DeFi project 1inch takes a new approach to cross-chain transactions by removing the need for cross-chain bridges with the full release of Fusion+.
DeFi (decentralized finance) platform 1inch has officially released Fusion+, an upgrade designed to simplify and secure cross-chain token swaps by eliminating reliance on traditional bridges and third parties.
Now fully integrated into the 1inch DApp (decentralized application) and 1inch Wallet, Fusion+ aggregates liquidity across the Web 3.0 ecosystem, offering users a seamless and efficient swapping experience.
Cross-chain transactions have historically been a pain point in the DeFi space due to interoperability challenges and security vulnerabilities associated with third-party bridges.
Traditional methods often expose users to hacks and exploits, while decentralized options can be complex and less user-friendly.
Fusion+ addresses these issues by eliminating the reliance on external bridges.
It employs atomic swap technology and cryptographic protections to enable secure, operator-free swaps between multiple blockchains.
By integrating liquidity from various sources, Fusion+ sets a new benchmark for blockchain interoperability.
Key features of Fusion+
The Fusion+ upgrade introduces several innovative features that aim for a better DeFi user experience.
Security-centric design
- Atomic swaps with MEV protection Fusion+ uses atomic swaps coupled with MEV (maximal extractable value) protection to ensure that transactions are either fully completed or safely reverted. This eliminates risks like partial fills and failed trades.
- Cryptographic safeguards The system employs hashlocks and timelocks, ensuring that swaps are trustless and decentralized without the need for intermediaries.
User-friendly experience
- Simplified swapping process Users can effortlessly swap tokens by selecting their desired tokens and networks, confirming the transaction and keeping the swap tab open until completion.
- Optimal rates through Dutch auctions Fusion+ uses Dutch auctions and the competitive nature of 1inch resolvers professional market makers to secure the best possible rates for users.
How Fusion+ works
With Fusion+, 1inch aims to make cross-chain token swaps as user-friendly and secure as possible.
Here’s how the process unfolds from the user’s perspective.
- Initiating the swap Users set the minimum return they’re willing to accept. This initiates a Dutch auction where resolvers bid by lowering their fees until the user’s order is matched.
- Securing funds in escrow The resolver deposits the user’s tokens into an escrow contract on the source blockchain and simultaneously locks the desired tokens into an escrow on the destination blockchain. Cryptographic secrets and timelocks are used to secure these contracts.
- Completing the transaction Once both escrows are in place, cryptographic secrets are revealed to unlock the tokens. The resolver claims the user’s original tokens on the source chain, and the user receives the desired tokens on the destination chain.
- Timelock protection If the swap isn’t completed within a predetermined time frame, the contracts are canceled, and funds are returned to their original owners, ensuring no assets are lost.
User’s journey with Fusion+
Users can start utilizing Fusion+ immediately via the 1inch DApp and 1inch Wallet. The process is straightforward.
- Select tokens and networks Choose the tokens you wish to swap and the respective blockchains.
- Confirm the transaction Review the details and confirm the swap.
- Keep the swap tab open Maintain the swap tab open until the transaction is completed to ensure a smooth process.
No additional setup or configuration is necessary, making it accessible for both novice and experienced users.
A significant step forward for DeFi
As the DeFi ecosystem seeks solutions to improve interoperability and security, Fusion+ offers a viable path forward.
Its user-centric design and robust security features could attract a wider audience to DeFi platforms, from individual investors to large institutions.
Users can start using Fusion+ immediately on the 1inch DApp and 1inch Wallet.
About 1inch
1inch is revolutionizing the world of DeFi by providing users with the best possible crypto trading experience.
Beyond being the top platform for low-cost, efficient token swaps, 1inch offers a range of innovative tools, including a secure self-custodial wallet, a portfolio tracker for managing digital assets, a developer portal to build on its cutting-edge technology and even a debit card for easy crypto spending.
By continuously pushing the limits of innovation, 1inch is simplifying DeFi for everyone whether you’re a crypto whale or just getting started nd helping to shape the future of finance.
Contact
Pavel Kruglov, PR lead at 1inch Labs
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