DeFi platform 1inch has launched Fusion+, an upgrade aimed at simplifying cross-chain cryptocurrency swaps.
The new feature, now available on the 1inch decentralized application (dApp) and wallet, marks the end of its beta phase and introduces a new way to exchange tokens across different blockchains, the project said in a statement shared with Cryptonews.com.
Fusion+ aims to address the challenge of moving assets between blockchains in DeFi.
Fusion+ to Remove the Need for Centralized Bridges
Traditional cross-chain swap methods often rely on centralized bridges, which pose significant security risks, or decentralized solutions, which can be complicated to use.
With Fusion+, 1inch aims to offer a better alternative that combines security, simplicity, and efficiency.
Since its beta launch in September, Fusion+ has processed millions of dollars in transactions, demonstrating its potential to become a game-changer in the DeFi ecosystem.
The technology is built around atomic swaps, a method that ensures trades are either completed in full or safely canceled, eliminating the risks of partial or failed transactions.
To further enhance security, Fusion+ incorporates built-in protection against Maximal Extractable Value (MEV) attacks, which can exploit blockchain transactions for profit.
The process for using Fusion+ is straightforward. Users select the tokens and blockchains they want to trade, confirm the transaction, and wait for the swap to complete.
Behind the scenes, the platform uses Dutch auctions to match users with professional market makers, known as resolvers, who compete to offer the best rates.
The transactions are conducted through secure escrow contracts on both the source and destination blockchains, ensuring that funds are only released when both parties fulfill their obligations.
Fusion+ eliminates the need for centralized third parties, offering a decentralized solution that prioritizes user control and trust.
If a swap cannot be completed within a set timeframe, the funds are automatically returned to the original owner, ensuring no losses occur.
Users can start using Fusion+ immediately through the 1inch dApp and wallet without requiring additional setup or technical expertise.
1inch Launches Web3 RPC API Tool
In July, 1inch Labs launched the 1inch Developer Portal, offering Web3 developers a more efficient RPC blockchain interaction, without the need to run their own node, says 1inch.
RPC stands for Remote Procedure Calls and APIs for Application Programming Interfaces. RPC API acts as the gateway for external applications allowing them to interact with Ethereum.
Partners, stakeholders and clients using the 1inch network include Polygon, Metamask, BNB Chain, Crypto.com, Trust Wallet, Chainlink, Coinbase, and Binance Lab.
The Web3 RPC API offers users several benefits such as “maximal uptime.”
1inch Labs said it has developed an advanced internal system for node health check or load balancing, which allows for the maximum possible uptime.
The firm added it can support high network load without sacrificing uptime and can support 10 EVM networks.
The post 1inch Launches Fusion+ to Simplify Cross-Chain Crypto Swaps appeared first on Cryptonews.
