El Salvador has adopted bitcoin legal tender. This is one of its main drivers. To settle BTC transactions, the country relies on the bitcoin lightning network. This has provided the network with a lot of liquidity. This chart illustrates how the network has grown since bitcoin was officially adopted in this country. It is only one country.
Lightning network adoption surges after El Salvador adoption | Source: Arcane Research
In the next few months, it is anticipated that lightning network will grow further. The reason is that more service providers are choosing to use lightning networks to settle transactions. It may appear that the chart is at an inflection point, but these newcomers will propel it to higher heights.
Factors that Drive Adoption
The popularity of the Bitcoin lightning network has been influenced by many factors. One of the most prominent of these is El Salvador’s acceptance of the bitcoin asset as a legal currency in their country. Other social media platforms, like Twitter and Bitcoin Suisse, also bring attention to the lightning network.
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Twitter had announced not too long ago that it was rolling out the tipping feature called the “Tip Jar” which would allow followers to tip their favorite content creator with crypto right on the app. The lightning network was used to make bitcoin transactions fast and inexpensive. This has attracted more attention to the network.
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Bitcoin Suisse is also supporting the adoption the lightning network by its latest announcement. Bitcoin Suisse announced that the lightning network technology will be made available to its crypto payment system.
Bitfinex is a leading cryptocurrency exchange that allows lightning withdrawals and deposits.
Featured Image from Securities.io. Chart by TradingView.com