Cash App offers free liquidity still if you do it smart enough and are fine with using a centralized exchange
Every send you make out of your channel also unlocks the same amount on the other side to receive in the future
Discussion
I thought that Strike was doing that as well because when I send 100k-200k to my Phoenix wallet I was only paying like 9 sats each time, but when I sent a bigger payment this morning I had to pay a miner fee to receive it to Phoenix. Cost me about 2.5%.
Here’s what you do
- send a big amount from an exchange into a new channel
- over lightning, send half back to the exchange
- send that amount wherever you want, but ideally back to your wallet by opening a second channel or splicing in on Phoenix
Boom, inbound liquidity
🤔
I think this 1% service fee for requesting liquidity though Phoenix will save me money in the long run.
The entire sats flow is always going to be one way.
Strike --> Phoenix in 100k-500k increments, and then splicing out a few million to cold storage every so often.
What I want to avoid is paying a miner fee on the Strike to Phoenix part of it every time. Especially if fees go higher in the future.
Good plan.