Growth of Bitcoin Lightning Network Increased by 1200% in 2 Years

Bitcoin Lightning Network sees 1,213% growth in 2 years

Bitcoin's layer-2 Lightning Network has seen an estimated 1,213% growth in 2 years. The Lightning Network has seen a significant jump with approximately 6.6 Million routed transactions in August this year compared to 503,000 transactions in 2021. This increase in routed transactions has come after a 44% drop in the price of Bitcoin and a decline in online search interest according to the report. The Lightning Network is currently handling at least 47% of Bitcoin's on-chain transactions, indicating a significant shift towards becoming a medium of exchange. Also, the growth in Lightning Network is credited to areas like Gaming, Social Media and Streaming, which shows its increasing use and acceptance for various transaction purposes.