Wednesday, February 24, 2021
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Ethereum Network outpace Bitcoin’s Liquid and LN

by firstcryptonews
July 15, 2020
in News
Ethereum Network outpace Bitcoin’s Liquid and LN

Bitcoin has been carrying the torch as the largest cryptocurrency in the market and even if it has been down on its luck at the moment, its off-chain performance has been picking up. Projects like Liquid Network, Lightning Network, and DeFi have been proving to drive growth and adoption for the Bitcoin ecosystem.

The Bitcoin sidechain, Liquid Network, enabled faster and private transactions by utilizing its L-BTC, which was backed 1:1 by BTC. According to data collated by Arcane research, by 1 December 2019 Liquid Network had 97 L-BTC in circulation, which shot up six-fold to 600 L-BTC in a month’s time. Since then it has noted tremendous growth of 413% which could be a strong sign of adoption for the project.

As Liquid network appeared to gain momentum, the Lightning Network was not far behind as a scaling solution for BTC. The 2nd layer payment protocol saw 14 months of continuous growth upon launch in March 2018 but was experiencing a downtrend since. However, data suggested its time for a reversal for the Lightning Network as active public channels and network capacity are on the rise.

Since the local consensus made it possible to open private channels between parties, it was possible that the adoption of the protocol was higher than what was indicated by the public channels. BitMEX’s report had cited 28% of the channels on the LN were private.

However, beating LN and Liquid in terms of off-chain growth, DeFi on the Ethereum Network has emerged the most-likely destination for BTC. Arcane reported ERC-20 token backed by BTC were the most dominant off-chain solution in terms of BTC locked and it widely outpaced Liquid and Lightning. As per data from Nansen, 14,961 BTC were locked into tokenized Bitcoin protocols on the Ethereum Network, which was 4x of the combined size of Liquid and Lightning.

DeFi has been having a great year and Wrapped BTC [wBTC] has been the largest token on Ethereum with 11,136 BTC locked into the protocol. Due to the influx of innovation on the platform, the tokenized supply shot 1439% YTD. As DeFi’s growth went past that of Liquid and LN, ERC-20 bitcoin tokens accounted for 81.2% of the off-chain BTC supply.

Related Posts

Musk’s Doge, Bitcoin Tweets May Spur Double-Digit Returns

Musk’s Doge, Bitcoin Tweets May Spur Double-Digit Returns

by firstcryptonews
February 6, 2021
0

Billionaire and Tesla's head Elon Musk’s Twitter activity is not only stirring controversy, but it also triggers abnormal trading volumes...

Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

by firstcryptonews
October 14, 2020
0

Once again, Russia has a worrying idea for the local crypto industry and users as Russia’s Central Bank announced a new proposal...

epoxydao

EpoxyDAO – Bringing Crypto and eCommerce together

by firstcryptonews
October 11, 2020
0

To mitigate the volatility associated with cryptocurrencies, stablecoins have come out as the next big thing in eCommerce. These are...

MedicalVeda

MedicalVeda Announces a Defi Based Medical Health Care Protocol

by firstcryptonews
September 28, 2020
0

MedicalVeda, a Canada based medical-tech company, has recently announced a strategic partnership with ExMarkets -- a leading launchpad for blockchain...

Binance’s New Yield Farming Protocol PancakeSwap Promises Staking and Low Transaction Fees

Binance’s New Yield Farming Protocol PancakeSwap Promises Staking and Low Transaction Fees

by firstcryptonews
September 24, 2020
0

Binance launched another yield farming protocol, PancakeSwap, a new platform that will enable users to provide liquidity using BEP20 tokens...

cfx quantum

CFX Quantum is achieving heights, having most advanced technologies in their “wallet”

by firstcryptonews
September 4, 2020
0

In the era of the fastest growing technology, every day a new technique is invented by traders to boost their...

Next Post
dmglobal

Would you use your crypto currencies to pay anything in daily life if it was possible?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Tim Cook Rules Out The Possibility Of Apple Launching Its Own Cryptocurrency

Tim Cook Rules Out The Possibility Of Apple Launching Its Own Cryptocurrency

1 year ago
Crypto Market Sentiment: Only Bitcoin in the Positive Range

Crypto Market Sentiment: Only Bitcoin in the Positive Range

2 years ago
IOHK’s new KEVM devnet opens up Cardano for Ethereum developers

IOHK’s new KEVM devnet opens up Cardano for Ethereum developers

2 months ago
Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

Russian Central Bank Wants to Cap Bitcoin Buying at USD 7,800 a Year

4 months ago
Craig Wright Produces Documents For Third Tulip Trust In Case With Kleiman Estate; Bitcoin SV Pumps 28%

Craig Wright Produces Documents For Third Tulip Trust In Case With Kleiman Estate; Bitcoin SV Pumps 28%

1 year ago
Ripple-Backed MoneyGram Registered Record-High Transaction Growth in December

Ripple-Backed MoneyGram Registered Record-High Transaction Growth in December

1 year ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

This publicly listed company just bought $2 million worth of Bitcoin for its treasury

This publicly listed company just bought $2 million worth of Bitcoin for its treasury

December 30, 2020

Recent News

Musk’s Doge, Bitcoin Tweets May Spur Double-Digit Returns

Musk’s Doge, Bitcoin Tweets May Spur Double-Digit Returns

February 6, 2021

Press Release

quiverx

QuiverX: Black Label

February 13, 2021

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News