1inch Network Introduces Fusion Update for DeFi Swaps
The popular DEX aggregator announced the launch of Fusion, which focuses on the 1inch Swap Engine and aims to enhance user experience with DeFi swaps.
The team behind the project promised to deliver “almost limitless” liquidity and maximum user protection.
The press release shared with CryptoPotato informed that 1inch Swap Engine “facilitates Fusion, which empowers DeFi users to place orders with a specified price and time range, paying no network fees.”
1inch Swap Engine is a decentralized trading and matching protocol, partially based on the 1inch Limit Order Protocol and the 1inch Aggregation Protocol. According to the team, this allows customers to access “almost all available liquidity in the crypto market.”
The orders are completed by professional market makers paying applicable gas fees called resolvers. Users have to stake 1INCH tokens to become resolvers, and the top five stakers will have priority executing orders.
The team said Fusion mode allows users to swap tokens on various decentralized exchanges without paying any network fees, “at the most favorable rates.” They can choose from three options:
Fast – in which the user accepts a less desirable rate to have the swap executed within a few blocks. Fair – the user can wait a bit longer for a better rate. And Auction – the user waits up to 10 minutes to receive the most favorable rate.
The Fusion update will initially work on BNB Chain, Ethereum, and Polygon, with more networks to be added in the future.
“Fusion makes swaps on 1inch dramatically more cost efficient, as users won’t have to pay network fees, plus, an extra layer of security is added, protecting users from sandwich attacks. Our aim is to make users’ DeFi experience as smooth as never before. Thanks to the 1inch Swap Engine and Fusion mode, now, everyone gets incredible UX with a high degree of security.” – commented 1inch Network co-founder Sergej Kunz.