As a seasoned analyst with years of experience navigating the dynamic landscape of decentralized finance (DeFi), I find myself thoroughly intrigued by the latest development from 1inch Network – the launch of Fusion+. Having witnessed firsthand the challenges and potential of cross-chain swaps, I can confidently say that this upgrade holds immense promise for streamlining the process, addressing concerns such as high transaction fees, slow processing times, and security vulnerabilities.
1INCH, based in San Francisco, has unveiled its latest innovation – Fusion+. This upgrade significantly enhances the multi-chain liquidity aggregator’s cross-chain swapping capabilities. The new system, which is an advancement of the intent-based atomic swap approach introduced towards the end of 2022 with 1inch Fusion, provides a smooth, gasless, and self-custodial experience for users who are in search of cross-chain liquidity. Here’s a quick snapshot:
As per a recent announcement, Fusion+ is poised to revolutionize cross-chain transactions by establishing a decentralized, user-to-user marketplace. This innovative platform aims to minimize expenses associated with intermediary bridges and decreases the dependency on centralized trading platforms.
Intent-Based Atomic Swaps
1inch’s Fusion+ update allows for seamless exchange of assets across various blockchains, eliminating the usual delays, high fees, and safety concerns linked with cross-chain transactions. This is achieved through the implementation of ‘intent-based atomic swaps’, a mechanism that guarantees optimal rates for users while keeping their assets securely in their control. These swaps work on a Dutch auction principle, ensuring that users get the best possible deals while managing their own assets.
As a crypto investor, I find it reassuring that Fusion+ keeps my assets secure in an escrow account on both chains throughout the transaction. The swap is finalized only when certain conditions are fulfilled and the cryptographic secret is disclosed, allowing the resolver to complete the exchange. If these conditions aren’t met within the allotted time, both contracts get canceled, and my funds are safely returned to me.
Users simply choose the tokens they want to trade, identify the blockchain network(s) involved, and then confirm their selection. Once confirmed, the automated system handles the exchange process.
Significantly, Fusion+ is now active on the 1inch decentralized application (dApp) and is slated to be incorporated into the 1inch Wallet in the near future. At present, the protocol is in its testing phase, so users must manually activate Fusion+ within the Settings area of the 1inch dApp. Upon completion of this trial period, the feature will automatically become accessible to all, as stated in the recent announcement.
1inch’s Recent Ventures
1inch’s ongoing goal is to foster advancements within the realm of blockchain tech, as demonstrated earlier this year when the 1inch Network broadened its scope by collaborating with Lumia – a platform designed to boost on-chain liquidity and deliver superior pricing options for DeFi users.
Additionally, I’ve been thrilled to learn about 1inch’s recent collaboration this week with OKX Wallet. The goal of this partnership is for 1inch to share its APIs, thereby enabling seamless gasless transactions and Multi-Transaction Execution (MEV) safeguards within the swaps offered through their platform.
1inch Network’s native token, 1INCH, saw a small 1% rise in worth during the last 24 hours, according to current updates. As per CoinMarketCap, it presently stands at 155th place among the top cryptocurrencies based on market capitalization, with an overall market worth of $307 million. It’s worth mentioning that 1INCH token has encountered difficulties in recent times, trading now at a significant 97% decrease from its peak all-time high of $7.87, which it reached in the year 2021.
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2024-09-18 14:03