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0 sats \ 12 replies \ @Natalia OP 30 Nov 2023 \ parent \ on: The Art of Swapping 🔁 bitcoin
but even from LN back to Bitcoin, it's also more than the normal network fee, I'm really curious how the fee is being calculated, checked their docs but not much there 😂
https://imgprxy.stacker.news/lF46ounCCicTkzHDkehO-3Ily3j6JxIMafU7m3e30WQ/rs:fit:2560:1440/aHR0cHM6Ly9tLnN0YWNrZXIubmV3cy82MzU4
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The docs are fairly technical and assume you already know how atomic swaps work. We'll add an high-level overview. That is very good feedback! We are doing atomic swaps for far too long so we sometimes assume everyone knows...
Apart from that the concept always consists of two steps as Michael explained further down: first lock coins then claim them atomically. For the chain part of the swap that always means two transactions.
For chain -> LN swaps transaction cost is X (estimated based on current mempool high priority fee) because user wallet already pays for the lock transaction.
For LN -> chain swap transaction cost is ~X*2 because user needs to pay for both lock & claim transaction.
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and how the refund works - how can it be so automatic? 👀
yes, it's quite fascinating! and I'm really curious how they even set things up, because it works so well - especially when you go to claim refund, wow so fast 🚀😂
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That is also a good guide about fees.
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I read this one before, but it doesn't explain how Boltz works 👀
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is more about fees
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Hi! Michael from Boltz here
Gotta admit the docs are fairly technical. Guess we should do some high level architecture overview there or some blog post explaining how swaps work.
About the miner fees:
Going from Lightning -> Bitcoin: yes, it's more expensive than a normal transaction because such a swap requires 2 transactions. And the second one is bigger than a "normal" Bitcoin transaction.
Also when going from Bitcoin -> Lightning, there is a miner fee. Because need to do a transaction after paying your invoice.
That's the overhead of being non custodial and doing submarine atomic swaps. That being said, we are working on making those miner fees much cheaper ;)
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Guess we should do some high level architecture overview there or some blog post explaining how swaps work.
yes, I checked everywhere on the site and couldn't find much info.
That's the overhead of being non custodial and doing submarine atomic swaps. That being said, we are working on making those miner fees much cheaper ;)
looking forward! I am a big fan of Boltz - what a simple and beautifully designed tool:)
I'm also curious how can you set the refund process this cool? 👀
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Hey Michael, thank a you!
Btw you should make a SN account, its always nice to have more technical people like you here. 🫡
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agree!
I remember the first time when I needed to claim for the refund and wanted to ask someone how things work, but then it seems the only way to contact is through discord... SN is way more fun and better.