Crypto

There are Fewer BTC on the Lightning Network Compared to Ethereum’s WBTC

When it comes to cryptocurrencies, one would expect most of the Bitcoin to be tied to second-layer scaling solutions on that particular blockchain. New statistics seem to dictate that Ethereum is leading the pack, well ahead of the Lightning Network. 

Any layer-two scaling solution needs to gain market traction.

The Lightning Network Trails Ethereum’s WBTC

That applies as much to the Lightning Network as it does to any other solution for any blockchain out there.

Statistics seem to confirm that the Lightning Network isn’t captivating much of an audience.

That is, at least where the amount of BTC “locked up” for this scaling solution’s transfers. 

Surprisingly, Ethereum is well ahead of the LN in this particular regard.

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That is primarily made possible with the help of WBTC, a wrapped version of Bitcoin distributed on the Ethereum network.

It is also expected that the upcoming launch of tBTC will make an impact moving forward.

All of these developments are pretty significant for both ecosystems.

Bitcoin and Ethereum can easily co-exist and elevate one another to a whole new level.

It will be very interesting to see how these statistics evolve in the very near future.

Bitcoin’s “lack” of access to innovative services such as DeFi is being solved, although not in a way most people imagined. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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