{"id":486143,"date":"2022-03-16T11:47:55","date_gmt":"2022-03-16T11:47:55","guid":{"rendered":"https:\/\/ktsl888.com\/?p=486143"},"modified":"2024-06-11T14:18:25","modified_gmt":"2024-06-11T14:18:25","slug":"lightning-speed-open-source-bitcoin-banks-fee-structures-for-inbound-liquidity","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/lightning-speed-open-source-bitcoin-banks-fee-structures-for-inbound-liquidity\/","title":{"rendered":"Lightning Speed: Open-Source Bitcoin Banks\u2019 Fee Structures For Inbound Liquidity"},"content":{"rendered":"

In the Lightning Network, inbound liquidity is a precious resource. The Galoy Research team detected an irregularity, and, trying to fix it stumbled into a whole business model. Their elegant solution transforms a problem into dollars, which is remarkable. This case reads like a detective novel. Let\u2019s dive in.<\/span><\/p>\n

Related Reading | Lightning Speed: Podcasting 2.0 And Its Relationship With The Lightning Network<\/a><\/strong><\/em><\/p>\n

Liquidity Leechers And Inbound Liquidity<\/span><\/h2>\n

In the article \u201c<\/span>Galoy Research: Self-Balancing Fee Structures for Inbound Liquidity<\/span><\/a>,\u201d the company describes the problem to then lay on us the solution. Galoy are the creators of the <\/span>Bitcoin Beach Wallet that Bitcoinist described here<\/span><\/a>. The irregularity that the team detected was this one:<\/span><\/p>\n

\u201cGaloy CEO Nicolas Burtey noticed that the onchain hot wallet was being depleted by a subset of users. These users consistently sent offchain bitcoin to the Bitcoin Beach Wallet only to withdraw it again onchain.\u201d\u00a0<\/span><\/p><\/blockquote>\n

The company had to \u201cuse submarine swaps to replenish our onchain wallet and regain some inbound liquidity.\u201d The thing is, \u201cinbound liquidity is a valuable resource on the Lightning Network. The \u201cliquidity leechers\u201d were using Bitcoin Beach Wallet as a less expensive alternative to a service like <\/span>Loop<\/span><\/a> from Lightning Labs.\u201d<\/span><\/p>\n

How Does Loop Manage Outbound And Inbound Liquidity?<\/span><\/h2>\n

The service\u2019s official website describes Loops as \u201cthe easiest way to manage inbound and outbound liquidity on the Lightning Network\u201d. The service has two sides. On the one hand, \u201cLoop In enables typical users to “refill” their Lightning wallets when funds are depleted\u201d. On the other, Loop Out is for:<\/span><\/p>\n

\u201cMerchants, services, and users who primarily receive funds via Lightning, Loop Out serves as a bridge, allowing funds to be sent out of the Lightning Network to “on-chain” destinations like exchange accounts or cold storage systems.\u201d<\/span><\/p><\/blockquote>\n

Instead of trying to catch the people who were \u201cusing Bitcoin Beach Wallet as a less expensive alternative to a service like Loop,\u201d Galoy developed a product for them.<\/span><\/p>\n

\"BTCUSD<\/p>\n

BTC price chart for 03\/16\/2022 on Binance | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
A Dynamic Fee<\/span><\/h2>\n
Back to the article, the adventure begins. \u201cNicolas and Galoy data scientist Jos\u00e9 Rojas Echenique set out to diagnose the issue and try to find an appropriate solution\u201d. The duo \u201cfirst looked at historical data to get a better sense of the problem\u201d. Surprisingly, they found out that \u201cthe price of inbound liquidity is roughly similar, no matter how you get it.\u201d<\/span><\/p>\n
Here\u2019s where the product appears:<\/span><\/p>\n
\u201cThey then looked for a solution that would charge this roughly similar market rate across the full range of use cases \u2013 including those using Bitcoin Beach Wallet as a loop out service. The result is a dynamic fee structure (<\/span>as described in the report<\/span><\/a>) that charges each user a fair amount based on how they are using the service.\u201d<\/span><\/p><\/blockquote>\n
Instead of excluding \u201cthose using Bitcoin Beach Wallet as a loop out service,\u201d the company included them. They put a price tag on the service and kept it pushing. How does <\/span>the actual report<\/span><\/a> describe this \u201cdynamic fee structure\u201d?\u00a0\u00a0\u00a0<\/span><\/p>\n
\u201cFrom the perspective of user experience, this approach trades high fees for simplicity. It does not account for the balancing effects of a user\u2019s previous or future transactions, and therefore over-charges users.\u201d<\/span><\/p>\n
\u201cA smoother dynamic fee formula would take into account a user\u2019s previous transactions, and charge users less if their current transaction balanced their previous transactions.\u201d<\/span><\/p><\/blockquote>\n
Continues Business Operations As Usual<\/span><\/h2>\n
From a problem to a product in three easy steps. Back to the article, Galoy states their approach\u2019s value proposition:\u00a0<\/span><\/p>\n
\u201cBy solving the issue with fees, Bitcoin banks and other Lightning services can continue business operations as usual vs. attempting to detect and regulate actors who use their liquidity for looping.\u201d<\/span><\/p><\/blockquote>\n
Related Reading | Lightning Speed: What\u2019s The Lightning Development Initiative?<\/a><\/strong><\/em><\/p>\n
And, to close it off, the company summarizes the product\u2019s advantages. \u201cThe result? An automated solution for Bitcoin banks, a good user experience for end users, and the right fees for all.\u201d<\/span><\/p>\n
Featured Image by Jason Dent<\/a> on Unsplash<\/a>  | Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
In the Lightning Network, inbound liquidity is a precious resource. The Galoy Research team detected an irregularity, and, trying to fix it stumbled into a whole business model. Their elegant solution transforms a problem into dollars, which is remarkable. This case reads like a detective novel. Let\u2019s dive in. Related Reading | Lightning Speed: Podcasting 2.0 And Its Relationship With The Lightning Network Liquidity Leechers And Inbound Liquidity In the article \u201cGaloy Research: Self-Balancing Fee Structures for Inbound Liquidity,\u201d the company describes the problem to then lay on us the solution. Galoy are the creators of the Bitcoin Beach Wallet that Bitcoinist described here. The irregularity that the team detected was this one: \u201cGaloy CEO Nicolas Burtey noticed that the onchain hot wallet was being depleted by a subset of users. These users consistently sent offchain bitcoin to the Bitcoin Beach Wallet only to withdraw it again onchain.\u201d\u00a0 The company had to \u201cuse submarine swaps to replenish our onchain wallet and regain some inbound liquidity.\u201d The thing is, \u201cinbound liquidity is a valuable resource on the Lightning Network. The \u201cliquidity leechers\u201d were using Bitcoin Beach Wallet as a less expensive alternative to a service like Loop from Lightning Labs.\u201d How Does Loop Manage Outbound And Inbound Liquidity? The service\u2019s official website describes Loops as \u201cthe easiest way to manage inbound and outbound liquidity on the Lightning Network\u201d. The service has two sides. On the one hand, \u201cLoop In enables typical users to “refill” their Lightning wallets when funds are depleted\u201d. On the other, Loop Out is for: \u201cMerchants, services, and users who primarily receive funds via Lightning, Loop Out serves as a bridge, allowing funds to be sent out of the Lightning Network to “on-chain” destinations like exchange accounts or cold storage systems.\u201d Instead of trying to catch the people who were \u201cusing Bitcoin Beach Wallet as a less expensive alternative to a service like Loop,\u201d Galoy developed a product for them. BTC price chart for 03\/16\/2022 on Binance | Source: BTC\/USD on TradingView.com A Dynamic Fee Back to the article, the adventure begins. \u201cNicolas and Galoy data scientist Jos\u00e9 Rojas Echenique set out to diagnose the issue and try to find an appropriate solution\u201d. The duo \u201cfirst looked at historical data to get a better sense of the problem\u201d. Surprisingly, they found out that \u201cthe price of inbound liquidity is roughly similar, no matter how you get it.\u201d Here\u2019s where the product appears: \u201cThey then looked for a solution that would charge this roughly similar market rate across the full range of use cases \u2013 including those using Bitcoin Beach Wallet as a loop out service. The result is a dynamic fee structure (as described in the report) that charges each user a fair amount based on how they are using the service.\u201d Instead of excluding \u201cthose using Bitcoin Beach Wallet as a loop out service,\u201d the company included them. They put a price tag on the service and kept it pushing. How does the actual report describe this \u201cdynamic fee structure\u201d?\u00a0\u00a0\u00a0 \u201cFrom the perspective of user experience, this approach trades high fees for simplicity. It does not account for the balancing effects of a user\u2019s previous or future transactions, and therefore over-charges users.\u201d \u201cA smoother dynamic fee formula would take into account a user\u2019s previous transactions, and charge users less if their current transaction balanced their previous transactions.\u201d Continues Business Operations As Usual From a problem to a product in three easy steps. Back to the article, Galoy states their approach\u2019s value proposition:\u00a0 \u201cBy solving the issue with fees, Bitcoin banks and other Lightning services can continue business operations as usual vs. attempting to detect and regulate actors who use their liquidity for looping.\u201d Related Reading | Lightning Speed: What\u2019s The Lightning Development Initiative? And, to close it off, the company summarizes the product\u2019s advantages. \u201cThe result? An automated solution for Bitcoin banks, a good user experience for end users, and the right fees for all.\u201d Featured Image by Jason Dent on Unsplash | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":486146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[85688,85690,4962,84171,84170,85684,85683,85686,85689,13328,8103,85687,85685],"class_list":["post-486143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-a-dynamic-fee","tag-a-dynamic-fee-structure","tag-bitcoin-banks","tag-bitcoin-beach-wallet","tag-galoy","tag-galoy-research","tag-inbound-liquidity","tag-inbound-liquidity-is-a-valuable-resource-on-the-lightning-network","tag-jose-rojas-echenique","tag-lightning-labs","tag-lightning-network","tag-loop","tag-nicolas-burtey"],"acf":[],"yoast_head":"\nLightning Speed: Open-Source Bitcoin Banks\u2019 Fee Structures For Inbound Liquidity<\/title>\n<meta name=\"description\" content=\"In the Lightning Network, inbound liquidity is a precious resource. 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