phoenixthe Lightning Wallet, developed by Acinq, has undergone significant changes. improvement The introduction of splicing technology provides a more efficient and user-friendly experience. Unlike previous versions that created multiple channels and incurred unpredictable fees, the new Phoenix manages a single dynamic channel, eliminating the need for distributed liquidity and splitting issues.
Splicing allows users to resize channels and add or remove funds without adding future risk. The previous 1% fee for inbound liquidity has been replaced with a mining fee for the underlying on-chain transaction. The announcement emphasized the importance of splicing, stating, “The efficiency gains splicing brings are so amazing that we believe all wallets will eventually implement it.”
The updated version of Phoenix also addresses user concerns about unexpected channel creation fees. Users are now proactively notified when Lightning Payments incurs channel management fees, giving you more control over fee management. Additionally, the transfer fee for Lightning Payments is currently fixed at 0.4% to ensure transparency and encourage users and wallets to “find the best (reliable and affordable) route within their fee budget.” Coordinate incentives between providers.
One of the notable features of the new Phoenix is trustless swaps. Instead of relying on swap services, which are often inflexible, Phoenix allows users to make on-chain transactions directly from channels. Users are free to set their own rates and even adjust rates for later review.
Although splicing has significant advantages, it should be noted that external swap services still have advantages for certain transactions. These services cut the link between off-chain and on-chain, maintain channel size, and add inbound liquidity.
The new Phoenix Wallet marks an important milestone in the development of self-custodial wallets. Enhanced features such as splicing, increased predictability, and trustless swaps demonstrate continued innovation in the Lightning Network ecosystem. The announcement said users can expect advances such as Blind Pass for improved privacy, BOLT 12/Offer for static Lightning invoices, and Taproot for cheaper channel management and enhanced on-chain privacy. .
A beta version of the new Phoenix is now available for Android users, with an ETA release for iOS expected in the coming weeks. Interested users can apply for the beta by sending an email to phoenix@acinq.co.