It’s not exactly instant (see below). The glow you see is not just the air being hot, but *exploding* due to the sudden dumping of massive amount of charge through it. The fade is a combination of the latent heat and the burn-in effect you get in your eyes when you look at a light bulb.
[Lightning in very slow motion.](https://www.youtube.com/watch?v=qQKhIK4pvYo&t=215)
Latest Answers