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Lightning Network Up 161% Since January; What’s Driving Its Growth?

The Lightning Network, a layer-2 scaling answer for Bitcoin, has seen a strong quantity of exercise since Twitter introduced including assist for bitcoin fee options together with Lightning wallets.

New nodes and channels on the Lightning Network have elevated 23.68 p.c and 22.24 p.c respectively, signalling a fast-paced adoption for the protocol.

Lightning Network month-to-month chart. Source: Glassnode

At the time of writing, there have been 27,188 nodes working on the community, of which 15,974 had energetic fee channels. This respectively represents a 5.43 p.c and 6.04 p.c 24-hour enhance. The variety of new channels kicked off this week with 74,163, an 8.4 p.c enhance in 24 hours.

Source: 1ML

Strike API to Allow Borderless, Instant Payments Over Twitter

Digital pockets Strike – constructed atop the layer-2 community – lately introduced its integration to Twitter with the Strike API platform, permitting Twitter customers within the US and El Salvador to obtain suggestions by their strike accounts.

This is a part of Twitter’s experiment to take care of crypto asset transactions, beginning with iOS customers. Apparently, this function will unfold to Android customers in coming weeks.

When you are taking one of many world’s largest social web networks and also you mix it with the world’s greatest open financial community, Twitter by chance turns into the most effective remittance experiences on the planet.

Jack Mallers, Zap CEO

Remittances represent over 20 p.c of El Salvador’s GDP (Gross Domestic Product) as many Salvadoreans work abroad to ship cash to their households staying within the nation. As Crypto News Australia reported earlier this month, adopting bitcoin and its community might save El Salvador US$400 million a yr in remittances.

The Lightning Network has confirmed to be an environment friendly scaling answer for sluggish BTC deposits. This yr, crypto trade OKEx built-in the Lightning Network into its platform to permit sooner and cheaper BTC withdrawals and deposits.

  • Bitcoin
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