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There is more BTC on Polygon than on the Lightning Network!

Currently there is over 25,000 BTC on the Polygon network as WBTC, most of it is being used as productive asset deposited in liquidity pools, farming contracts etc. This 25K BTC represents 0.13% of BTC’s entire supply.

However the much talked about Lightning Network only has around 1450 BTC.

This means Polygon can virtually act as L2 or L3 for BTC.

Source for WBTC on Polygon supply: [https://polygonscan.com/token/0x1bfd67037b42cf73acf2047067bd4f2c47d9bfd6](https://polygonscan.com/token/0x1bfd67037b42cf73acf2047067bd4f2c47d9bfd6) (**25,449.23844** **WBTC**)

Source for BTC on LN: [https://1ml.com/](https://1ml.com/) (**1,467.46 BTC)**



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19 Comments

  1. Bitcoin can’t actually exist outside of the Bitcoin network. That’s a very important point to remember. WBTC has completely different properties than BTC. The only similarity is the price.

    Lightning is built on the Bitcoin network and interacts with the main chain. Polygon exists entirely separate from the Bitcoin network. It just has a coin that’s pegged to the value of BTC.

  2. Like you said, nobody is using Polygon as an L2 to transact Bitcoin, they are using it for defi. Lighting is mostly for small transactions. Also that number is only for Public channels and doesn’t include private ones.

    With all these Latin American countries wanting to onboard, Lightning numbers are only going to keep going up.

  3. Uh, after listening to Vitalik today on the Lex Friedman podcast, I hope that everybody using Polygon knows what he is doing πŸ€·πŸ»β€β™‚οΈπŸ€·πŸ»β€β™‚οΈ

  4. I don’t get the fixation people have with Lightning network supply. As more people use it it will go up. I’ve yet to hear someone have trouble using lightning because of how much money is currently in it.

  5. I’m surprised people are willing to risk so much cash using it since it’s new shit so who knows if there aren’t some smart contract bugs and your WBTC won’t get stuck or else.

What do you think?

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