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<p style="text-align: justify">Data compiled by River, a <a href="https://en.coin-turk.com/crypto-market-stumbles-as-bitcoin-leads-the-downward-shift/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-surpasses-26000-again-thanks-to-blackrocks-bold-move/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) exchange, shows that Bitcoin’s Layer 2 network, Lightning Network, experienced an estimated 1212% growth in two years, with approximately 6.6 million routed transactions in August. This figure indicates a significant jump compared to the 503,000 routed transactions in August 2021.</p>
<h2 style="text-align: justify" id="impressive-growth-in-the-lightning-network">Impressive Growth in the Lightning Network</h2>
<p style="text-align: justify">Sam Wouters, a research analyst at River, highlighted in a report published on October 10th that the surge in routed transactions involving more than two nodes to facilitate transfers occurred despite a 44% decrease in Bitcoin’s price and less internet search interest in Bitcoin.</p>
<p style="text-align: justify"><img decoding="async" class="aligncenter wp-image-265295" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-BTC-Lightning-Network.png" alt="" width="558" height="926"></p>
<p style="text-align: justify">It should be noted that the 6.6 million figure provided by River for routed transactions on the Lightning Network is a lower-bound estimate and represents the smallest possible value that can be evaluated. The company also did not consider private Lightning Network transactions or transactions between only two participants while citing the 503,000 figure from a study conducted in 2021 by K33, formerly known as Arcane Research.</p>
<p style="text-align: justify">In August 2023, the Lightning Network reached a transaction volume of $78.2 million, indicating a 546% increase compared to the $12.1 million figure determined by K33 in August 2021. Wouters stated that the Lightning Network currently accounts for at least 47% of Bitcoin’s on-chain transactions, highlighting it as an interesting metric to monitor and a significant indicator that Bitcoin has become a more versatile medium of exchange.</p>
<p style="text-align: justify">In August 2023, the average transaction size on the Lightning Network was around 44,700 Satoshis or $11.84. River estimates that there were between 279,000 and 1.1 million active users on the Lightning Network in September. The company attributes 27% of the growth in transactions to gaming, tipping on social media platforms, and live streaming platforms.</p>
<h2 style="text-align: justify" id="payment-success-rate-99-7">Payment Success Rate: 99.7%</h2>
<p style="text-align: justify">River stated that the success rate of Lightning Network payments on its platform was 99.7% in August 2023. Failed transactions occur when a sufficient payment channel with enough liquidity to facilitate the transfer cannot be found.</p>
<p style="text-align: justify">However, the dataset evaluated by River consists of 2.5 million transactions, and the nodes in the company’s dataset account for 29% of the total network capacity and 10% of the payment channels.</p> Continue Reading: <a href="https://en.coin-turk.com/bitcoins-lightning-network-grows-1200-in-two-years-impressive-growth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoins-lightning-network-grows-1200-in-two-years-impressive-growth/</a>

Bitcoin’s Lightning Network Grows 1200% in Two Years: Impressive Growth

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