Litecoin has been gaining some momentum since the start of the year with a focus on its next Halving event which is a few months away.
Litecoin (LTC) is seeing a parabolic run through its price today as the protocol has unveiled a major milestone underpinning the network. As reported by several media today, Litecoin has also integrated the Lightning Network as it looks to leverage the ultimate scaling solution that has helped the Bitcoin network beat its congestion woes in recent times.
The revelation of the Lightning Network integration has pushed the price of the protocol up by more than 7% in early Monday trading to push the spot valuation to $87.11 per coin. With the price run, LTC has now pared off its losses for the trailing 7-day period, coming off as one of the highest gainers with 6.55% within that time frame.
As revealed by the Litecoin protocol, the integration of the Lightning Network has largely helped push its scalability by 100%. What this implies is that transactions conducted on Litecoin which are naturally relatively faster than that of BTC can now be completed 10x as fast and also cheaper.
DYK: The very first @lightning transaction was made on #Litecoin?
One of the latest innovations to $LTC is #MWEB, giving Litecoin 10x scalability. https://t.co/ekSGVM9cCD
— Litecoin (@litecoin) May 14, 2023
The Lightning Network is a layer-2 scaling solution that is built on the Bitcoin blockchain. The deployment of Litecoin is not just a testament to its versatility, it also depicts the flexibility of the Litecoin protocol to adopt innovations relevant to its growth. The Litecoin adoption of Lightning Network is particularly very beneficial to the crypto project seeing it serves primarily as a payment digital currency.
Litecoin’s emergence and usage thus far have been confined to its use as a payment method. Despite the relative growth of competition today, cryptocurrency has maintained its relevance and is tagged as one of the 4 digital assets that is supported on legacy fintech platforms like PayPal Holdings Inc (NASDAQ: PYPL).
Litecoin and Steady Innovation Integration
The broader digital currency ecosystem is evolving at a very fast pace and legacy Layer-1 protocols are now doing all they can to broaden their influence across the board.
Litecoin is not an exception in this regard as the protocol’s innovation is now tilting toward the growth of Ordinal inscriptions as well as the introduction of LTC-20 tokens, an experimental standard for Non-Fungible Tokens (NFTs) on the network.
Litecoin has also been gaining some momentum since the start of the year with a focus on its next Halving event which is a few months away. While the halving is known to historically boost price growth as it subtly introduces deflation into the tokens, experts believe the price of LTC will respond positively to these fundamentals in the days leading up to the halving.
As a layer-1 protocol, Litecoin is notably going out of its comfort zone to bring additional benefits to its users across the board, and the Lightning Network integration is major in this light.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
