Chivo App is the official Bitcoin and Dollar wallet of the Government of El Salvador. Chivo App Wallet allows you to send and receive Bitcoin and/or Dollar between Salvadorans without commission.
Recently, Bitcoin’s layer 2 scaling solution, the Lightning Network, has increased payment volume by over 400% as actual adoption grows.
One of the new reports highlights how the Lightning Network has grown in popularity to transfer digital assets quickly and efficiently around the globe.
Recently, CNBC told the story of Alena Vororbiova who is a Ukrainian refugee who is seeking sanctuary in Poland. So, Vorobiova used Lightning to transfer $100 worth of Bitcoin from Miami, and he then withdrew it from an ATM in the equivalent Polish currency. This process was completed in the span of three minutes.
That’s the high speed and low cost that has seen the transaction that has seen the layer-two scaling solution for the Bitcoin and grown 410% over the past year.
What the Report Has to Say? How is Chivo App Contributing?
According to the report published by Arcane Research, the number of payments that surfaced on the Lightning Network in the previous years doubled while the total value of those payments quadrupled.
Furthermore, the report warned that the widely-cited public metrics used to measure Lightning Network adoption. It is the most commonly total value locked (TVL) and underestimates the size of the network; they fail to count private channels and invisible nodes.
Additionally, the metrics don’t reflect real-world Lightning Network usage. However, looking explicitly at payment volume paints a clearer picture of real Lightning adoption.
A partial explanation for the surge in payment is owing to the enormous increase in the number of users. These users are those who have recently gained access to the Lightning Network. This happened due to apps like El Salvador’s Chivo Wallet app and US-based payment application, CashApp.
Moreover, the report also found that roughly 50% of the value of all payments came from direct transactions between individuals that are Peer-to-Peer (P2P) transactions. Almost one-third of the payment value came from exchange withdrawals and deposits. However, the remaining 20% comes from purchases made through some form of the vendor.
