Phoenix Keeps Setting Funding Transaction Fee Too Low \ stacker news ~lightning

On three separate occasions of creating a Phoenix wallet and subsequently sending a payment to the wallet, the funding transaction has been set to a fee level that will take days or longer to confirm.

Wallet 1: It remained stuck for four weeks, and I utilized an option in the transaction page for the initial payment to the wallet to bump the fee and get it confirmed.

Wallet 2: The funding transaction is still stuck in the sixth week. Unfortunately, there's no similar option for bumping the fee for the transaction that initiated the creation of the funding transaction. Consequently, I decided to empty the wallet and create a new one.

Wallet 3: The fee rate chosen by the wallet for the funding transaction is a rate that was only successfully added into a block for a brief sequence of blocks 25 hours ago. Unless the fees drop, this is likely to persist for many days or even weeks.

As far as I understand, the funding transaction is what secures the funds. I assume ACINQ is not going to rug any users, but if it remains unconfirmed, I believe it is technically insecure for the user.

While I'm not fully versed in the technical details, it seems akin to the "hosted channels" I've read about.

If this is a common occurrence, I suppose most users would probably not notice it since the funds are spendable. For small amounts of funds, the risk is low, but it appears to be a less than ideal situation.

If anyone understands lightning better and can offer insights into this situation, it'd be much appreciated.

1 sat \ 0 replies \ @Krv OP 18 Jan

Follow up: Turns out the transaction for wallet 3 was confirmed, as the fees did drop. So, it seems they successfully predicted the fee. Perhaps they have a decent algorithm for this that considers the mempool, because based on previously blocks it was looking bleak.

0 sats \ 0 replies \ @cleaningup12 18 Jan

My onchain tx thru phoenix never confirmed, still got my sats tho

0 sats \ 1 reply \ @Polaire 18 Jan

Hello, If the receiver need the money, i think they can use CPFP (Child pay for parent). This is easily explained here : https://twitter.com/BTCillustrated/status/1747586527826174005

22 sats \ 0 replies \ @Krv OP 18 Jan

From my understanding, in the funding transaction for a lightning, the receiver is a 2 of 2 multisig. So I'm not sure how it would be done in this case. Maybe a splicing transaction or liquidity request might do this but their system would select the transaction fee again, potentially subject to the same problem.