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This method makes a great solution that will get up to around 11-11.5ph. Great for soap however it is at the end of this inscrutable it is technically potassium carbonate (potash but called lye as well). Adding quicklime turns this into a KOH and chalk mix (caustic potash but also called lye :-/). For soap potassium carbonate is awesome but for biodiesel folks it needs some extra steps.