According to a study conducted by Arcane Research published last week, during 2021, the number of LN users soared by 79,900%, from 100,000 to 80 million.
The company's analysts have attributed this explosive network growth to the increase in the number of applications accessing the Lightning Network. Last year, many Bitcoin transaction services, including crypto exchanges, started integrating the Lightning Network in order to better serve users.
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According to the study:
"We estimated that just over 100,000 users had access to Lightning payments globally last summer. In March 2022, we estimate that more than 80 million people had access to Lightning payments on an installed application. The majority of these users come from a select few applications integrating Lighting payments, but the number of users on already existing applications has also risen significantly."
The number of payments through the Lightning Network has doubled in one year. Arcane Research has noted transaction volume has increased by more than 400% in dollar terms.