The reason is pretty simple I think. They have to allocate fund for each new channel. They don't have unlimited bitcoin, so they cannot allocate 40% of each new channel. If they do that, their "LSP" will run out of bitcoin pretty fast I think, and no channel could be created.

dolu

bitcoin

Phoenix Wallet - any way to prevent creating new channels?

>Personally I think all the fees are totally fair. 

Agreed. Only who doesn't run a LN node would say that Phoenix fees are high, because they do not know how much is the real cost to maintain a LN node liquidity.

The only thing that I find it weird / I don't have an explanation, is that they are not opening a bigger channel. At least a 40% more than what you deposit. I know that will be a bigger effort for them to put that liquidity, but could avoid too many open/close channels.