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Stable Channels + Rust + LDK + just-in-time channels

Actors / roles in this demo

Each of these three actor runs a Lightning Development Kit (LDK) Lightning Node.

Each actor remains self-custodial.

  1. Exchange: Lightning-enabled exchange, like Coinbase or Kraken.
  2. User: This self-custodial user wants the USD stability, also known as the Stable Receiver.
  3. LSP: "Lightning Service Provider." This actor is the Stable Provider.
graph LR
    Exchange <---> LSP/Server <---> User/Mobile
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Prerequisites

To run this demo, you will need Rust installed. You must also be connected to the internet to use Mutinynet for testing.

Clone the repo and open it in two windows.

Walkthrough

In this example, a user onboards to a Stable Channel from an exchange.

The user onboards by paying himselg via a Bolt11 Lightning invoice. The LSP creates this channel for the user and provides this stabiltiy service.

Step 1 - Start the app

  • In one window, run:
cargo run --features user
  • In the other window, run:
cargo run --features lsp
  • In a third window, run:
cargo run --features exchange

then

lsp getaddress

and

exchange getaddress

Go to https://faucet.mutinynet.com/ and send some test sats to these two addresses. Wait for them to confirm.

lsp balance

and

exchange balance

Step 2 - Open a routing channel

Open a channel between the exchange and the LSP. We will use this for routing.

exchange openchannel

Let's see if the channel got confirmed on the blockchain. Check if "channel_ready" equals "true."

lsp listallchannels

or

exchange listallchannels

Step 3 - Create a JIT Invoice

Create a JIT invoice that will route from the exchange, through the Lightning Service Provider, and finally to the user.

user getjitinvoice

Step 4 - Pay the JIT Invoice

The LSP intercepts the payment, takes out a channel open fee, puts in matching Liquidity, and sends the rest to the user.

exchange payjitinvoice

Now the LSP has two channels. 1 to the exchange and one to the user.

lsp listallchannels

And the user has one channel:

user listallchannels

Step 5 - Start a stable channel

Using the command:

user startstablechannel CHANNEL_ID IS_STABLE_RECEIVER EXPECTED_DOLLAR_AMOUNT EXPECTED_BTC_AMOUNT

or:

user startstablechannel cca0a4c065e678ad8aecec3ae9a6d694d1b5c7512290da69b32c72b6c209f6e2 true 4.0 0