Joe Consorti and I wrote an update to my original work earlier this summer, The Time Value of Lightning Network. in that, we demonstrate how active the "routing for yield" ecosystem is. the rates are fairly low, and the total capital is "only" 5k BTC, or only $100 million, so the ecosystem is nowhere near institutional yet. the theory has played out way beyond my own expectations, seeing businesses build products that have been inspired by my LNRR thesis is wild. nothing really changed much with my thesis, it will be slow to get to institutional size, and probably beyond my expectations in terms of the impact of my original paper.