In Brief:
- “The State of Lightning” report was published by Arcane Crypto
- Arcane Research foresees almost 700M users of the Bitcoin Lightning network by the end of 2030
- The increase in streaming and gaming will be contributing the most to reach this figure
At the start of October, the Arcane Crypto department published The State of Lightning Report. It goes through the progress of the Bitcoin Lightning Network scaling solution, thus predicting more than 700 million users by 2030.
Since the beginning of 2020, the consumption of Lightning Network has been significantly growing. A 20% increase in payment in Crypto wallets every month in 2021 further solidifies the growth rate.
The Lightning Network offers speedy transfers and also provides tight-knit security to the users. Recently in El Salvador, the government introduced bitcoin Lightning wallets for all the citizens to use.
The State of Lightning Report also forecasts that by 2026 90% of Salvadorans over age 15 would be using Lightning payments. 50 million Lightning users would represent almost $17 billion in the form of annual payments by the year 2030.
If more countries follow their path then the user rate will grow much more exponentially. The CEO of BitMEX is already hoping for at least 5 countries to make bitcoin their legal currency till next year.
OpenNode and Lightning labs provided the footwork for Arcane Research as they could reach these conclusions on Layer 2 scaling solution, Lightning Network.
The increase in gaming and streaming activities would bring more users to the Bitcoin Lightning Network in the coming years. Lightning development kits are also in the making which in turn will promote bitcoin, thus more Lightning users.
The State of Lightning Report by the Arcane Crypto department provides a detailed analysis based on the past few years’ activities and the impact Lightning Network is providing. Given the current statistics, it’s possible to say that 700M users or more in 2030 will be more than a reality.
Moreover, the way user growth is increasing at an all time high rate may even surpass the prediction in the coming few years.
