DeFi 1inch platform has launched Fusion , an enhancement aimed at simplifying inter-chain cryptocurrency exchanges.
The new feature, now available on 1inch’s decentralized app (dApp) and wallet, marks the end of the beta phase and introduces a new way to exchange tokens across blockchains, the project said in a statement shared with Cryptonews.com. Fusion aims to solve the problem of transferring assets between blockchains in DeFi.
Traditional methods of inter-chain exchange 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 performance. Since its beta launch in September, Fusion has processed millions of dollars worth of transactions , demonstrating its potential to become a breakthrough in the DeFi ecosystem.
The technology is based on atomic swaps, a method that ensures that transactions are either fully executed or safely cancelled, eliminating the risk of partial or failed transactions. To further enhance security, Fusion includes built-in protection against Maximal Extractable Value (MEV) attacks, which can exploit blockchain transactions for profit.
The process of using Fusion is simple. 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.
Transactions are conducted through secure escrow agreements on both the source and destination blockchains, ensuring that funds are released only when both parties fulfill their obligations.
Fusion eliminates the need for centralized third parties, offering a decentralized solution that places a premium on user control and trust. If a swap cannot be completed within a certain timeframe, the funds are automatically returned to the original owner, ensuring no loss.
Users can start using Fusion immediately via the 1inch dApp and wallet with no additional configuration or technical knowledge required.
1inch launches Web3 RPC API tool
In July, 1inch Labs launched the 1inch Developer Portal, offering Web3 developers more efficient interaction with the RPC blockchain without having to run their own node, 1inch says. RPC stands for Remote Procedure Calls and APIs for Application Programming Interfaces. The RPC API acts as a gateway for third-party applications, allowing them to interact with Ethereum.
Partners, stakeholders and customers using the 1inch network include Polygon, Metamask, BNB Chain, Crypto.com, Trust Wallet, Chainlink, Coinbase and Binance Lab. The Web3 RPC API offers several benefits to users, such as “maximum uptime.”
