Study: Only 6% of Crypto Exchanges Integrated the Lightning Network

A caller probe survey has partially attributed the maturation successful the usage of bitcoin “as a transactional layer” to the accrued fig of crypto platforms that person joined the Lightning Network ecosystem. The survey nevertheless recovered that conscionable implicit 6% of centralized crypto exchanges person integrated the furniture 2 protocol with their respective platforms.

Record Increase successful Bitcoin’s Quarterly Transactions

According to the findings of caller marketplace probe conducted by Kaminari, the usage of bitcoin “as a transactional layer” has grown steadily successful the past fewer years. The probe points to the 40 cardinal transactions settled successful Q3 of 2023 arsenic evidence.

Kaminari’s findings report that the instauration and increasing adoption of the Lightning Network (LN) by crypto exchanges and different platforms is 1 of the reasons down the crypto asset’s grounds summation successful quarterly transactions. The marketplace probe information indicates that the fig of companies successful the LN ecosystem has grown from 94 successful October 2021 to 179 companies dispersed crossed 28 categories.

Centralized cryptocurrency exchanges person been the main driving unit down the accrued usage of the LN — the alleged furniture 2 outgo protocol built connected the Bitcoin blockchain. Top crypto speech platforms, specified arsenic Binance, Okx, and Bitstamp, are immoderate of the much salient entities that precocious joined the Lightning Network ecosystem.

However, portion they are touted arsenic a imaginable catalyst successful the further adoption of the Lightning Network, conscionable implicit 6% of centralized crypto exchanges person integrated the furniture 2 protocol with their respective platforms.

“There are presently 224 progressive centralized crypto exchanges, 14 of which are connected to the Lightning Network – successful different words, lone 6% of crypto exchanges presently usage the Lightning Network to behaviour transactions with Bitcoin,” the Kaminari marketplace probe study said.

Stablecoins connected the Lightning Network

Market probe has besides recovered that crypto wallets, some custodial and non-custodial, are different cardinal maturation vector for the Lightning Network (LN). However, conscionable similar centralized crypto exchanges, the bulk of crypto wallets are yet to integrate the LN. So far, lone 2 of the apical 10 astir fashionable wallets by idiosyncratic count, Exodus and Bitpay, person embraced Layer 2, the study revealed.

Meanwhile, the probe study predicts the forthcoming RGB — a client-side validated authorities and astute contracts strategy operating connected Layers 2 and 3 of the Bitcoin ecosystem — and Taproot Assets protocols arsenic undertakings which “will alteration the instauration of stablecoins compatible with the Lightning Network.” The study added:

“This presents an accidental for a important migration of USDT transactions from Tron and Ethereum to the Lightning Network, perchance involving billions of dollars daily.”

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