1inch Introduces Fusion+ for Cross-Chain Swap Enhancement

1inch Network, a prominent DEX aggregator for various EVM-compatible Layer 1 chains and Layer 2 rollups, has launched Fusion+, a novel solution designed to streamline cross-chain token exchanges.

Fusion+ enables users to effortlessly swap assets across different blockchains while retaining complete control over their funds.

The future of cross-chain exchanges is here, and it’s named Fusion

Driven by intent-based atomic swaps, it represents a total reimagining of how cross-chain transactions should function

Gasless, secure, entirely self-custodial, with a smooth user experience

Ready to discover excellence? Explore further pic.twitter.com/IuD2b3T8Sd

— 1inch (@1inch) September 18, 2024

P2P Marketplace for Cross-Chain Swaps

1inch Fusion+ provides users with a decentralized, self-custodial option that leverages the extensive liquidity available within the Web3 ecosystem. This guarantees that users receive the most advantageous rates for their cross-chain exchanges while reducing the risks linked to centralized exchanges (CEXs).

“Fusion+ transcends being merely another cross-chain solution or bridge aggregation. We’ve established a peer-to-peer (P2P) marketplace where the network of liquidity is irrelevant,” stated 1inch in an X post dated Sept. 18.

According to the company’s announcement, Fusion+ utilizes atomic swap technology, ensuring that cross-chain exchanges are all-or-nothing transactions. If a swap does not complete, the assets are securely returned to the original owner. The entire procedure is managed by smart contracts, removing the necessity for intermediaries or mutual trust.

A New Standard for Cross-Chain Swaps

1inch Fusion+ serves as an enhancement to its predecessor, 1inch Fusion, which was introduced in late 2022. In Fusion, users indicate the minimum return they are willing to accept, and professional traders compete to execute the swap at the most favorable rate. A Dutch auction model is utilized to establish pricing, with Fusion swap filling rates diminishing over time based on volume and user-defined parameters.

To guarantee optimal execution, Fusion+ integrates a smart price curve that considers market liquidity and adjusts according to gas prices. Furthermore, its intent-based architecture protects users from maximal extractable value (MEV) exploits.

To enhance efficiency in swaps, 1inch also launched 1inch Fusion 2.0 in May. A significant improvement in Fusion 2.0 is the elimination of the settlement contract layer. By substituting this layer with a lightweight settlement extension, 1inch enabled users to interact directly with resolvers. This leads to considerably better pricing, with token swaps being up to 35% less expensive than those provided by the original 1inch Fusion.

1inch Network Flourishes in Q2 2024

As reported by Messari, the 1inch network experienced notable growth in key metrics during Q2 2024. The daily average total volume increased by 12%, transactions rose by 59%, and active addresses expanded by 27%. This growth was largely driven 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

Moreover, 1inch solidified its status as the top DEX aggregator on Ethereum, holding a market share of 56%.

In July 2024, the network also expanded beyond the EVM ecosystem, collaborating with Notcoin and Sign to launch Triangle, an accelerator program focused on the Telegram and TON ecosystem.

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