Lightning Network has gained widespread adoption as the number of nodes on the network have reached 4,073 and the total network capacity [at the time of writing] has reached $1.64 million [281.07 BTC].
As per the data obtained from 1ML, the total number nodes currently up and running on Lightning Network have reached 4,073, which is the highest since its inception. Off the 4,073 nodes, 2,947 are public nodes and the total number of channels created for these existing nodes altogether is at a staggering 12,511 with an average of 12.6 channels per node.
This is an important milestone for Lightning Network because as per the statistics it can be inferred that the Lightning Network holds a total of $1.64 million worth of Bitcoin. The network capacity has increased by a massive 167% in the past 30 days.
To make matters more interesting, this growth of Lightning Network was seen in the past four months [138 days]. Considering that Lightning Network was introduced only a year and a half back this is an exponential increase in the adoption of the network.
Lightning Network is a process of transacting and settling payments off-chain so as to reduce the transaction times and drastically lower transaction fees. Lightning Network is a”second layer” payment protocol that operates most commonly on Bitcoin. It creates nodes between transacting parties to make the payments faster. Lightning Network was introduced to solve Bitcoin’s scalability problems.
A Twitter user @DRIVEMarkets tweeted:
“Lightning network growth has exploded in the last week. Over 224 BTC is now held on Lightning Network channels. From $649,000 to over $1.2million in under 5days.”
It must be noted that statistics from 1ML are aggregated and calculated from multiple nodes within the Lightning Network. Due to the decentralized nature of the Lightning Network, the numbers observed are approximations and nodes that don’t broadcast their state are not included.