Today, Boltz revealed the launch of the Boltz BTCPay Plugin, the very first function of its kind, in open beta. The plugin lets merchants who utilize BTCPay Server quickly accept bitcoin over Lightning before having it immediately switched and saved non-custodially on the Liquid Network.
The “Nodeless” mode for the Boltz BTCPay Plugin uses Liquid Swaps to make the automated swap from Lightning to Liquid the immediate a Lightning billing is paid. Using Liquid Swaps, Boltz BTCPay Plugin users can also swap bitcoin back to the mainchain if they choose. The plugin features an incorporated wallet system, which allows users to develop or import both Liquid and mainchain wallets.
“Merchants can receive or accept bitcoin by swapping incoming Lightning payments into their Liquid wallets and, like this, they don’t have to operate a node,” Kilian, CEO of Boltz, informed Bitcoin Magazine.
“What they are holding in the end is LBTC — Liquid BTC,” he included.
“We also want to give them an option to automatically swap back to the mainchain if they so choose. They can say, ‘Okay, if my Liquid Bitcoin balance reaches 0.1 bitcoin, 0.5 bitcoin, swap it back to the mainchain.’”
Merchants stay in control of their funds at all times while utilizing the service.
Boltz developed the plugin to assist minimize the stress and anxiety that features running and handling a Lightning node.
“Running and managing a Lightning node is no easy feat,” stated Boltz CTO Michael in a news release. “Channel management is complex and inbound liquidity can be such an alien concept”.
Kilian echoed Michael’s belief, as he shared that “running your own Lightning node is neither a realistic nor recommended goal for many individuals, and even for professionals like merchants, as of today.”
Previous options for accepting Lightning payments without running a node were custodial, presented counterparty danger or were just readily available in particular jurisdictions.
Given that this plugin is both brand name brand-new and the very first of its kind, the group at Boltz kept in mind that while the software application is prepared to be utilized, users must do so with care since it might still have bugs. However, Kilian shared that the plugin certainly has actually dealt with countless deals which Strainly, a market for hemp growers, is now totally operating on it.
“After one month testing the Boltz plugin in front of thousands of users, I can tell this truly is a game-changer,” stated Alan, CEO of Strainly, who formerly had blended success utilizing custodial Lightning options like LNBank and other Lightning Service Providers (LSPs) “Processing LN payments straight to and from a non-custodial Liquid wallet, plus automatically consolidating the Liquid balance to my non-custodial BTC wallet according to my own preset threshold: hands down the most impactful plugin ever released on BTCPay!”
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