The public capacity on the Bitcoin Lightning Network grew exponentially from April through September in 2021, with an annualized growth rate of more than 700 percent. Since, public capacity growth has been more subdued, only growing at a 48 percent annualized rate since the end of September.
The public capacity development gives the impression that the frantic growth on the Lightning Network last fall has slowed down. We are now gathering data on actual usage from industry participants for an updated State of Lightning report. While early indications support the notion that usage growth is moving slower than during the frenzy surrounding El Salvador's bitcoin adoption, plenty is going on.