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…
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