New Phoenix Lightning Wallet Beta Reimagines the Self-Custodial Experience

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wonderThe Lightning Wallet developed by Acinq has undergone a significant change Improvement The introduction of splicing technology resulted in a more efficient and user-friendly experience. Unlike previous versions, which created multiple channels and incurred unforeseen fees, the new Phoenix manages a single dynamic channel, eliminating the need for scattered liquidity and segmentation issues.

With splicing, users can now resize channels, add or remove funds without adding risk in the future. The previous 1% fee on inbound liquidity for underlying on-chain transactions has been replaced by a mining fee. The announcement emphasized the importance of splicing, saying, “We believe the efficiency gains brought by splicing are so phenomenal that all wallets will eventually implement it.”

The updated version of Phoenix also addresses user concerns regarding unexpected channel creation fees. Users are now notified in advance that incoming Lightning payments will be subject to channel management fees, providing finer control over fee management. Additionally, the fee for sending Lightning payments is now fixed at 0.4%, ensuring transparency and incentivizing users and wallet providers to “find the best (reliable, cost-effective) route within their fee budget.”

A notable feature of the new Phoenix is ​​the reliable swap. Instead of relying on swap services, which often lack flexibility, Phoenix enables users to conduct on-chain transactions directly from their wallets. Users have the freedom to set their own fees and even adjust the fees later for faster confirmations.

While splicing offers notable advantages, it should be noted that external swap services still hold an advantage in some transactions. These services cut the link between off-chain and on-chain, maintain channel size, and add inbound liquidity.

The new Phoenix Wallet is a significant milestone in the evolution of self-custodial wallets. Its advanced features, such as splicing, better predictability and trustless swaps, demonstrate the continued innovation in the Lightning Network ecosystem. The announcement states that users can look forward to advancements such as Blind Path for better privacy, Bolt 12/Offer for stable Lightning Invoices, and Taproot for cheaper channel management and advanced on-chain privacy.

A beta version of the new Phoenix is ​​currently available for Android users, with an ETA release for iOS expected in the coming weeks. Interested users can apply for the beta by emailing phoenix@acinq.co.