Lightning Network (LN) adoption is growing in the crypto market. Recently, the network supported transactions that surpassed the 3,900 bitcoins mark in just one day.
Considered a second layer to Bitcoin’s leading blockchain network, the LN offers more scalability for the crypto asset and reduced transaction fees.
In other words, by surpassing the daily volume of 3,900 bitcoins, the Lightning Network has also set a new record for transactions on the market. The new network ATH was recorded on May 27, when 3,915,776 bitcoins were transferred within the crypto asset’s second network layer.
Bitcoins on the Lightning Network
Second blockchain network layers like the Lightning Network represent the solution to problems in projects designed in the crypto market. Bitcoin, for example, has a high network rate that makes micropayments with digital currency impossible.
By offering reduced fees for bitcoin transactions, LN is increasing its adoption among investors. The record volume set in recent days is being maintained by the second layer.
The daily volume of bitcoins on LN (Reproduction/BitcoinVisual)
Since May 27, the Lightning Network has recorded a daily average of transactions above 3.9 thousand bitcoins. Therefore, in the last 30 days, the daily volume of bitcoins on the network has grown by 6.5%.
On the other hand, in the past six months, bitcoin volume growth on the LN has grown by 18.5%, according to BitcoinVisual data. Thus, the crypto market is slowly increasing the adoption of second layers such as Lightning Network.
In early April 2022, the platform announced a new investment that would be used to expand the network’s performance in the market. In total, Lightning Labs has received US$70 million in investments from companies like Valor Equity Partners.