According to a report from Bitcoin-only exchange River, the usage of Bitcoin’s layer 2 Lightning Network has grown by an estimated 1,212% in two years. In August, there were approximately 6.6 million routed transactions on the Lightning Network, a significant increase compared to the 503,000 transactions in August 2021. Despite a decrease in Bitcoin’s price and less online search interest, the number of routed transactions has surged. River’s research analyst, Sam Wouters, stated that the notion that “nobody is using Lightning” should now be dismissed. The report also revealed that Lightning is now processing at least 47% of Bitcoin’s on-chain transactions, indicating that Bitcoin is becoming more widely used as a medium of exchange. The average Lightning transaction size in August 2023 was around 44,700 satoshis or $11.84, and it is estimated that there were between 279,000 and 1.1 million active Lightning users in September. River attributed 27% of transaction growth to sectors such as gaming, social media tipping, and streaming. The success rate of Lightning payments on River’s platform in August 2023 was 99.7%, with the main reason for failure being the lack of a payment route with sufficient liquidity. River’s data set consisted of 2.5 million transactions, representing 29% of the network’s capacity and 10% of payment channels.
Summary:
– Bitcoin’s Lightning Network has experienced a 1,212% growth in two years.
– In August, there were approximately 6.6 million routed transactions on the Lightning Network.
– Lightning is now processing at least 47% of Bitcoin’s on-chain transactions.
– The average Lightning transaction size in August 2023 was around $11.84.
– Between 279,000 and 1.1 million active Lightning users were estimated in September.
– 27% of transaction growth was attributed to gaming, social media tipping, and streaming sectors.
– The success rate of Lightning payments on River’s platform in August 2023 was 99.7%.
– River’s data set represents 29% of the network’s capacity and 10% of payment channels.
