On November 13 Litecoin (LTC) doubled the daily Bitcoin (BTC) transactions, reaching 1 million per day compared to Bitcoin's 500k daily transactions. This drastic increase in transactions on Litecoin was attributed to the rise of LTC20 tokens on the Litecoin network. LTC20 tokens are a protocol built using litecoin ordinals and are purely speculative with no real use case at the moment. These are similar to the recently popular BRC20 tokens on Bitcoin and function in the exact same manner.
Despite their speculative nature, these tokens hint at the potential for various assets to be tokenized on these leading blockchain networks such as stocks.
Litecoin's ability to compete with Bitcoin in transactions per day highlights its usefulness as a perfect substitute to Bitcoin. Litecoin has 4x more transactional daily capacity compared to Bitcoin since it's block size is the same but its block times are 4x faster. This results in litecoin have around 4M daily transaction capacity and this doesn't include the additional capacity from the Litecoin mimble wimble extension block (MWEB).
As Bitcoin blocks continue to fill and up high fees become the norm, Litecoin will continue to provide an extremely secure and reliable low fee chain for transactions. Even today Bitcoin blocks are full. A great site to visit and view the Bitcoin blockchain is mempool - Bitcoin Explorer and likewise a great site for Litecoin is mempool - Litecoin Explorer (litecoinspace.org)
On the day Litecoin jumped in transactions we can see that one particular block did an impressive 6,865 transactions in block 2579799, if all the blocks were full that day it would have resulted in 3.9M transactions.
It's only a matter of time before more people find litecoin and use it as a perfect substitute and complement to Bitcoin.
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