Crypto exchange Coinbase may finally adopt the Bitcoin Lightning Network after a nudge from the former Twitter CEO. The Lightning Network may, thus, be at the receiving end of some traction.
Despite the growing rate of adoption, Bitcoin’s Lightning Network has not been growing as fast as expected. In fact, the number of channels has been on a downward trajectory for the last three months. This reflects the slowdown in market activity that prevailed across the market during the same period.The Network’s fee rate has also been on a downward trajectory as is usually the case in low-volume market conditions.
As highlighted earlier, the Bitcoin Lightning Network achieved a slower adoption rate so far compared to Ethereum layer 2 Networks. One of the potential reasons could be the fact that other rival Networks have been growing rapidly in terms of projects bringing in utility.nature of building on it. As such, developers are more inclined to build on other Networks.Bitcoin might secure more utility from the Lightning Network if it manages to overcome the aforementioned challenge.
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