Bitcoin, the dominant cryptocurrency in the cryptocurrency space, has its own ups and downs. Many proposals were made to address some of the issues. Among them was the Lightning Network protocol, which was introduced to address network scalability issues.
According to DeFi Pulse, Bitcoin [BTC] locked in Lightning Network reached an all-time high of 2.44k BTC on September 12th. The cryptocurrency locked in the second-layer scalability solution briefly slumped from 31 August to 3 September due to the crypto market’s back-to-back price corrections. Since then, the figures for BTC locked in LN have steadily risen in tandem with the cryptocurrency’s price recovery.
Bitcoin LN growth
On the other hand, the total value locked in LN in terms of USD peaked on September 7th at an ATH of $125.24 million. It has since declined slightly, but it is still close to the ATH. At press time, the figures stood at $111.17 million. Nonetheless, this is a positive development for the Bitcoin ecosystem. At a time when it is trading below the $45,000 mark after El Salvador adopted BTC as a legal tender, there has been further interest in the LN capacity.
Electra Group, one of Mexico’s biggest retail franchises, hinted at the possibility of adopting Bitcoin on the LN a few days back. On his most recent visit to the United States, Ukraine’s President, Volodymr Zelensky, held talks with crypto investors about the prospect of making Ukraine a digital asset hub.
LN, which has been lauded for its ability to reduce wait time and transaction fees, has garnered even more attention. This is evidenced by the fact that it has doubled its BTC capacity in a year, with over 70,000 open channels. In less than two months, from June to August 2021, there was a 46 percent rise. Constant technical up-gradation can extend the network’s reach as it evolves.