Litecoin (LTC), one of many digital foreign money ecosystem’s oldest Layer 1 protocols, has hit an historic milestone by way of the entire variety of transactions it has processed. In accordance with an replace it shared earlier, the blockchain community mentioned a complete of 160 million transactions have been processed since its inception, a sign of its broad embrace in its 12-year historical past.
The Litecoin community simply processed its 160 millionth transaction!
That is over 10 million transactions within the final six weeks!!
⚡ $LTC ⚡ pic.twitter.com/OqGWoEczLm
— Litecoin (@litecoin) Might 24, 2023
The Litecoin protocol was designed to function a cost token, and all these years, the blockchain has served its objective with out disruption. Again and again, Litecoin has boasted of being one of many few protocols that has maintained a dependable uptrend since its launch, a function that has made it extra engaging to customers throughout the board.
Litecoin has advanced over the previous yr as new improvements are starting to make their manner into the community. In addition to its core cost function, Litecoin has additionally launched LTC-20 token normal as a manner of encouraging the expansion of non-fungible tokens (NFTs) within the community.
The present woes of the Bitcoin community have additionally added to the huge embrace of Litecoin by customers who sometimes perform crypto transactions. With the foremost milestone, the potential influence on the value of the asset stays a topic up for debate.
Halving influence
The expansion of Litecoin transactions is about to be complemented by the forthcoming halving occasion that the protocol is ready to bear in lower than 70 days. Halving is a community occasion through which the reward given to miners of proof-of-work (PoW) protocols like Litecoin are slashed by half.
As programmed into the core code, the halving occasion takes place each 4 years, with the approaching occasion notably the third the protocol will expertise. The halving occasion has been linked to larger value progress, and there are rising projections that this upcoming one won’t be an exception.
Litecoin is altering fingers at $84.32, down 2.17% on the time of writing, per knowledge from CoinMarketCap.
