Decentralized exchange (DEX) aggregator 1inch has announced the launch of 1inch Fusion 2.0, a platform that significantly reduces the cost of swapping different cryptocurrencies.
1inch Fusion will be launched in December 2022, allowing users to swap tokens on different networks without paying gas fees, while also enjoying access to liquidity across the entire crypto space and protection against miner-extractable value (MEV). All Fusion Swaps will be executed by relayers – professional and verified traders who compete with each other for the right to execute swaps, thereby providing users with the most favorable exchange rates.
1inch Fusion represents an intention-based approach, where users declare their desired outcomes and professional market participants use the most appropriate strategies to execute them. In 1inch Fusion, users indicate their intention to swap, and the protocol ensures best execution through relayers. Partial fill functionality enables the efficient execution of large swaps and offers better rates than the current market, as different relayers fill different parts of the orders. The intention-based approach ensures that users do not have to pay any gas fees even if the order expires.
Sergej Kunz, co-founder of 1inch, stated that the settlement contract layer has been removed and replaced with a lightweight settlement extension. As a result, users can directly interact with relayers and obtain better prices for token swaps.
Meanwhile, this increased efficiency means that even users with smaller swap amounts can benefit from more favorable exchange rates, just like users with larger swaps.
Another improvement helps provide better swap prices while speeding up transaction speeds – meeting user demand – and reducing the possibility of order expiration. In 1inch Fusion 2.0, the price curve will be adjusted based on the market gas price. Previously, gas cost fluctuations between signing a transaction and its execution could cause orders to expire. Now, gas prices are immediately taken into account and necessary adjustments are made to the price curve based on market conditions.
As a result, the execution speed of orders has increased by 75% and the likelihood of swap failure has decreased. The price curve adjustment feature is a unique technology developed by 1inch, and we are excited to bring it to the market.
Finally, thanks to the upgraded Fusion SDK order constructor and the interface interacting with the Fusion API, 1inch Fusion has been seamlessly integrated. Fusion 2.0 is now available in the 1inch dApp – enjoy the most efficient swaps!
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