bitcoin
Bitcoin (BTC) $ 51,651.84
ethereum
Ethereum (ETH) $ 3,031.36
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 382.63
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.545141
binance-usd
BUSD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.086144
cardano
Cardano (ADA) $ 0.590012
solana
Solana (SOL) $ 102.68
matic-network
Polygon (MATIC) $ 0.973105
polkadot
Polkadot (DOT) $ 7.73
tron
TRON (TRX) $ 0.137551
Sunday, February 25, 2024
More
    bitcoin
    Bitcoin (BTC) $ 51,651.84
    ethereum
    Ethereum (ETH) $ 3,031.36
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 382.63
    usd-coin
    USDC (USDC) $ 1.00
    xrp
    XRP (XRP) $ 0.545141
    binance-usd
    BUSD (BUSD) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.086144
    cardano
    Cardano (ADA) $ 0.590012
    solana
    Solana (SOL) $ 102.68
    matic-network
    Polygon (MATIC) $ 0.973105
    polkadot
    Polkadot (DOT) $ 7.73
    tron
    TRON (TRX) $ 0.137551

    Solely 6% of Crypto Exchanges Built-in the Lightning Community

    -

    -Advertisment-

    A brand new analysis examine has partly attributed the expansion in using bitcoin “as a transactional layer” to the elevated variety of crypto platforms which have joined the Lightning Community ecosystem. The examine nevertheless discovered that simply over 6% of centralized crypto exchanges have built-in the layer 2 protocol with their respective platforms.

    File Enhance in Bitcoin’s Quarterly Transactions

    Based on the findings of recent market analysis performed by Kaminari, using bitcoin “as a transactional layer” has grown steadily previously few years. The analysis factors to the 40 million transactions settled in Q3 of 2023 as proof.

    - Advertisement -

    Kaminari’s findings report that the introduction and rising adoption of the Lightning Community (LN) by crypto exchanges and different platforms is among the causes behind the crypto asset’s report improve in quarterly transactions. The market analysis knowledge signifies that the variety of firms within the LN ecosystem has grown from 94 in October 2021 to 179 firms unfold throughout 28 classes.

    Centralized cryptocurrency exchanges have been the primary driving drive behind the elevated use of the LN — the so-called layer 2 fee protocol constructed on the Bitcoin blockchain. High crypto trade platforms, akin to Binance, Okx, and Bitstamp, are among the extra distinguished entities that lately joined the Lightning Community ecosystem.

    Nonetheless, whereas they’re touted as a possible catalyst within the additional adoption of the Lightning Community, simply over 6% of centralized crypto exchanges have built-in the layer 2 protocol with their respective platforms.

    “There are presently 224 energetic centralized crypto exchanges, 14 of that are linked to the Lightning Community – in different phrases, solely 6% of crypto exchanges presently use the Lightning Community to conduct transactions with Bitcoin,” the Kaminari market analysis report stated.

    See also  Wintermute Asia executes first choices block commerce by way of CME Group

    Stablecoins on the Lightning Community

    Market analysis has additionally discovered that crypto wallets, each custodial and non-custodial, are one other key progress vector for the Lightning Community (LN). Nonetheless, similar to centralized crypto exchanges, nearly all of crypto wallets are but to combine the LN. Up to now, solely two of the highest 10 hottest wallets by consumer depend, Exodus and Bitpay, have embraced Layer 2, the report revealed.

    In the meantime, the analysis report predicts the forthcoming RGB — a client-side validated state and good contracts system working on Layers 2 and three of the Bitcoin ecosystem — and Taproot Belongings protocols as undertakings which “will allow the creation of stablecoins suitable with the Lightning Community.” The report added:

    “This presents a possibility for a big migration of USDT transactions from Tron and Ethereum to the Lightning Community, probably involving billions of {dollars} each day.”

    What are your ideas on this story? Tell us what you assume within the feedback part under.

    -Advertisment-
    -Advertisment-
    -Advertisment-
    -Advertisment-

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    -Advertisment-

    LATEST POSTS

    4 cryptocurrency networks appeal to essentially the most capital within the...

    Digital asset market knowledge and analytics supplier Glassnode revealed a report figuring out an rising altseason by which elevated demand prevails throughout 4 cryptocurrency networks....

    These Eight Altcoins Led the Newest Rally!

    Kaiko, the main knowledge and analysis agency within the cryptocurrency business, introduced the best-performing altcoins within the mini rally that began on the finish of...

    Promote alert? ‘Good’ Ethereum Whale dumps $21 million in ETH

    Observing sensible whales’ actions can present useful insights for crypto merchants and traders navigating cryptocurrency waters. These are extremely capitalized addresses with a worthwhile buying...
    -Advertisment-

    Most Popular