Recap for the month since introducing Lightning contracts

Hodl Hodl
Hodl Hodl
Jul 5 · 3 min read

Today is exactly one month after we introduced Lightning Network contracts on Hodl Hodl’s MAINNET, so we would like to summarize our results and share some statistics with our customers.

About

Hodl Hodl is a global P2P Bitcoin exchange, that allows users to trade directly with each other and it doesn’t hold user’s funds — locking it in multisig escrow instead.

By introducing Lightning, we have added the opportunity for our customers to buy bitcoins and receive them directly into their Lightning wallet & sell bitcoins directly from their Lightning wallet.

We have two separate exchange modes for our customer’s convenience: On-chain & Lightning

Offers and contracts

After introducing Lightning contracts, the number of offers and contracts at Hodl Hodl has significantly increased, and at the current moment, as compared to the moment before the introduction:

  • Number of offers increased by almost 10%.
  • Number of contracts increased by nearly 50%.

With an average contract amount of $10 worth of Bitcoin.

Countries & payment methods

As of today, everyone is able to buy and sell bitcoins via the Lightning Network at Hodl Hodl:

  • In 15+ countries
  • With 20+ different payment methods

Speed

Contracts on the Lighting Network are significantly faster, when comparing to on-chain contracts. We credit it to the fact that our customers don’t need to enter the payment password during the contract.

The fastest contract between two counterparties on the Lightning Network took less than 3 minutes.

Cost

Cost of the contracts has also decreased, due to the transaction fee optimization: the highest transaction fee on the Lightning Network is more than two times cheaper, compared to the average on-chain fee (not even comparing to the highest on-chain average).

Moreover, we would like to inform our customers, that in the nearest future, we will decrease the transaction fee that we deduct upon release of the bitcoins to the buyer, and Lightning contracts will become way cheaper, and can be adopted for micro P2P contracts.

Lightning Network: 0.0001

On-chain txfee: 0.0020560

Stay tuned

for further updates and improvements. We will cover every significant step of ours, and please share this blog post everywhere!

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Hodl!