Lightning is interesting, but is not permitted in NY State and overall volumes remain low.

On Bitcoin’s transaction fee problem and disappointing layer 2 progress: despite sporting the largest market capitalization among cryptocurrencies, Bitcoin’s transaction fees rank #4, after Ethereum, Uniswap, and Binance Smart Chain. The fact that people pay fees to use these other blockchains that exceed (by an order of magnitude, in the case of Ethereum), the fees paid to use Bitcoin indicates there’s a material, market-based demand for these alternative blockspaces.

... disappointing layer 2 traction.