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Dear Phoenix developers, I would like to ask You about new Swap-in transactions (Phoenix 2.0). Am I understand correctly that the Phoenix BTC-recieve Address is a multisig address which is directly used to open a Payment Channel? If so what happens when Someone sends too few funds, that Channel cannot be opened? |
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Sorry for not replying sooner.
Yes, the multisig scheme allows us to make the swap 0-conf (see swap-in potentiam)
Too few funds actually means : the cost of the swap would be too much relative to the amount to be swapped. By default, Phoenix will prevent the cost to be over 5000 sat / 50% of the amount received (that's configurable). So it all depends on the current on-chain feerate. So if that happens, the funds remain on the address, until the feerate decrease enough that the swap can be made - or until more funds are deposited to this address and make the fee affordable. |
Beta Was this translation helpful? Give feedback.
Sorry for not replying sooner.
Yes, the multisig scheme allows us to make the swap 0-conf (see swap-in potentiam)
Too few funds actually means : the cost of the swap would be too much relative to the amount to be swapped. By default, Phoenix will prevent the cost to be over 5000 sat / 50% of the amount received (that's configurable). So it all depends on the current on-chain feerate.
So if that happens, the funds remain on the address, until the feerate decrease enough that the swap can be made - or until more funds are deposited to this address and make the fee…