"This upgrade leverages Taproot’s Schnorr signatures to enable cheaper and more private swaps. Taproot’s features also allowed us to implement Immediate Cooperative Refunds, our flagship feature for this release, which dramatically improves UX as now users can get their locked bitcoin back immediately if a swap fails."
Immediate Cooperative Refunds. "These refunds, as the name suggests, allow for immediate refunding."
Cheaper Network Fees. "The reduction in network fees of Taproot Swaps, is partly because of the smaller on-chain footprint of Schnorr Signatures (64 instead of 72 bytes) but mainly because now it is a single signature instead of script + preimage + signature that is pushed on-chain."
Increased Privacy. "The privacy gains of Taproot Swaps are directly inherited from Taproot itself: all successful swaps look the same on the chain as unused script paths are hidden and all appear to be a single signature spend."
Easier Upgrades. "The new script path of Taproot Swaps enables us to deploy more upgrades in future by adding new script paths, and most notably without increasing costs for users as only the used script is pushed on-chain."