Today in Crypto: Lightning Network Payments Volume Increases 400% in Year; Crypto Sector Critical of EU Regulations

In a new report, information on how the Lightning Network has grown in popularity highlights how some people need to transfer digital assets globally, Cointelgraph wrote Wednesday (April 13).

According to a report from Arcane Research, the influx of users accessing the Lightning Network comes from the use of things like El Salvador’s Chivo Wallet and U.S. payment app CashApp. The report said payments on Lightning have doubled, with payment volume up 410% over the past year, while the value of the payments has quadrupled.

The report also noted that the public metrics used to measure the Lightning adoption, such as total value locked, underestimate the true value, not taking into account things like private channels or invisible nodes.

In addition, Ava Labs, which develops the Avalanche blockchain, is raising a new round of funding which would position it as one of the world’s best-valued crypto startups, Bloomberg reported Wednesday.

The round will see it raising $350 million at a $5.25 billion valuation, according to the report.

Avalanche is looking at competing with companies like Ethereum and Solana, with high speeds and low transaction fees, working with various things like trading, lending and games. The company was founded by Emin Gun Sirer, a Cornell University professor.

Finally, CoinDesk reported Thursday (April 14) that the crypto sector has been getting set back by several votes in the European Parliament, which might lead to regulatory overkill.

Recent European Union plans to cut down the energy footprint of proof of work tech, which had stirred fears that it could lead to a ban on bitcoin, didn’t get through Parliament when voted in March.

However, a second bill, which is an anti-money-laundering measure and is also controversial, did pass and might become law if governments sign up.

There’s been a planned expansion of banking measures called the travel rule, which now means parties facilitating crypto transactions will have to identify participants, and lawmakers want this to apply even for smaller payments or those made to unhosted wallets.