Bitcoin Lightning Network New Record As Adoption Rises

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The Bitcoin lightning network has now reached an all-time high. With the recent bull rounding and adoption that took place during the year, the need for a lightning net has grown. This has led to massive growth of the network. Liquidity in the Lightning Network has hit several all-time highs this year and this is just another addition to this list.

Facilitating fast, efficient and inexpensive transactions has been the driving force behind the network’s success. The all-time highs reached this year show that adoption is growing and is a critical starting point for the future of digital assets.

Bitcoin Lightning network breaks new record

The recently reached all-time high of the Bitcoin Lightning network shows how much it has grown since its inception. It also shows that the network is becoming more and more important because of the amount of liquidity that is now present there. With the record 3,225 BTC now in the network, that’s more or less evidence of adoption over the past few months.

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One of those main drivers has been the adoption of bitcoin as legal tender in El Salvador. The country uses the Bitcoin Lightning network to settle transactions made in BTC and as such has added enormous liquidity to the network. The graph shows how much the network has grown since the official adoption of bitcoin in the country, and it is just one country.

Lightning Network Adoption Rises After Adoption From El Salvador | Source: Arcane Research

The lightning network is expected to grow further in the coming months. Indeed, the number of service providers choosing to use the Lightning Network to settle transactions has increased. Although it looks like it is at an inflection point on the chart, these newcomers will push it to new heights.

Factors behind adoption

A number of factors have been responsible for the popularity of the Bitcoin Lightning network in recent times. The most notable of these has been the adoption by El Salvador of the digital asset as legal tender in the country. However, others like Twitter and Bitcoin Switzerland are also drawing attention to the Lightning Network.

BTC price drops to $ 59,000 | Source: BTCUSD on TradingView.com

Twitter had announced not too long ago that it was rolling out the tip feature called “Tip Jar” which would allow subscribers to tip their favorite content creator with crypto right on the app. This feature used the Lightning Network to make bitcoin transactions fast and cheap and gained more attention on the network.

Related reading | More people use Bitcoin wallets than bank accounts, says President of El Salvador

Additionally, Bitcoin Switzerland, Switzerland’s largest bitcoin broker, is driving adoption of the Lightning Network with its recent announcement. Bitcoin Switzerland has said it will make Lightning network technology available for its crypto payment system.

Bitfinex, one of the leading crypto exchanges, has also enabled flash deposits and withdrawals for its users.

Featured image from Securities.io, chart from TradingView.com

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