Wed, September 18, 2024 at 12:57
Hey Annie!
Have you heard about the latest upgrade from 1inch called Fusion+?
It's a game-changer for cross-chain swaps!π
Oh, really?
What makes it so special?π€
Well, Fusion+ allows for seamless token swaps across different blockchains while keeping your assets super secure.
No more slow, costly bridges or risky centralized exchanges!π
That sounds impressive!
How does it ensure security?π
Great question!
Fusion+ uses atomic swap technology, which means the swaps are all-or-nothing.
If something goes wrong, the assets are safely returned to the original owner.
Plus, it's trustless, governed by smart contracts.π€
Wow, that sounds really secure!
But how does it actually work?
Can you break it down for me?π§
Sure thing!
Users specify the minimum return they want, and professional traders, called resolvers, compete to execute the swaps at the best rates.
It's like a Dutch auction where the price decreases over time.π
Interesting!
So, what happens behind the scenes during a swap?π€
When you initiate a swap, the resolver deposits your tokens into an escrow contract on one blockchain and does the same on the other blockchain.
Once both contracts are active, the cryptographic secret is revealed, completing the swap.
If it doesn't complete in time, the funds are returned.β³
That sounds pretty complex but also very efficient!
How do users actually perform a swap?π±οΈ
It's super easy!
Just go to the 1inch dApp, enable Fusion+ in Settings, choose the tokens and chains to swap, and confirm.
Just keep the swap tab open until it's done.
Simple as that!π
Nice!
Is Fusion+ available to everyone now?π
It's currently in beta, so you need to manually enable it in Settings.
But once the testing period is over, it will be automatically enabled for everyone!π
Sounds like a big step forward for 1inch!
Do you think this will be a positive development for the market?π
Absolutely!
Fusion+ offers a decentralized, self-custodial solution with unmatched security and efficiency.
It's definitely a positive development that could set a new standard for cross-chain swaps in the Web3 space!π
To sum up, this article is considered a πBullish for investors!!