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Veronika Rinecker
Editor
Veronika Rinecker
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1inch Network, a leading DEX aggregator for most EVM-based Layer 1 chains and Layer 2 rollups, has introduced Fusion+, a new solution that simplifies cross-chain token swaps.
Fusion+ allows users to seamlessly exchange assets across multiple blockchains while maintaining full control over their funds.
The future of cross-chain swaps is here, and it’s called Fusion➕
Powered by intent-based atomic swaps, it’s a complete reinvention of how cross-chain should be 🔀
Gasless, secure, fully self-custodial, with a seamless UX ✨
Ready to experience perfection? Dive deeper 🧵⬇️ pic.twitter.com/IuD2b3T8Sd
— 1inch (@1inch) September 18, 2024
P2P Marketplace for Cross-Chain Swaps
1inch Fusion+ offers users a decentralized, self-custodial solution that taps into the vast liquidity of the Web3 ecosystem. This ensures users obtain the best possible rates for their cross-chain swaps while mitigating the risks associated with centralized exchanges (CEXs).
“Fusion+ is more than just another cross-chain solution or bridge aggregation. We’ve created a peer-to-peer (P2P) marketplace where it doesn’t matter which network the liquidity is on,” said 1inch in an X post from Sept. 18.
As per the company’s announcement, Fusion+ leverages atomic swap technology, guaranteeing that cross-chain swaps are all-or-nothing transactions. If a swap fails to complete, the assets are safely returned to the original owner. The entire process is governed by smart contracts, eliminating the need for intermediaries or mutual trust.
A New Standard for Cross-Chain Swaps
1inch Fusion+ is upgrade its predecessor, 1inch Fusion that was launched in late 2022. In Fusion, users specify the minimum return they’re willing to accept, and professional traders compete to execute the swap at the most favorable rate. A Dutch auction model is employed to determine pricing, with Fusion swap filling rates decreasing over time based on volume and user-defined presets.
To ensure optimal execution, Fusion+ incorporates a smart price curve that accounts for market liquidity and adjusts based on gas prices. Additionally, its intent-based architecture safeguards users from maximal extractable value (MEV) exploits.
To enable greater efficiency in swaps, 1inch also released 1inch Fusion 2.0 in May. One of the key improvements in Fusion 2.0 is the removal of the settlement contract layer. By replacing this layer with a lightweight settlement extension, 1inch allowed users to interact directly with resolvers. This results in significantly better pricing, with token swaps up to 35% cheaper than those offered by the initial 1inch Fusion.
1inch Network Flourishes in Q2 2024
According to Messari, the 1inch network saw substantial growth in key metrics during Q2 2024. Daily average total volume rose 12%, transactions increased by 59%, and active addresses grew 27%. This growth was primarily fueled by the successful deployment on Base.
State of @1inch Q2’24
Key Update: Daily avg. volume increased to $450 million, up 12% QoQ.
QoQ Metrics 📊
• Transactions ⬆️ 59%
• Volume on @base ⬆️ 280%
• 1INCH staked ⬆️ 2%Access the FREE report 👇https://t.co/PkeALMAdZp pic.twitter.com/GY68xZxtNL
— Messari (@MessariCrypto) August 29, 2024
Furthermore, 1inch solidified its position as the leading DEX aggregator on Ethereum, maintaining a market share of 56%.
In July 2024, the network also expanded beyond the EVM ecosystem, joining forces with Notcoin and Sign to launch Triangle, an accelerator program dedicated to the Telegram and TON ecosystem.
