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Channels can have pending HTLCs, or even handle multiple payments concurrently. Is there a max number of pending HTLCs a channel can entertain? What is that max, why is it set to that number, and what are potential ramifications of a higher value (is latency a concern?)

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483 because the commitment transaction might otherwise become too large if it hits the chain.

Ramifications are:

To mitigate those attacks currently most nodes have 30 htlcs as a default value.

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