According to research by the team at Arcane Research, the Bitcoin lightning network currently has a record 80 million members.
Access to the Bitcoin Lightning network was at 100,000 crypto users a year ago, implying a staggering 79,900 percent increase in access within the specified time.
According to Arcane Research, greater access to the Bitcoin Lightning network is a result of an increase in the number of paid apps that integrate the payment service, as indicated in the following statement and accompanying graphic depicting user growth.
Last summer, we calculated that just over 100,000 people worldwide had access to Lightning payments. By March 2022, we expect that over 80 million users would have been able to use Lightning payments via an installed application. Although the bulk of these users come from a small number of apps that integrate Lighting payments, the number of users on pre-existing applications has increased dramatically as well.
In terms of Bitcoin Lightning Network use, the research notes that the network’s popularity as a payment method is growing. Additionally, the number of Bitcoin Lightning Network transfers ‘has almost quadrupled in the past year, while the value of the payments has surged by more than 400 percent in US dollars.’
Additionally, the Lightning Network’s capacity efficiency will improve as infrastructure solutions evolve, and public measures will likely underestimate future growth.’
Furthermore, hyperbitcoinization will not be the sole path to success for the Bitcoin Lightning Network. According to the team at Arcane Research, enabling seamless and low-cost conversion between fiat currencies and bitcoin’ by Lightning Network infrastructure providers will result in the creation of a superior payment rail even if users are unaware or unconcerned that they are using bitcoin on the Lightning network.’
Also Read: Former Goldman Sachs Executive Highlights Bullish Indicators And High Potential For Crypto Market
Wallets