The Lightning wallet now offers full Taproot support, resulting in a 20% reduction in on-chain fees.
Phoenix Wallet has announced an update that brings full support for Taproot channels. This implementation allows users to benefit from an estimated 20% reduction in on-chain fees. The optimization applies to all operations on the timechain, including splicing, making the use of the Lightning Network more cost-effective for transactions of any size.
The economic advantage of Taproot channels translates into tangible savings for users who frequently perform on-chain operations.
Further progress has also been made on the privacy front: thanks to Taproot channels, the wallet’s on-chain footprint becomes indistinguishable from that of a standard P2TR (pay-to-taproot) wallet, as long as the channel isn’t force-closed.
Version 2.7.0 for Android and iOS introduces another new feature: multi-wallet support. Each wallet has its own independent seed phrase, allowing users to manage separate funds for different purposes directly within the app.
Phoenix Wallet has designed a seamless migration system for existing users. The transition to the new Taproot channels will occur automatically with the next on-chain transaction – whether incoming or outgoing – without requiring any manual action from the user.
The development team has already announced its next goals: implementing V3 transactions and zero-fee commit transactions.
The update is available for both Android and iOS, as well as for phoenixd servers.
