Lightning Network wallet Phoenix adds 'splicing' to reduce payment fees

Bitcoin self-custodial Lightning wallet Phoenix has launched its third-generation wallet, introducing splicing technology to reduce fees.

Splicing allows for resizing channels, eliminating the need for multiple channels per user which scatters liquidity, the project said. A common feedback from previous versions of Phoenix was the surprise creation of new channels and associated fees, Phoenix's development firmwrote in a blog post on Tuesday. Users will now have a single dynamic channel, providing more predictability and control over incoming Lightning payments.

Rather than creating new channels, the new version will “splice-in” funds. The wallet will display a fee warning beforehand, allowing users to adjust the maximum fee they are willing to pay to avoid unexpected charges. If the fee is too high Phoenix will retry later or reject the transaction.

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