custodial?

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Yes, cashu is inherently custodial. On a scale of worst to best in terms of custody:

Exchange - Custodial Lightning - Cashu/eCash - Phoenix/Mobile Self Custody - Your Own Lightning Node

Not to say that cashu/ecash custody is more safe than something like Wallet of Satoshi, but out of the two you get infinitely better privacy with ecash.

Of course in terms of risk, it's best to have funds in something like Phoenix or your own node when dealing with lightning.