The gap between Bitcoin on Ethereum and BTC used for the Lightning Network continues to widen. As of right now, Ethereum has the LN beat 4-to-one, with the numbers expected to rise in favor of the former.
It is interesting to see how people are handling the tokenization of Bitcoin.
The Lightning Network Remains in Peril
By default, one would expect the overall interest in the Lightning Network to grow exponentially.
That is anything but the case right now, as it seems to decrease more than anything else.
On the other hand, the amount of Bitcoin tokenized on the Ethereum blockchain is moving up rather nicely.
With nearly 3,850 wBTC tokens active today, there has been significant progress.
This means that the amount of wBTC is four times larger than the entire Lightning Network capacity today.
Overall interest in Bitcoin’s LN has tapered off since mid-2019.
Although there is still plenty of liquidity to process most small transactions, there is little improvement in sight.
Making the Lightning Network more attractive will continue to pose many different challenges.
It seems as if this layer-two scaling solution simply isn’t of interest to the vast majority.
It is also not a requirement to use Bitcoin, or enabled by default by most service providers and wallets.
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