#bitcoin Lightning network status October 2023 by River.
Full report:
📄.pdf
🚀 Lightning Network Growth: Despite a 44% Bitcoin price drop, Lightning Network transactions surged by 1,212% since Aug '21, hitting a lower bound of 6.6 million in Aug '23. ⚡️
💡 Use Cases Driving Growth: Gaming, social media tipping, and streaming fueled 27% of Lightning Network's transaction growth. The network is diversifying its applications! 🎮📱🎬
💸 Transaction Volume Soars: In Aug '23, $78.2 million was publicly routed using 5,000 BTC in capacity, a 546% increase from Aug '21. Lightning is becoming a powerhouse for transactions! 💪📈
⚙️ Lightning Network's Utility: Average Lightning transaction size was 45k satoshis in Aug '23, showcasing its role in enabling low-value payments over the Internet. 💰🌐
🌐 Growing User Base: Estimated 279k to 1.116 million monthly active Lightning users as of Sep '23, with a ratio of 1:8 non-custodial to custodial users. The user community is expanding! 👥 Between 1.83.7 million Lightning wallets were downloaded to use Lightning, with at least 122 million wallets downloaded that have access to Lightning.
🌍 Global Activity: Lightning activity is now more evenly distributed globally, operating 24/7. The network knows no bounds! 🕰️🌏
📈 Network Stability: Despite market fluctuations, the number of Lightning nodes, channels, and capacity remains steady, indicating a professionalization of nodes. A stable foundation! 🔒
🏭 Industry Landscape: Identified 179 companies in the Lightning industry across 28 categories. The Lightning ecosystem is diverse and growing! 🌐🔍
💰 Funding Success: Lightning companies raised $530.93 million between '18 and '22, with $428.46 million raised in '22 alone. A testament to Lightning's appeal in the market! 💼💵
✅ Success Rate and Future Growth: River's Lightning payment success rate was an impressive 99.7% in Aug '23. Future growth drivers include increased exchange adoption, technical upgrades, and non-Bitcoin businesses adopting Lightning. The journey continues! 🚀🌱
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