> we're committing capital to channels that mostly sit idle

You are wrong again in your assumption or I can even say your mindset is quite shitcoining or fiat infected, when you say that.

As I explained here: https://stacker.news/items/1452620 LN is THE payment network of Bitcoin. And here https://stacker.news/items/552822 in a simple analogy.

As a LN node operator you cannot think  and say exactly like a VC, investing in some business to have some ROI later...
As a LN operator, yes, you have to think of the costs of running those channels, but allocating a bunch of BTC into LN channels is not like a "business investment". Even if you run it as a LSP, you must manage in such way to not have loses and maybe earning a bit on top. Your "reward" will come later from other additional "services" and also from simple the fact that you help more people (especially merchants) to use Bitcoin.

Think of it (the LN liquidity) as town's water pipeline system, from collecting, cleaning, usage, recycling and so on.
Most of the time these "water services" for a town ar not even having a real ROI in terms of money. The ROI of them is that the people in town are clean and civilized. Without this water, they cannot have other businesses that really get a ROI.

Fair correction on the terminology — 'capital allocation' is more precise, the sats are deployable, not frozen. The core question still stands though: of all that allocated capital, how much is actively routing? If utilisation is low, we're committing capital to channels that mostly sit idle — worth knowing regardless of what we call it.

balthazar

If you use the term "locked" in regards of BTC in LN channels, it means you lack of knowledge about how LN works. "Locked" means you cannot move it. And that is a lie. In a LN channnel you can move the sats anywhere you want, anytime (if you have proper channels).

A better term to be used is "capital allocation in THE Bitcoin payment network".

Because who maintain sane and proper LN channels, now when the fees to open channels are low" will be much prepared for the future.

bitcoin

100,000 BTC locked in Lightning — but are we measuring the right thing?

If you use the term "locked" in regards of BTC in LN channels, it means you lack of knowledge about how LN works. "Locked" means you cannot move it. And that is a lie. In a LN channnel you can move the sats anywhere you want, anytime (if you have proper channels).

A better term to be used is "capital allocation in THE Bitcoin payment network".
Because who maintain sane and proper LN channels, now when the fees to open channels are low" will be much prepared for the future.