Recently, prominent Chinese reporter Colin Wu shared some noteworthy developments concerning Binance’s involvement in the Bitcoin Lightning Network.
In the tweet, Wu cited information from Amboss Space, a lightning network explorer tool. According to the report, Binance’s Bitcoin Lightning nodes have experienced a significant surge in growth.
Over the past week, the count of Binance Lightning Network public channels expanded from 7 to 33. Simultaneously, the capacity of these channels has seen a substantial increase. It soared from 36 Bitcoin (BTC) to 77.73 BTC.
According to Amboss, Binance Bitcoin Lightning nodes ushered in rapid growth. In the past week, the number of Binance Lightning Network public channels increased from 7 to 33, and the capacity increased from 36 BTC to 77.73 BTC. Currently, the Bitcoin Lightning Network capacity…
— Wu Blockchain (@WuBlockchain) August 26, 2023
Notably, this surge in capacity has propelled Binance’s standing within the Bitcoin Lightning Network ecosystem. Binance now holds the position of the fourteenth largest node in terms of Lightning Network capacity. The overall network’s capacity stands at 4,859.37 BTC.
Furthermore, the development showcases Binance’s active engagement and investment in the Lightning Network. This solidifies its role in expanding the layer-2 scaling solution for Bitcoin transactions.
Meanwhile, further insights from Amboss Space provided additional context to this growth. The network as a whole boasts a total of 17,949 nodes and 73,359 channels. The channel sizes range from 14 BTC to 1,100 satoshis. It also has an average of 6,636,778 satoshis and a median of 2,000,000 satoshis. Transaction fees are at 11-8-8 satoshis per virtual byte.
Delving into Binance’s specific growth metrics, Amboss Space data illustrated its expansion. Binance’s total capacity now reaches a noteworthy 7,773,000,000 satoshis. This represents a 69% increase. The number of channels Binance established has grown by 175% to reach 33 channels.
Also, the largest channel boasts a capacity of 1,000,000,000 satoshis, while the smallest stands at 16,000,000 satoshis. The average channel size is 235,545,455 satoshis, with the median size of the channel measuring 200,000,000 satoshis.