diff --git a/TODO.md b/TODO.md
new file mode 100644
index 0000000000..4a253cba2d
--- /dev/null
+++ b/TODO.md
@@ -0,0 +1,25 @@
+# Liquidity Ads
+
+## Tasks
+
+- when selling liquidity:
+  - ensure we don't raise our relay fees above what was negotiated
+  - disallow mutual close and force-close commands during the lease
+  - change the format of commit txs
+- when buying liquidity:
+  - when doing an RBF, must pay for the lease `fundingWeight` at the new feerate
+  - verify our peer doesn't raise their relay fees above what was negotiated: if they do, send a `warning` and log it
+  - ignore remote `shutdown` messages? Send a `warning` and log?
+- when the lease expires, "clean up" commitment tx?
+  - probably requires an `end_lease` message?
+- lease renewal mechanism:
+  - maybe unnecessary, it's just a splice that uses the `request_funds` tlv?
+
+## Liquidity ads plugin
+
+Implement the business logic that decides how much to contribute when accepting a `request_funds` in a plugin.
+Requires validation of the following fields from `open_channel2`:
+
+- feerate -> it shouldn't be too high unless the buyer is paying for our inputs
+- lockTime -> must not be too far away in the future and must match the lease start
+- remote amount must allow paying the lease fees and the commit tx fees