LN Node User Guide
User guide for creating your LN Node and LN Channel
OG Node owners will enjoy 120% mining rate.
How to activate and manage your Node:
Important note: Please factor in the need for gas fees for the following operations: i) Funding ii) Withdraw iii) Create Channel iv) Close Channel This implies that you need to deposit additional funds to cover the intended amount, taking into account gas fees.
ACTIVATE LN NODE
After a successful purchase, node deployment will be initiated, typically taking about one week to activate.
When it is ready for activation, you will need to perform the following actions:
Set a password for your LN Node.
Confirm your password and you will be provided with your Seed Phrase. Note them down and keep both your password and seed phrase safe.
NEVER SHARE your password or seed phrase with anyone. Your assets may be compromised if someone knows your password or seed phrase.
The status will change to [Unlocking]. Synchronization unlocking may require some time. (Depends on internet connection & Bitcoin network conditions)
You can use the refresh button to check the status has been updated.
Your LN Node is LIVE when the status has changed to [Running]
NODE MANAGEMENT
FUNDING
To deposit Bitcoin to your LN Node Wallet, tap on [Funding].
Use a Bitcoin-supported wallet or platform to fund your LN Node Wallet. Your funds will be self-custodied in your LN Node, and only you have access to the private key.
Copy the BTC Deposit Address and paste it in the Wallet you are sending the funds from.
CREATE CHANNEL
This feature is exclusive to Full Nodes. Upgrade your Lite Node to a Full Node to unlock access.
To create a channel, tap on [Create Channel]
Specify the amount you would like to use to provide liquidity to the channel. You may toggle between BTC or SATS.
Make sure to set the appropriate network fees.
Channel creation can remain indefinitely in pending status if the network fees are set below the recommended amount. This could result in your funds becoming inaccessible due to the pending status.
Tap on [Create Channel], to start creating.
Creating a Channel is an on-chain operation and requires syncing. Syncing time depends on the internet connection and the Bitcoin network conditions.
The Channel status will change from [Pending] to [Created].
FUND TRANSFER BETWEEN YOUR NODE & LNFI'S NODE
This feature is exclusive to Full Nodes. Upgrade your Lite Node to a Full Node to unlock access.
To deposit to Lnfi, tap on [Deposit to Lnfi].
Enter the deposit amount and tap on [Create invoice to deposit].
Once the invoice has been created, tap on [Deposit] to complete the operation.
To withdraw from Lnfi, tap on [Withdraw from Lnfi]
Enter the withdraw amount and tap on [Create invoice to withdraw]
Some of the balance is reserved for Commit Fee and Channel Reserve.
Hence, the amount you can withdraw from Lnfi back to your local balance will be lesser. These Reserve Fees will be returned when Channel is closed.
Tap on the [Withdraw] to complete the operation.
CLOSE CHANNEL
This feature is exclusive to Full Nodes. Upgrade your Lite Node to a Full Node to unlock access.
If you no longer require a channel, you can tap on [Close Channel].
Upon closing a channel, the channel's assets (net of network fees) will be refunded to your LN Node wallet by default. Alternatively, you can specify a receiving address.
WITHDRAW
To withdraw, use [Withdraw].
Withdraw to BTC Address: Copy and paste your designated receiving BTC wallet address.
Withdraw Amount: Input the withdrawal amount. Fee: As this is an on-chain operation, select the amount of sat/vB (satoshi per byte) you are willing to pay, or use custom.
After you have input the required fields, select [Withdraw] and complete the transaction.
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