AFAIK it turns what was a 2 tx fee operation into a 1 tx fee operation.

Before you had to close the channel and then re-open it. Now you can just splice.

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It’s a lot cheaper this way since you are able to have more control over the on-chain fees. You never see this in a custodial wallet because they obfuscate all the channel management, but what you’re paying for here is total self-custody.

Well said 🫡