With Bitcoin’s (BTC) rising value, the adoption of the Lightning Network, a second layer protocol built on the Bitcoin blockchain is on the rise as well.
Over the years, Bitcoin's scaling solution, The Lightning Network has witnessed a surge in growth in capacity for its ability to cut transaction times and reduce fees. But this year it went on an explosive growth thanks to its spotlight in mainstream media.
For instance, the recent partnership with Lightning-focused Company Strike with the El Salvador government to make bitcoin a legal currency in that country resulted in a rising growth for the Lightning Network all across the board.
Following the announcement, the network’s overall capacity grew by some 46% in just two months, adding about 1,500 bitcoins to the entire system, and about 15,000 new nodes to carry out transactions.
The Lightning Network was designed to scale the Bitcoin network’s base layer and protocol to abstract small transactions between users away from the Bitcoin blockchain.
With smart contracts, the scaling solution can settle the final balance of those payments into the base layer while ensuring that all transactions abide by the rules of the protocol. The scaling solution aims to scale use cases that draw more people to the Bitcoin network through international remittances, gaming, and the metaverse.
Only a matter of time.