A channel policy are the rules for the channel, for example the cost (fees) of using this channel.
Changing fees: Changing fees
--base_fee_msat value the base fee in milli-satoshis that will be charged for each forwarded HTLC, regardless of payment size (default: 0) --fee_rate value the fee rate that will be charged proportionally based on the value of each forwarded HTLC, the lowest possible rate is 0.000001 --time_lock_delta value the CLTV delta that will be applied to all forwarded HTLCs (default: 0) --chan_point value The channel whose fee policy should be updated, if nil the policies for all channels will be updated. Takes the form of: txid:output_index
A fixed fee that every payment through this hop has to pay. The base fee is charged regardless of the amount being sent. The higher the amount, the lower the relative impact of the base fee.
Fee per mil
A percentage charged on the amount of the payment. It is denominated in millionths of a Satoshi transferred.
Time Lock delta
Minimum channel size
Set minchansize=XXXXX in your config file or startup parameters (lnd) and people will not be able to open smaller channels than the number you give in.
Maximum HTLC Size
Set the max HTLC size to help pathfinding on mobile. It helps if it is already known how big the max payment can be on a channel, makes pathfinding easier.