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1inch has updated its cross-chain swapping system by launching Fusion+, offering a seamless, gasless, and self-custodial experience for its users.
Key Notes
1inch has launched Fusion+, enhancing its cross-chain swapping with a seamless, gasless, and self-custodial experience.Fusion+ builds on the intent-based atomic swap system introduced with 1inch Fusion in 2022.Currently live on the 1inch dApp, the protocol will soon be integrated into the 1inch Wallet for broader user access.San Francisco-based multichain liquidity aggregator 1inch 1INCH $0.24 24h volatility: -0.4% Market cap: $303.54 M Vol. 24h: $49.62 M has recently announced the launch of Fusion+, a major upgrade to its cross-chain swapping capabilities. The new system, which builds on the intent-based atomic swap approach introduced in late 2022 with 1inch Fusion, offers a seamless, gasless, and self-custodial experience for users seeking cross-chain liquidity.
According to a press release, Fusion+ is set to transform the way cross-chain swaps are conducted by providing a decentralized, peer-to-peer marketplace that eliminates the need for costly bridges and reduces reliance on centralized exchanges.
Intent-Based Atomic Swaps
Fusion+ can leverage liquidity from multiple chains without the slowdowns traditionally associated with cross-chain swaps. Previously, users often faced high transaction fees, sluggish processing times, and security concerns when swapping assets between networks. The new upgrade addresses these issues head-on by employing intent-based atomic swaps. 1inch explains that these atomic swaps utilize a Dutch auction model to ensure users receive the best rates while maintaining full control over their assets.
It is worth noting that Fusion+ locks assets in escrow on both chains, ensuring funds are fully secure throughout the transaction. The swap is only completed once specific conditions are met and the cryptographic secret is revealed, enabling the resolver to finalize the exchange. If the conditions aren’t met within the specified time, both contracts are canceled, and the funds are returned to their original owners.
To initiate a swap, users just need to select the tokens they wish to exchange and specify the blockchain networks involved. After confirming the details, the swap is processed automatically.
Notably, Fusion+ is live on the 1inch decentralized application (dApp) and is set to be integrated into the 1inch Wallet soon. The protocol is currently in its beta phase, therefore, users are required to manually enable Fusion+ in the Settings section of the 1inch dApp. Once this testing period ends, the feature will be automatically enabled for everyone, as per the announcement.
1inch’s Recent Ventures
This upgrade is a continuation of 1inch’s mission to drive innovation in blockchain technology. Earlier this year, the 1inch Network expanded its reach by integrating with Lumia, a protocol aimed at enhancing on-chain liquidity and offering better pricing for DeFi users.
Moreover, just this week, 1inch also announced its partnership with OKX Wallet to provide its APIs, aiming to offer swaps with gasless transactions and MEV protection.
Amid the upgrade, the native token of 1inch Network, 1INCH, has experienced a modest 1% increase in value over the past 24 hours. As per CoinMarketCap, the token currently ranks 155th among the largest cryptocurrencies by market capitalization, with a total market value of $307 million. Notably, 1INCH token has faced challenges in recent years, currently trading 97% below its all-time high of $7.87, achieved in 2021.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
