10 sats \ 5 replies \ @0313029d5d 30 Jan \ parent \ on: Where to ask some really basic questions on the Phoenix Wallet? lightning
As far as I can tell Phoenix tries to open a channel (or expand a channel) every single time you receive. It honestly makes it kind of a weird experience for people that are mostly receiving sats. I haven't managed to come up with a solution for this other than withdrawing directly to my node, which already has inbound liquidity available. Unfortunately, this is pretty bad privacy.
reply
Ah was that was my legacy changeover thing that cost me a few sats!
I only started using Phoenix after they added splicing, and I always have high fees when receiving, but never when sending. If they're not doing a new transaction for each deposit into the wallet, then they're definitely being way too conservative with channel sizing.
In phoenix you have 1 channel, which can be grown or shrunk through a method called "splicing." When you have maxed out your inbound capacity, phoenix will make an onchain payment to grow the size of your channel.
A good practice here is to open a large channel (say, 500k-2m sats) and only need that on chain payment 1 time. If your channel is already open, expanding it (through splicing) to that range now while fees are relatively low is advisable.
reply