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I only have small channel and right now it's 80% full, since i only stack really small amount of sats can i open a new channel using the existing balance ?
I also curious about how the channel size is calculated, i read it somewhere it's 110% of the incoming amount is that correct ?
it's 110% of the incoming amount is that correct ?
Correct. Phoenix is using this strategy to keep their side of the channel at low level. Depending on your inbound amount, I would suggest to open first a bigger channel, let's say, 5M sats.
Spend from that channel but NEVER empty it totally. When you see that still have some few sats, refill it, from another LN wallet. DO NOT refill it using an onchain deposit ! Each onchain deposit into Phoenix it will create a new channel. Use another LN wallet or a swap service (see more examples here)
can i open a new channel using the existing balance ?
There's no need for that. If you just receive small amounts of sats over LN, I would suggest to do what I said before, open a bigger channel and swap out into an onchain wallet/ spend slowly.
Keep in mind, if you use Phoenix to send directly to an onchain wallet, all your balance, they will close the channel, so later you would need to open a new one (more fees). So try to use an external swap, send from Phoenix over LN and receive into your other onchain wallet for holding. In this way you keep open that LN channel, almost forever.
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Thanks for the guide Darth, tried Samourai and it was confusingly interesting lol, gonna learn every feature asap
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Phoenix is my favorite lightning wallet! It is a node on your device, so it must be online to receive a payment. Darth’s advice to open one big channel and then manage liquidity within it, is the best way. I wish it did show exactly how much inbound liquidity is available. If you make a note of the sats received when you first open the channel, I think that can be used for what is actually available instead of the displayed total. (for example, receiving 1010101 sats should get you a 1000000 sat channel) As Darth said, receiving from on chain will open another channel, incurring another 1% fee, so try to avoid that. Paying to on chain only incurs a mining fee, but you do not get to set the fee, and it can be a little pricey. Probably okay for larger amounts though since mining fees are not proportional. In my experience, paying to on chain does not reduce the total channel balance which is good for preserving one nice big channel. Again like Darth said, do not spend all your sats leaving the whole channel balance on Phoenix’s side. I doubt they would tie up their liquidity for long, and would likely close the channel. Their website has a good FAQ if you haven’t seen it yet. Best!
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