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Splicing allows interacting between the Lightning Channel and the Blockchain. It will allow you to add funds (or parties) to your channel, or remove them.

For now, increasing a channel’s capacity or taking money on-chain requires closing a channel and takes time. A new proposed feature, splicing, originated from Rusty Russell last October, allows users to coordinate an on-chain transaction to add or remove funds from a channel.

From https://www.theblockcrypto.com/2019/01/18/from-reckless-to-wumbology-lightning-networks-infrastructural-build-out/