939.1 BTC! The number of BTC locked in the Bitcoin Lightning Network hits a 9-month high

Bitcoin is the undisputed leader in the field of cryptocurrency. However, the world's largest cryptocurrency is still in development. In order to solve some problems in the Bitcoin network, many developers have made many attempts and tests, one of the most popular solutions is the Lightning Network (Lightning Network), the protocol is considered to be able to solve the scalability of the Bitcoin network Sexual issues.

Lightning

Image source: pixabay

According to DeFi Pulse data, as of April 5th, the number of bitcoins locked in the lightning network reached its highest point in nine months, at 939.1 BTC, which is positive for the bitcoin ecosystem. In fact, this progress coincides with Bitcoin's upward momentum maintained over the past few weeks. The last time such figures appeared was in July 2019, when the price of Bitcoin was close to the $ 14,000 level.

Btc Locked in LN

A map of the number of BTC locked in the Lightning Network | Source: DeFi Pulse

Although the data dropped slightly the next day, falling to 927 BTC, but then began to rebound.

In addition, on April 7, the total value of bitcoin locked in the lightning network also surged to 6.98 million US dollars. AMBCypto previously reported that this number plunged from US $ 7.073 million the previous day to US $ 4.3 million on March 13, and this day coincided with the black thurday bitcoin crash and its price falling in just 24 hours Nearly 65%.

Barriers to development

Over the past few years, the development of the Lightning Network has encountered huge obstacles. In a paper entitled "Lightning Network: a second path towards centralization of the Bitcoin economy", some scholars emphasized that despite the level of user activity Very high, but the network is becoming more and more centralized, "Bitcoin's distribution is very uneven."

Another expansion solution for Bitcoin is the Liquid sidechain of Blockstream. This solution has been widely used for a long period of time, even surpassing the Lightning Network in terms of the number of locked Bitcoins. As of this writing, the number of Bitcoins held on the Liquid side chain is approximately 1004 BTC.

However, the total amount of BTC locked on the Lightning Network is higher than that shown on public data, because some data from private channels is not reported. LongHash pointed this out in a recent report, saying the reason is "some people don't want to broadcast the Lightning Network nodes they own to the world"

Regardless of the widely adopted standards, both technologies play an important role in the Bitcoin ecosystem.

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