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Added faqs with fees explainer, regtest section from Oli's PR, and several other tweaks
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Justin OBrien 2021-03-21 09:10:17 -10:00
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57
README.md
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@ -11,9 +11,9 @@ bitcoin into and out of the Lightning Network.
## Use Cases
- Automate channel balancing with AutoLoop ([Learn more](https://github.com/lightninglabs/loop/blob/master/docs/autoloop.md))
- Deposit to a Bitcoin address without closing channels
- Convert outbound liquidity into inbound liquidity
- Refill depleted Lightning channels
- Deposit to a Bitcoin address without closing channels with Loop In
- Convert outbound liquidity into inbound liquidity with Loop Out
- Refill depleted Lightning channels with Loop In
## Installation
Download the latest binaries from the [releases](https://github.com/lightninglabs/loop/releases) page.
@ -25,26 +25,14 @@ The Loop client needs its own short-lived daemon to facilitate swaps. To start `
loopd
```
To use Loop in testnet, simply pass the network flag:
```
loopd --network=testnet
```
By default `loopd` attempts to connect to the `lnd` instance running on
`localhost:10009` and reads the macaroon and tls certificate from `~/.lnd`.
This can be altered using command line flags. See `loopd --help`.
## LND
Note that Loop requires `lnd` to be built with **all of its subservers**. Download the latest [official release binary](https://github.com/lightningnetwork/lnd/releases/latest) or build `lnd` from source by following the [installation instructions](https://github.com/lightningnetwork/lnd/blob/master/docs/INSTALL.md). If you choose to build `lnd` from source, use the following command to enable all the relevant subservers:
```
make install tags="signrpc walletrpc chainrpc invoicesrpc"
```
## Usage
### AutoLoop
AutoLoop makes it easy to keep your channels balanced. Checkout our [autoloop documentation](https://github.com/lightninglabs/loop/blob/master/docs/autoloop.md) for details.
AutoLoop makes it easy to keep your channels balanced. Checkout our [autoloop documentation](https://docs.lightning.engineering/advanced-best-practices/advanced-best-practices-overview/autoloop) for details.
### Loop Out
Use Loop Out to move bitcoins on Lightning into an on-chain Bitcoin address.
@ -69,6 +57,37 @@ To execute a Loop In:
loop in <amt_in_satoshis>
```
### More info
For more information about using Loop checkout our [Loop FAQs](./docs/faqs.md).
## Development
### Regtest
To get started with local development against a stripped down dummy Loop server
running in a local `regtest` Bitcoin network, take a look at the
[`regtest` server environment example documentation](./regtest/README.md).
### Testnet
To use Loop in testnet, simply pass the network flag:
```
loopd --network=testnet
```
### Submit feature requests
The [GitHub issue tracker](https://github.com/lightninglabs/loop/issues) can be
used to request specific improvements or report bugs.
### Join us on Slack
Join us on the
[LND Slack](https://lightning.engineering/slack.html) and join the #loop
channel to ask questions and interact with the community.
## LND
Note that Loop requires `lnd` to be built with **all of its subservers**. Download the latest [official release binary](https://github.com/lightningnetwork/lnd/releases/latest) or build `lnd` from source by following the [installation instructions](https://github.com/lightningnetwork/lnd/blob/master/docs/INSTALL.md). If you choose to build `lnd` from source, use the following command to enable all the relevant subservers:
```
make install tags="signrpc walletrpc chainrpc invoicesrpc"
```
## API
The Loop daemon exposes a [gRPC API](https://lightning.engineering/loopapi/#lightning-loop-grpc-api-reference)
@ -99,9 +118,3 @@ git clone https://github.com/lightninglabs/loop.git
cd loop/cmd
go install ./...
```
## Development and Support
The [GitHub issue tracker](https://github.com/lightninglabs/loop/issues) can be
used to request specific improvements or register and get help with any
problems. Community support is also available in the
[LND Slack](https://lightning.engineering/slack.html).

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docs/faqs.md Normal file
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@ -0,0 +1,61 @@
# Frequently Asked Questions
## How does Loop recover from a crash?
When `loopd` is terminated (or killed) for whatever reason, it will pickup
pending swaps after a restart.
Information about pending swaps is stored persistently in the swap database.
Its location is `~/.loopd/<network>/loop.db`.
## Can Loop handle multiple simultaneous swaps?
It is possible to execute multiple swaps simultaneously. Just keep loopd
running.
## What are the fees?
You can pass the `--verbose` flag when using Loop to get a detailed fee
breakdown
### Loop Out Fees
An explanation of each fee:
- **Estimated on-chain fee**: The estimated cost to sweep the
HTLC in case of success, calculated based on the _current_ on-chain fees.
This value is called `miner_fee` in the gRPC/REST responses.
- **Max on-chain fee**: The maximum on-chain fee the daemon
is going to allow for sweeping the HTLC in case of success. A fee estimation
based on the `--conf_target` flag is always performed before sweeping. The
factor of `100` times the estimated fee is applied in case the fees spike
between the time the swap is initiated and the time the HTLC can be swept. But
that is the absolute worst-case fee that will be paid. If there is no fee
spike, a normal, much lower fee will be used.
- **Max off-chain swap routing fee**: The maximum off-chain
routing fee that the daemon should pay when finding a route to pay the
Lightning invoice. This is a hard limit. If no route with a lower or equal fee
is found, the payment (and the swap) is aborted. This value is calculated
statically based on the swap amount (see `maxRoutingFeeBase` and
`maxRoutingFeeRate` in `cmd/loop/main.go`).
- **Max off-chain prepay routing fee**: The maximum off-chain routing
fee that the daemon should pay when finding a route to pay the prepay fee.
This is a hard limit. If no route with a lower or equal fee is found, the
payment (and the swap) is aborted. This value is calculated statically based
on the prepay amount (see `maxRoutingFeeBase` and `maxRoutingFeeRate` in
`cmd/loop/main.go`).
- **No show penalty (prepay)**: This is the amount that has to be
pre-paid (off-chain) before the server publishes the HTLC on-chain. This is
necessary to ensure the server's on-chain fees are paid if the client aborts
and never completes the swap _after_ the HTLC has been published on-chain.
If the swap completes normally, this amount is counted towards the full swap
amount and therefore is actually a pre-payment and not a fee. This value is
called `prepay_amt` in the gRPC/REST responses.
### Loop In Fees
An explanation of each fee:
- **Estimated on-chain fee**: The estimated on-chain fee that the
daemon has to pay to publish the HTLC. This is an estimation from `lnd`'s
wallet based on the available UTXOs and current network fees. This value is
called `miner_fee` in the gRPC/REST responses.