According to data from Bitcoin exchange River, Bitcoin's Lightning Network has experienced a 1,212% growth in two years, with around 6.6 million routed transactions in August 2023, compared to August 2021's 503,000 transitions. This growth in routed transactions came despite a 44% fall in Bitcoin's price and less online search interest.
River's data set consisted of 2.5 million transactions, with the nodes in the data set representing 29% of all the capacity on the network and 10% of payment channels. The Lightning Network is now processing at least 47% of Bitcoin's on-chain transactions, indicating Bitcoin is becoming more of a medium of exchange.
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