LN Summit 2024 Notes & Summary/Commentary

The two directions being single sig or musig2 based adapter signatures? I think the determination will partially depend on what the libraries/tooling looks like. The musig module for libsecp was merged in 2 weeks ago, but I don’t think it contains an implementation of musig2 adapter signatures yet. I’d wager that along the road to implementation, a pitstop is made to specify the construction in a new BIP.

Adapter signature choice aside, to get to PTLC enabled channels, there’re roughly 4 or so steps:

  1. Taproot channels.
  2. Taproot gossip.
  3. Simplified commit (round based channel state machine).
  4. PTLC.

Right now the first 3 have spec PRs, with the first two having a complete or nearly complete implementation (IIRC Rusty is working on refreshing the code+spec for #3). Steps 1 and 3 are just link-level upgrades, so they can be rolled out in a loosely coupled manner once a pair of peers understands the protocol. Steps 2 and 4 are internal network wide upgrades, they require all nodes in a prospective path to be upgraded before they can be widely rolled out.

IMO, concurrent with step 3, we’ll likely start to focus on carving out the specifics of the new v3 commitment transaction format. It’s just a link-level upgrade, and with dynamic commitments, we can start to upgrade links in the internal routing network. I’d put this as relatively high priority, as it gets rid of a lot of the warts related to fees, and better positions us for the eventual long lived fee spike.