João Almeida from the OpenNode project gave a presentation at the MIT Expo weekend about lightning network usage in applications and e-shops.
OpenNode provides a bitcoin payment gateway for merchants, one of the solutions offered is processing of payments through the Lightning Network – currently OpenNode has 822 open channels.
This past weekend our very own João Almeida @joaodealmeida94 gave a presentation on Lightning Network Data at @MIT for the #MITBitcoinExpo!— OpenNode (@OpenNodeCo) March 10, 2020
Check out this thread for the slides & more from the presentation! ?? pic.twitter.com/Pv0ReNOI62
The most interesting points of the lecture:
- OpenNode has processed over 120,000 Lightning transactions since 11/2018. However, Lightning represents only about 1% of the amount of bitcoin transactions that OpenNode processes
- Over time, the average value of LN transactions increases; about 5% are worth over $ 20
- The largest percentage of LN transactions is from custodial wallets (Blue wallet, Wallet of Satoshi)
- OpenNode routed (ie received and forwarded) over 9,000 LN transactions totaling 30 BTC
We observed there were occasionally transactions being routed over the default payment limit of 0.0429 BTC.— OpenNode (@OpenNodeCo) March 10, 2020
Based on channel data, we inferred that @bitrefill is issuing payments over the channel limit and the change was made in December 2019 – which we later confirmed pic.twitter.com/bu9U1bRCm4
Final slide of the lecture.
In addition, OpenNode also runs so-called Wumbo channels, which can handle large volumes of BTC, and experiment with optimal routing charges.
OpenNode is recommended to watch, along with projects like Strike it is a total bleeding edge in the use of Lightning Network!