Lightning Labs, the Bitcoin Lightning Network developer, has announced a new set of features in the latest release of their Lightning Network management tool, Litd. The update is designed to make it easier for non-technical users to send and receive Bitcoin in a non-custodial manner without needing technical proficiency.
The new version includes a number of features including automated fee management, custodial accounts, finer-grained LNC permissions, and the Pool Order Board, all designed based on feedback from the developer and node operator community.
One of the key features of the update is the automated channel fee management in Terminal. The web-based UI for node and liquidity management now supports automated channel fee management, with the option to turn on Autofees for all channels or on a channel-by-channel basis.
Terminal uses the forwarded traffic of the top five earning channels over 60 days as a reference for the entire node in order to determine a target throughput, and then looks at the forwarded traffic from the past seven days for each channel and decides whether to adjust fees upwards or downwards. Each fee adjustment is made in small increments once every three days.
Another major feature of the update is the introduction of custodial off-chain accounts in Litd, which allows node operators to give restricted access to their node with the ability to spend up to a certain amount of the node’s channel balance. The account system is designed with the help of community feedback to deliver features that meet the use cases necessary to increase end-user adoption of Lightning. Any payment made by a custodial user account is deducted from an account’s virtual balance, and if any payment exceeds the virtual balance, it is denied.
The update also includes more control over connection permissions for LNC, and an Order Board for a simpler way to interact with Pool. The dashboard experience has been re-designed to give node operators more actionable information about top routes, forwards, and channel actions. The Terminal Home UX now calculates return on investment at both a node and channel level based on earnings and costs including channel opens, channel closes, forwarding fees, rebalances, Pool revenue, Loop costs, and more.
Lightning Labs plans to continue to introduce new automation features into the Terminal experience like auto-channel opens, auto-channel closes, and more. These features will help reduce the maintenance overhead of running a node while increasing fee revenue and general balance of funds on a node. The new version of Litd is a significant step towards automating node and liquidity management and making the Lightning Network more accessible for all.
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