In a September 18 update, the world-leading liquidity aggregator 1-Inch intensified its focus on decentralized finance (DeFi) by launching Fusion +. The new upgrade aligns with 1 Inch’s mission of providing cutting-edge solutions to Web3 users.
The new upgrade seeks to strengthen the 1-inch cross-chain swaps capabilities to allow traders to buy and sell crypto seamlessly. A cross-chain swap refers to a decentralized platform facilitating the buying of crypto assets from different chains on a single platform.
1-Inch Unveils Major Upgrade
For years, cross-chain swaps have undergone significant transformation to address the cost, speed, and risk of third-party involvement. The remarkable development involved introducing atomic swap technology to improve the swaps’ security, speed, and efficiency.
Compared to the traditional swapping mechanism, atomic swaps utilize the Dutch model to keep the rates modest and grant users complete control of their assets.
The atomic swaps leverages smart contracts and blockchain technologies to verify transactions. The development aims to eliminate third parties, such as centralized exchanges, and ensure trustless swap transactions.
The atomic swaps embraced an intent-based approach powered by emerging technologies such as blockchain and smart contracts. The smart contract ensures that the swapping process can only be completed under certain conditions.
Firstly, the user must select the token they wish to trade on a specific blockchain network. After providing the necessary information, the swapping process begins but can be canceled if the transaction fails to meet the specific conditions.
These conditions include issuing a cryptographic secret code that allows the resolver to complete the swapping process. However, in case of a system failure or unmet swapping condition, the transaction is canceled, and funds are returned to the original owner.
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How Will Fusion + Improve Web3 Experience?
Even though the Fusion + is still in the beta phase, it’s expected to be a game-changer in cross-chain swapping. The upgrade has integrated diverse liquidity across Web3 to ensure fast, reliable, and efficient swaps.
The upgrade seeks to provide the end user with self-custodial services and secure transactions. At the moment, the Fusion+ can be enabled manually in the 1-inch decentralized application (dApp) setting, but after the beta testing, the developers will migrate the new upgrade to the wallet.
The launching of the 1-inch native token surged to $0.2764, a 5.78% increase in a day. The sudden surge of the 1-inch tokens demonstrated the possibility of attaining the predicted $0.90 by year-end. With the ongoing development within the 1-Inch ecosystem, analysts predicted that 1INCH would trade above $0.89 in a month. If the predictions actualize, the 1INCH token will become the biggest gainer, with a total supply of over $1.5 million.
1 Inch Recent Developments
Despite the Fusion+ upgrade, the 1-inch team has been seeking to drive innovation in the blockchain and crypto industry. In March, the 1-Inch team integrated the Lumia protocol to expand its on-chain liquidity and offer users the best rates.
Through the integration, 1-Inch believes that Lumia will support the effective liquidity transfer from centralized exchanges (CEXs) to DeFi platforms. The 1-Inch confirmed plans to integrate Lumia into Fusion in the coming days.
The expected integration of Lumia to 1-Inch Fusion aimed to improve the cross-chain swapping process. As a leading multichain liquidity protocol, the 1-Inch team has closed partnership deals to offer the user efficient, cost-effective, and secure experiences.
The Bitjournal reported that the 1-Inch team partnered with OKX to provide the user with gasless, reliable, and secure transactions. The partners agreed to develop powerful tools that offer the user exclusive Web3 experience.
The 1-Inch projects that the partnership with the best-performing crypto exchange will support the liquidity aggregator to scale its operation and serve a large audience.
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