進階
Lightning Pool 流動性市場
了解 Lightning Pool 流動性拍賣市場，如何買賣閃電網路通道租賃和入站容量。
12 分鐘
什麼是 Lightning Pool？
Lightning Pool 是 Lightning Labs 開發的非託管流動性市場， 允許節點運營者買賣通道租賃。需要入站容量的節點可以購買， 有閒置資金的節點可以出租獲取收益。通過拍賣機制實現價格發現。
非託管設計： Pool 使用鏈上多簽交易和時間鎖確保安全， 資金始終在用戶控制之下。
市場參與者
Pool Market Roles Buyers (Need Inbound Capacity): Types: • Merchants: need to receive customer payments • Exchanges: need to process user withdrawals • New nodes: need to build routing capability • LSP: need to provide channels for users Goals: • Get stable inbound capacity • Ensure channel peer is reliable node • Purchase liquidity at reasonable price Sellers (Provide Liquidity): Types: • Routing nodes: have idle funds • Liquidity providers: professional operators • HODLers: want to earn yield Revenue Sources: • Channel lease fees (primary income) • Routing fees (additional income) • Time value of funds
拍賣機制
Batch Auction Mechanism Auction Cycle: Every ~10 minutes a batch clearing occurs Timeline: • Submit phase: participants submit orders • Clearing phase: match buy/sell orders • Execution phase: open matched channels • Settlement phase: on-chain tx confirmation Price Discovery (Uniform Clearing Price): Buyer bid: max rate willing to pay Seller ask: min rate willing to accept Clearing Rules: 1. Sort buy/sell orders by price 2. Find supply/demand equilibrium 3. All matched orders use uniform price 4. Buyer never pays more than bid 5. Seller never receives less than ask Example: Buyer A bid: 500 ppm (matched, pays 400) Buyer B bid: 450 ppm (matched, pays 400) Buyer C bid: 350 ppm (not matched) ------- Clearing Price 400 ppm ------- Seller X ask: 300 ppm (matched, gets 400) Seller Y ask: 380 ppm (matched, gets 400) Seller Z ask: 450 ppm (not matched)
通道租賃
Lease Duration and Rates
Lease Duration Options:
┌───────────────┬────────────┬──────────────┐
│ Duration │ Blocks │ Approx │
├───────────────┼────────────┼──────────────┤
│ 2016 blocks │ 2016 │ ~2 weeks │
│ 4032 blocks │ 4032 │ ~4 weeks │
│ 8064 blocks │ 8064 │ ~8 weeks │
└───────────────┴────────────┴──────────────┘
Rate Calculation:
Rate unit: per million satoshi per block (ppm/block)
Formula:
Total fee = capacity(sats) * rate(ppm) * blocks / 1,000,000
Example:
• Capacity: 10,000,000 sats (0.1 BTC)
• Rate: 500 ppm/block
• Duration: 2016 blocks
• Total fee: 10,000,000 * 500 * 2016 / 1,000,000
= 10,080,000 sats (~0.1 BTC)
APY (Annual Percentage Yield):
APY ≈ rate * 52560 (blocks per year) / 1,000,000 帳戶系統
Pool 帳戶
鏈上多簽地址，資金由用戶和 Pool 協調者共同控制。 用於支付拍賣費用和結算交易。
帳戶過期
帳戶有過期時間，過期後用戶可以單方面取回資金。 確保資金不會被永久鎖定。
批次執行
多個通道開設可以在一筆交易中完成。 減少鏈上費用，提高效率。
Sidecar 通道
為第三方購買通道。適合 LSP 為用戶購買入站容量。
使用 Pool
Pool CLI 命令： # 初始化 Pool pool accounts new --amt 1000000 --expiry_blocks 4032 # 查看帳戶餘額 pool accounts list # 提交買單（購買入站容量） pool orders submit bid \ --amt 5000000 \ # 需要的容量 --rate_fixed 500 \ # 願意支付的費率 --lease_duration_blocks 2016 # 提交賣單（出租流動性） pool orders submit ask \ --amt 10000000 \ # 提供的容量 --rate_fixed 400 \ # 要求的最低費率 --lease_duration_blocks 2016 # 查看訂單狀態 pool orders list # 查看租賃 pool leases list # 取消訂單 pool orders cancel <order_nonce> # 查看市場統計 pool auction snapshot
節點評級
Pool Node Rating System Rating Factors: 1. Historical uptime 2. Channel stability 3. Routing success rate 4. Connectivity 5. Community reputation Tiers: Tier 1: Highest quality nodes • High uptime • Stable routing history • May charge higher rates Tier 2: Good nodes • Acceptable uptime • Value-for-money option Unrated: New nodes or insufficient data • Buyer can choose whether to accept Buyer Can Specify: • Only accept nodes above certain tier • Specify preferred node pubkeys • Or accept any node
費用結構
Pool Fees Auction Fees: • Execution fee: 0.1% of matched amount (both sides pay) • On-chain fee: shared based on tx size Account Operation Fees: • Open account: on-chain tx fee • Deposit funds: on-chain tx fee • Withdraw funds: on-chain tx fee • Renew account: on-chain tx fee Example Total Cost Calculation: Purchase 0.1 BTC inbound capacity, 2016 block lease Lease fee: ~0.01 BTC (assuming 500 ppm) Execution fee: ~0.00001 BTC On-chain fee: ~0.0001 BTC ──────────────────────── Total cost: ~0.0101 BTC Receive: 0.1 BTC inbound capacity x 2 weeks
注意： 租賃到期後，通道不會自動關閉。雙方可以繼續使用通道， 但賣方不再有義務維持在線。
相關資源
下一步： 了解 流動性廣告 ——Core Lightning 的去中心化流動性市場。
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