- Bitcoin’s Lightning Network snapped a new ATH capacity of 4267 BTC.
- Revealing over $91M in value is ready for peer-to-peer payments.
- A data from 1ML shows that the average fee for BTC payments is at $0.0002.
Bitcoin’s Lightning Network reaches another milestone by securing a new all-time-high in public network capacity.
According to cryptocurrency on-chain metrics and data provider Glassnode, the Lightning Network of Bitcoin reached a new record height of over 4267 Bitcoin. This means that peer-to-peer payments of more than $91 million in value will be ready.
Lightning Network Capacity as of July 16, 2022. Source: Glassnode.
Launched in 2018, the Lightning Network is a ‘layer 2’ payment system backed by Bitcoin. It allows speedy transactions among partaking nodes. Layer 2, which was suggested as the blockchain scalability solution, is developed on top of the base layer (layer 1) that helps improve the transaction processing speed.
The fast and almost zero transaction fee were made possible by letting users lock up a certain amount of Bitcoin upon the network.The median base fee for using Bitcoin’s Lightning Network is under $0.0002 as per the data from 1ML, bringing an almost zero transaction fee for BTC payments.
The layer 2 payment system first hit the 1,000 BTC hurdle in August 2020. A year later, it reached 2,000 capacity and last month the Lightning network was at 4,000 Bitcoin capacity. The newly reached milestone today shows that this technology is proving to be the best solution for Bitcoin’s scalability problem.
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