for noobs on Phoenix right before the update rolled out and then updated it (the next day lol) and noticed the new fees.
Old fees: 0.05-.5%
1st Channel Open: 10,000 sats
Subsequent Channel Opens: 3000 sats
New fees: .4% plus 4 sats
One Time Channel Open: 1000 sats
- I have since done the math, and if it is correct, (pls can someone check!) the first 2.5 million sats one sends incurs 10,000 sats in fees at .4%, so one *could* say that is in place of the original 10k sats channel open fee.
Two points here:
- It is impossible however to know how many +4 sats are embedded there as it would depend entirely on how many transactions were sent.
For argument, let’s say it was x1000 2,500sat payments, then that would be an extra 4000 sats of fees on top of the first 2.5mil sent.
If it was x10,000 250 sat pmts, then it would be an extra 40,000 sats of fees on top of the first 2.5mil sent.
And if it was x100,000 25sat zaps for eg, it would be an extra 400,000 sats of fees on top of the first 2.5mil sent!!
Ofc there are many variables here, since the old fee structure included 3000 sats for each new channel open (after the initial 10k for the first channel). This could be lessened or avoided though by opening a larger first channel.
- Second point: After the first 10k sats are accounted for, one continues to pay 4 sats (sometimes 5, see pics) per transaction forever.
In the end, if I am thinking about it correctly, I think the main issue is the ‘plus 4 sats’ on *every* transaction.
This makes it especially unusable for zapping or for micropayments of any kind.
Note: I haven’t mentioned miner fees as those are obviously added when funds are spliced in.
Would appreciate hearing thoughts. While I love the new splicing, it appears to come at quite a cost if I am doing the math correctly.
Final note: I am aware there are obviously many variables as to how Lightning is used, which would also change all the numbers a lot
