The lightning network seems to be a bit cold recently. Some Twitter users speculate that the average number of daily transactions on the entire network of lightning network may be only more than 500, accounting for only 0.01% of the daily trading volume of Bitcoin. The expansion of the lightning network seems to be not optimistic. However, the low adoption rate of Lightning Networks may be due to the fact that Bitcoin holders are reluctant to use BTC as a means of payment.
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LNBig, the largest liquidity provider of Lightning Network, recently issued a statement on Reddit that LNBig currently accounts for approximately 49.6% of the entire network, but only processes 200-300 transactions per day, with an average daily peak of approximately 600 transactions. This data is really disappointing.
Cigarette currency researcher Mihailo Bjelic further said on Twitter that although LNBig has half the capacity, it provides about 70% of the mobility of the entire lightning network . Having a large capacity channel does not mean more trading volume. Therefore, even with capacity calculations, the total number of transactions processed by the Lightning Network per day is only about 500.
However, his data has also been questioned by the community. Argy Xafis of Lightning Network Community LN Trust Chain believes that according to LNBig's data release for the past two months, it has 25 nodes that process more than 500 transactions per day, and the entire network is about 2000. In this regard, Mihailo said that even with 2000 pens per day, the data is still very disappointing.
Angel investor Marc Bevand commented:
“The median transaction fee for Bitcoin has skyrocketed 20 times in three months, from $0.1 to more than $2. However, Lightning Network only processed about 0.1% of Bitcoin’s daily trading volume. This means What? Bitcoin networks are becoming more and more congested, and Lightning Networks can't alleviate congestion because no one actually uses it."
Although the price increase of Bitcoin itself will also increase the transaction fee denominated in French currency. However, according to QKL123 market, since March this year, Bitcoin has been pulled up from $385.75 to the current $7,900, an increase of nearly 100%. Excluding the rise in the price of the currency, according to Marc Bevand , the median transaction fee for Bitcoin has also skyrocketed by 10 times , which also reflects the surge in the number of transactions in the network. At the same time, the capacity of the recent lightning network has dropped by 13%.
As a two-tier solution, Lightning Network itself is to help solve the problem of expansion of Bitcoin network. Many people even think that Lightning Network is the ultimate killer of Bitcoin expansion. However, the current stage of data does not seem to be optimistic. Of course, Marc Bevand's data may be biased, "no one is using" is also an exaggerated statement. But the adoption rate of the lightning network may not be really high. As a blockchain industry practitioner, there are very few people who use the lightning network around the author. This can't help but remind the author of the deeper problem: Perhaps the reason for the low usage rate of the lightning network is only because people don't want to pay with bitcoin.
As Bitcoin is becoming more and more accepted as a property of value storage and digital gold, many investors buy Bitcoin only for Hodl, which is used for risk aversion and is used for appreciation. Seeing KOLs from all walks of life and industry big screaming Bitcoin To The Moon, it is predicted that Bitcoin will break through tens of thousands of dollars in a few years, and investors who hold bitcoin are mostly reluctant to use it as a daily payment method. Moreover, in many people's minds, Bitcoin is more like a gold-like investment, not a currency. We all know that gold is valuable, but when it comes to real payment, we must first think of the renminbi. Expectations of bitcoin price increases and intrinsic perceptions , perhaps, bitcoin is a false proposition for many bitcoin holders.