After the availability of Taproot on the Bitcoin mainchain in late 2021 and the Liquid Network in early 2022, today we are launching Taproot Swaps. This upgrade leverages Taproot’s Schnorr signatures to enable cheaper and more private swaps. Taproot’s features also allowed us to implement Immediate Cooperative Refunds, our flagship feature for this release, which dramatically improves UX as now users can get their locked bitcoin back immediately if a swap fails.

In the context of Boltz swaps, refunds are the process of users reclaiming chain bitcoin, like L-BTC or mainchain BTC, of a failed swap. Refunds only apply to Chain → Lightning swaps, whereas Lightning → Chain swaps do not require refunds, because here Lightning funds automatically bounce back to users if something goes wrong.

Bitcoin which are locked in a failed Chain → Lightning swap cannot “bounce back” or even get “refunded automatically”, as Boltz does not have control over the locked bitcoins. The user is in control, which is why refunds need to be actively triggered by e.g. using the “Refund” tab on boltz exchange

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