1inch Network Introduces Fusion+ Solution For Cross-Chain Swaps
In Brief
1inch Network introduced Fusion+ designed to facilitate smooth token swaps throughout various chains while guaranteeing asset protection.
Decentralized exchange (DEX) aggregator 1inch Network introduced Fusion+, a new cross-chain solution designed to facilitate smooth token swaps throughout various blockchains while guaranteeing asset protection.
With Fusion+, users maintain full control over their assets, while the system guarantees that transactions are executed across both participating networks in the swap without the need for intermediaries. It provides a decentralized, self-custodial solution, leveraging the vast liquidity available in Web3 to offer users advantageous rates while prioritizing high-level security.
This upgrade builds upon the intent-based approach unveiled with 1inch Fusion, as well as atomic swap technology.
1inch Fusion swaps allow users to set a minimum return they’re willing to accept while professional traders compete to make the swaps at the most favorable rates. The pricing is defined via a Dutch auction.
Meanwhile, the atomic swaps are secure and trustless, designed as all-or-nothing transactions. If a swap fails to complete, the funds are automatically transferred back to the owner. Moreover, atomic swaps allow both parties to exchange assets without needing mutual trust, as the procedure is governed by smart contracts, which validate all conditions, eliminating the requirement for intermediaries and ensuring the transaction is safely executed.
How To Complete a Cross-Chain Swap With Fusion+?
In order to initiate a swap process, individuals need to access the 1inch application, switch on Fusion+ in the settings, select the desired tokens and blockchains for the swap, and confirm the transaction, keeping it open until the process is completed.
Presently, the new tool is available in its beta version. Once the testing phase concludes, cross-chain swaps using Fusion+ will be automatically enabled for all users.
1inch Network functions as a decentralized finance (DeFi) platform, providing a range of blockchain-based products and services. Its primary feature is liquidity aggregation from various DEXs, enabling users to obtain the most competitive rates for token swaps. Recently, it has partnered with Web3 security firm Blockaid to enhance its security measures through the launch of the 1inch Shield application programming interface (API).
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
