Despite being seen as a cure for all Bitcoin’s problems, the Lightning Network is yet to see major adoption and has recorded less than impressive network stats this year. Public opinion seems to be divided between those who believe its time is yet to come and those who say it never should have come in the first place.
The Lightning Network seems to be stagnating
A solution to Bitcoin’s scalability problem, the Lightning Network was created to increase the transaction throughput of its blockchain network. Its proposition was this—add another layer on top of the Bitcoin blockchain and circumvent the limitations set by Bitcoin’s own design.
The idea of having an additional blockchain layer that would effectively remedy Bitcoin’s growing problems was received as revolutionary. Many believed it will be what brings adoption to the world’s largest cryptocurrency.
And the Lightning Network didn’t fail to deliver—earlier this year, it recorded a record number of active nodes and saw its network capacity grow by almost 20 percent in less than one month.
However, the network’s lack of growth in the second half of the year brought many to question whether its heyday has passed. One of the lead investors at DTC Capital, Spencer Noon, noted that 2019 hasn’t been the “year of the Lightning Network.” In a tweet, Noon posted the network’s stats that showed it has been mostly stagnating throughout the year.
Lightning Network statistics. Source: Bitcoin Visuals
Lightning Network is a sensitive topic in the crypto community
Noon asked his followers to weigh in on why such a promising project failed to see significant growth. Despite price volatility, this has been a formative year for the crypto industry as the market seemed to be showing serious signs of maturity.