Bitcoin Lightning Network Grows 1,212% in Two Years

Bitcoin Lightning Network Grows 1,212% in Two Years
According to CryptoPotato, Bitcoin’s second-layer Lightning Network has grown by 1,212% in just two years. According to Bitcoin exchange data from River, the Lightning Network recorded approximately 6.6 million routed transactions in August 2023, a significant increase from 503,000 transactions in August 2021. Despite a 44% drop in Bitcoin prices and reduced online interest, the number of routed transactions is still increasing.
Sam Wouters, a research analyst at River, noted in an October 10 report that Lightning Network transaction volume reached $78.2 million in August 2023, a 546% increase from $12.1 million in August 2021. The Lightning Network now handles at least 47% of transactions on the Bitcoin chain, demonstrating its growing importance as a medium of exchange. River also reported that in August 2023, the success rate of Lightning payments on its platform was 99.7%, with a total of 308,000 transactions.