Amid the rising prices in the crypto market which has seen Litecoin move up another 15% today reaching $52+, another important metric that is key to the long term scalability of the network is also growing. The Litecoin Lightning network has just hit 1,012 active channels between 161 participants.
On average each node has ~6 connections to others on the network but it’s not necessarily a useful metric as these channels need funds in order to make the network usable. Fortunately it appears, according to data provided by 1ml.com that the networks capacity has also received a large bump up, in part due to rising prices, now sitting at over Ł137, roughly $7,300 as of writing, up an incredible 86% in the last month alone. This is a trend that does not appear to be stopping any time soon.
The largest node on the network is ‘freeside’ which appeared just last month and has a capacity of Ł26.6 (~$1,400) accounting for 1/5 of the network. ‘Freeside’ also accounts for 110 channels and appear to be positioning themselves early as a hub for relaying payments and according to other activity data activity ‘freeside’ appears to be US based. Closely following, is another new entry we covered not long ago, Bitrefill, a crypto service which allows users to buy gift cards and pay bills over lightning, who sit at Ł20.8 ($1,100) and 81 channels open.