2023-9-15 19:00 |
Amboss, a leading data analytics provider for the Bitcoin Lightning Network (LN), has unveiled a new subscription service called Hydro, designed to automate liquidity management for the LN, according to a press release sent to Bitcoin Magazine. This enables businesses to seamlessly receive payments through the Lightning Network without requiring expertise in LN operations or relinquishing custody of their funds.
Hydro attempts to simplify the Lightning Network's payment liquidity process by automating the sourcing of payment liquidity from decentralized sources directly to a business's LN node. As more businesses embrace the Lightning Network, the growing circular economy leads to increasingly cost-effective Lightning payments, with fees dropping from an initial 3.5% setup cost to as low as 0.003% for subsequent payments, according to the release.
Jesse Shrader, Co-Founder and CEO of Amboss, emphasized Hydro's transformative potential, stating, "Hydro is a game changer for businesses to get the benefits of the lightning network without trusted custodians, intermediaries, or the headache of channel management. As the lightning network welcomes global participation, Hydro simplifies real-time payment infrastructure to bootstrap global circular economies like we’ve seen in Costa Rica’s ‘Bitcoin Jungle’."
Until now, sourcing liquidity for businesses on the LN has been a challenging endeavor, as entrepreneurs typically lack the time and expertise needed to manage a LN node. Consequently, the adoption of Lightning has been slow for retailers using full nodes, often forcing them to turn to trusted custodians, thereby sacrificing some of the privacy and sovereignty advantages offered by Bitcoin. With Hydro, businesses can finally tap into the full benefits of LN adoption without the associated hassles.
Amboss also operates Magma, a marketplace for buying and selling Lightning channels, which Hydro leverages to obtain high-quality liquidity from an open market. Lightning channels create new pathways for routing payments within the Lightning Network. Selling these channels on Magma allows Bitcoin savers to earn BTC by opening Lightning channels to various destinations, such as online stores, wallets, or other LN users. Since Lightning channels enable self-custodial Bitcoin holding, Magma provides novel Bitcoin yield opportunities without custodial risks, sidestepping the pitfalls experienced by some centralized finance (CeFi) yield platforms.
Hydro's functionality involves purchasing select Lightning channel leases that meet specific quality criteria at the lowest available prices. Users can define their desired node size (capacity), and channels will be automatically procured using prepaid Amboss credits, known as "ambucks." Users even have the option to set a target inbound liquidity, facilitating cost-effective and needs-based channel management.
Amboss's Hydro aims to reshape the landscape of the Bitcoin Lightning Network, making it more accessible and user-friendly for businesses, ultimately driving wider adoption and fostering the growth of a robust, decentralized payment ecosystem. To learn more about Amboss or subscribe to its comprehensive Lightning Network insights, services, and more, visit their website at here.
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