1inch's Fusion+ Upgrade: Secure Cross-Chain Swaps for Web3 Users
Introducing Fusion+: A Gamechanger for Cross-Chain Swaps
1inch is thrilled to unveil Fusion+, a significant upgrade to its protocol, designed to enhance cross-chain swaps within the Web3 ecosystem. Users can now experience secure, decentralized transactions while maintaining full self-custody of their assets. This groundbreaking solution addresses the shortcomings of traditional swap mechanisms by integrating liquidity from various networks.
Empowering Users with Advanced Features
- Security: Fusion+ leverages atomic swap technology, ensuring all-or-nothing transactions that prioritize user safety.
- Efficiency: With a decoupled approach to liquidity, users benefit from the best rates available without intermediary risks.
- Trustless Transactions: Smart contracts automate and verify swaps, enhancing trust and minimizing counterparty risk.
How Fusion+ Works
The mechanics behind Fusion+ allow users to engage in swaps seamlessly. For instance, a user can begin by specifying their desired swap details. The process initiates a Dutch auction, optimizing rates through competition among resolvers.
- Initiation: Users enter swap details and orders trigger a bidding process.
- Locking Funds: Resolvers perform escrow functions, ensuring safety for both parties.
- Timelock Protection: Automated safeguards return funds if the transaction isn't completed on time.
Currently in beta, users are encouraged to enable Fusion+ in their settings to experience its transformative benefits. 1inch is paving the way for enhanced security and decentralization in Web3.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.