- The Bitcoin Lightning Network surpassed $102 million in liquidity.
- There are many perks that users on the network can enjoy.
- Users can earn yield on the Lightning Network.
The Bitcoin Lightning Network proudly celebrates its latest accomplishment. This latest milestone marks the fact that the platform has surpassed $102 million in liquidity. Specifically, 116 new nodes were bought online within 24 hours alone.
A tweet by Bitcoin Magazine immortalized the occasion.
The Lightning Network has surpassed $102 million in liquidity.
There were 116 new nodes brought online in the last 24 hours.⚡️ pic.twitter.com/LaYg8Fu6sr
— Bitcoin Magazine (@BitcoinMagazine) August 19, 2021
Here, we can see that there are currently 25,124 nodes and 66,020 channels. Additionally, the platform’s capacity is at $102,300,181. This is a remarkable milestone indeed.
This layer 2 payment product offers a platform with reduced congestion. Therefore, users can route their transactions via off-chain channels. Over the last 30 days, the number of active nodes has surged.
There are many perks that users on the network can enjoy. For instance, earn yield on the Lightning Network. The node operators can fund BTC (-0.98%) on the node to open a channel. Right now, that funding amount is around 0.035 BTC, according to reports.
Although, on the Lightning Network, not all nodes are connected as each node requires extra storage. Normally, a transaction ‘hop’ through channels from one node to the next to find a way to its last destination. In addition, each hop through a channel requires a fee. Therefore, the fewer hops, the fewer fees.
To highlight, on July 15, the number of channels surged to 65,739 and expanded their capacity by about 78%, from 1,800 to over 2,300 BTC.