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blakicious

Litecoin's Lightning network surpasses 1,000 channels

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Apart from the increase in prices seen in the crypto market which has led to Litecoin rising by 15% today (around $52), another vital metric which will play a major role in the network’s long term scalability is growing as well. The coin’s lightning network just hit 1012 active channels between 161 participants.

Normally, every node has -6 connections to others present on the network; however this metric is not that useful as funds are required by these channels to ensure the usability of the network. Luckily, it appears, according to 1ml.com data that the capacity of the network has also experienced a large increase, partly due to the increase in prices, which currently sits around $7300, risen by a high 86% just last month. This trend doesn’t seem to stop soon.

 

The network's largest node is freeside which came in just last month and accounts for one-fifth of the whole network, having a capacity of Ł26.6 (-~$1,400). ‘Freeside’ is also responsible for 110 channels and seems to have quickly positioned themselves as a hub for relaying payments. Bitrefill, is another one following closely. Bitrefill is a crypto service that permits users to purchase gift cards as well as pay bills over lightning. It sits at Ł20.8 ($1,100) and has 81 channels open.

We are beginning to see the appearance of additional services joining the network along with the likes of mining manufacturer FutureBit.

 

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