SideSwap Reports About 600 Redemptions After Reopening L-BTC Swaps

The headline number is the redemption count, but the more telling figure is the reserve ratio: Liquid federation backing at roughly 85.8% of outstanding L-BTC means the system is running a visible shortfall, and SideSwap covering payouts from its own wallet shifts the immediate strain onto a single platform's balance sheet rather than the federation. That distinction matters for anyone holding L-BTC across venues, since confidence now hinges on whether self-funded redemptions can keep pace without drawing down reserves further. Whether the redemption queue slows and whether the reserve gap narrows or widens are the open questions.