1inch Released Fusion Upgrade For Cost-efficiency And Security
- A significant improvement to 1inch Network’s Swap Engine, called Fusion, was unveiled. For cryptocurrency investors, the Fusion update seeks to enable affordable, secure, and rewarding swaps.
- DeFi investors can make orders with a predetermined price and time range without paying network costs by using the Fusion option in Swap Engine. The upgrade also contains network upgrades, including modernized staking contracts and tokenomics.
- In addition, the Fusion mode protects users from the maximum extractable value (MEV), which is the maximum profit that can be made from block production over and above the regular block reward and gas charges.
The 1inch Network announced the introduction of Fusion, a significant update built around the 1inch Swap Engine. Fusion is a special fusion of current and new technology designed to increase the profitability and security of swaps conducted through the 1inch network.
Fusion mode, made possible by the 1inch Swap Engine, allows DeFi customers to place orders with a set price and time window without paying any network expenses. Along with revised staking contracts and tokenomics, the patch also includes significant security enhancements.
The Swap Engine connects DeFi members and offers liquidity for crypto trades through experienced market makers as a decentralized trading and matching system. In describing the purpose of the Fusion upgrade, Sergej Kunz, a co-founder of 1inch Network, said:
“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.”
The Swap Engine is a decentralized trading and matching system that connects DeFi users with practically limitless liquidity (both centralized and decentralized) through experienced market makers. It is based in part on the existing technology, including the Limit Order Protocol and the Aggregation Protocol. In essence, the Swap Engine gives consumers access to nearly all of the market’s liquidity.
The Swap Engine revolutionizes the way swaps are executed on decentralized exchanges by providing a brand-new form of decentralized order-matching strategy based on market rates and taking price impact into account while utilizing the Dutch auction paradigm.
In addition, the Fusion mode protects users from the maximum extractable value (MEV), which is the maximum profit that can be made from block production over and above the regular block reward and gas charges.
In conjunction with the upgrade, 1inch introduced the 1inch Resolver Incentive Program, which will assist resolvers in receiving refunds for the gas used to fill consumers’ orders in Fusion mode through December 31, 2022.
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