Finance

1inch Announces Fusion+ Upgrade, Enabling Secure, Decentralized Cross-Chain Swaps for Web3 Users

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    Dubai, UAE, September 18th, 2024, FinanceWire

    1inch is thrilled to unveil Fusion+, bringing users cross-chain functionality in an upgrade of the intent-based swap product. With Fusion+, users can retain full self-custody of their assets, while the architecture ensures transactions are fully completed on the two networks involved in the swap, without relying on third parties.

    1inch, a decentralized finance (DeFi) project, has introduced Fusion+, an upgrade designed to enhance cross-chain swaps by integrating liquidity from across the Web3 ecosystem. The introduction of 1inch Fusion brings together on- and off-chain liquidity using an intent-based approach to deliver convenient and secure swaps designed with built-in MEV protection.

    While historically, cross-chain swaps were hindered by slow, costly bridges and risks of centralized exchanges, Fusion+ aims to address these challenges by offering a decentralized, self-custodial solution that taps into the vast liquidity of Web3, ensuring users get the best rates with unmatched security.

    Fusion+ is a true cross-chain gamechanger. This upgrade integrates liquidity from the entire Web3 ecosystem, enabling fast, efficient and secure cross-chain swaps – all from a single platform. The cross-chain swap upgrade builds on the intent-based approach introduced with the launch of 1inch Fusion in late 2022, as well as groundbreaking atomic swap technology.

    The 1inch Fusion swaps works as follows: users specify the minimum return they’re willing to accept, and professional traders, known as resolvers, compete to execute swaps at the most favorable rates. The pricing is determined through a Dutch auction model, where Fusion swaps’ filling rates decrease over time, influenced by swap volume and user-established presets, which define price and duration limits. A smart price curve accounts for market liquidity and adjusts based on gas prices to ensure optimal execution for users.

    The Benefits of Atomic Swap Technology

    Fusion+ integrates atomic swap technology, ensuring that cross-chain swaps are:

    • Secure: “atomic” swaps are designed to be all-or-nothing transactions. If a swap fails to complete for any reason (such as timelock expiration), the assets are safely returned to the original owner.
    • Trustless: both parties can exchange assets without the need for mutual trust, as the swap is governed by smart contracts. These contracts verify all conditions of the transaction, meaning no one needs to trust each other or a third party to make the swap happen.

    The key takeaway is that the process is entirely trustless, functioning purely through verification. This critical aspect of verification is also applied in Fusion+ cross-chain swaps, which is why users must keep the Swap tab in the dApp or application (when available in the 1inch Wallet) open until the swap is fully verified, ensuring the highest level of safety.

    Currently, Fusion+ is in its beta version, and users who wish to try cross-chain swaps need to manually enable Fusion+ in Settings. After the testing period, Fusion+ cross-chain swaps will be automatically enabled.

    Behind the scenes: the mechanics of Fusion+

    The process works as follows: For example, a user holds POL tokens on Polygon and wants to swap them for ETH on Ethereum.

    • Initiating the swap: a user enters order details in the swap form, and the order is shared with resolvers. A Dutch auction begins, where the price decreases until a resolver accepts the order.
    • Locking the funds: the resolver deposits the user’s POL tokens into an escrow contract on Polygon by executing the 1inch Fusion order. The escrow contract includes the secret hash, token details and a timelock. Simultaneously, the resolver deposits ETH into an escrow on Ethereum, using the same secret and conditions.
    • Completing the swap: once both contracts are active on-chain, the cryptographic secret is revealed. The resolver unlocks ETH to the user on Ethereum and claims the POL tokens on Polygon, finalizing the exchange.

    • Timelock protection: if the swap is not completed within the designated time, the resolver cancels the contracts, and the funds are returned to their original owners.

    Fusion+ now live in the 1inch dApp, coming soon to the 1inch Wallet

    Users can experience seamless Fusion+ cross-chain swaps in the 1inch dApp. To be among the first to leverage these benefits, users can enable Fusion+ in Settings. With Fusion+, 1inch is setting a new cross-chain standard while advancing the security and decentralization of the Web3 space.

    About 1inch

    1inch is a leading DeFi project empowering Web3 users with innovative blockchain products and solutions. Launched in 2019 at a hackathon in New York City, 1inch offers users and developers the most secure, reliable, and efficient tools for growing and expanding the Web3 space.

    Currently, 1inch Swap is a top DEX aggregator on the market, facilitating cost-efficient and secure crypto swaps across multiple liquidity sources. The 1inch Wallet is one of the most user-friendly and secure Web3 wallets, and the 1inch Portfolio is highly regarded as one of the most efficient DeFi trackers, providing accurate analytics on the market for numerous DeFi protocols. In line with its active involvement in the community, in 2023, 1inch launched the Developer Portal, offering an extensive suite of Web3 tools and services. For more information, readers can visit https://1inch.io.

    Contact

    PR lead
    Pavel Kruglov
    1inch Labs
    p.kruglov@1inch.io

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    Netcapital Announces First Quarter Fiscal 2025 Financial Results

    2024-09-16T20:15:00Z
    • Management to Host Earnings Call on September 17, 2024 at 11:00 a.m. ET

    BOSTON, MA, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the first quarter of fiscal year 2025 ended July 31, 2024.

    “This was a challenging quarter for us, driven primarily by a decrease in revenues for services that we provide in exchange for equity securities,” said Martin Kay, CEO of Netcapital Inc. “However, we have taken what we believe are important steps to lay the groundwork for future opportunities. In May 2024, for example, we announced that our wholly-owned subsidiary, Netcapital Securities Inc. applied for broker-dealer registration with the Financial Industry Regulatory Authority (“FINRA”). We believe that by having a registered broker-dealer, it could create opportunities to expand our revenue base by hosting and generating additional fees from Reg A+ and Reg D offerings on the Netcapital platform. In addition, in July 2024, we announced the launch of our beta version of a secondary trading platform through the Templum ATS to a closed group of users. This secondary trading platform has been designed to provide investors who purchase stock through the Netcapital funding portal with the potential for secondary trading through access to the Templum ATS.”

    The operation of the Templum ATS remains subject to extensive regulation and oversight. Any regulatory delays or objections will result in delays in our ability to launch the proposed secondary trading platform, if at all.

    Netcapital Securities Inc.’s application to become a registered broker-dealer remains subject to regulatory approval and/or licensing from the Financial Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). No assurance can be given as to when or if such approvals may be granted or when, if at all, Netcapital will be able to expand the services it offers.

    First Quarter Fiscal 2025 Financial Highlights

    • Revenue decreased approximately 91% year-over-year to $142,227, compared to revenue of $1,519,809 million in the first quarter of fiscal year 2024.
    • Total funding portal revenues (consisting of portal fees, listing fees and a 1% equity fee) decreased approximately 62% year-over-year to $142,056 compared to $375,856 in the first quarter of fiscal 2024.
    • Operating loss of ($2,508,237) for the first quarter fiscal 2025 as compared to ($749,020) for the first quarter fiscal 2024, an increase of 235%
    • Net loss of ($2,527,170) in the first quarter fiscal 2025, compared to net loss of ($491,655), for the same period in the prior year, an increase of 414%
    • Loss per share of ($5.10) in the first quarter year ended July 31, 2024, increased approximately 11% compared to loss per share of ($4.61) for the same period in the prior year.
    • As of July 31, 2024, the Company had cash and cash equivalents of $855,181.

    Conference Call Information

    The Company will host an investor conference call on Tuesday, September 17, 2024, at 11:00 a.m. ET.

    Participant access: 844-985-2012 or 973-528-0138
    Conference entry code: 844301

    For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended July 31, 2024, which has been filed with the Securities and Exchange Commission.

    About Netcapital Inc.

    Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association.

    Forward Looking Statements

    The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Investor Contact

    800-460-0815 
    ir@netcapital.com

    NETCAPITAL INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS

        July 31, 2024
    (Unaudited)    		     April 30, 2024
    (Audited)    		  
    Assets:                
    Cash and cash equivalents   $ 855,181     $ 863,182  
    Accounts receivable net     -       134,849  
    Note receivable     20,000       20,000  
    Interest receivable     1,600       1,200  
    Prepaid expenses     48,160       23,304  
    Total current assets     924,941       1,042,535  
                     
    Deposits     6,300       6,300  
    Notes receivable - related parties     202,000       202,000  
    Purchased technology, net     14,724,136       14,733,005  
    Investment in affiliate     240,080       240,080  
    Equity securities     25,343,513       25,333,386  
    Total assets   $ 41,440,970     $ 41,557,306  
                     
    Liabilities and Stockholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 1,180,487     $ 793,325  
    Accrued expenses     236,758       310,300  
    Deferred revenue     445       466  
    Interest payable     94,703       92,483  
    Current portion of SBA loans     1,885,800       1,885,800  
    Loan payable - bank     34,324       34,324  
    Total current liabilities     3,432,517       3,116,698  
                     
    Long-term liabilities:                
    Long-term SBA loans, less current portion     500,000       500,000  
    Total liabilities     3,932,517       3,616,698  
                     
    Commitments and contingencies     -       -  
                     
    Stockholders’ equity:                
    Common stock, $.001 par value; 900,000,000 shares authorized, 579,153 and 326,867 shares issued and outstanding     579       327  
    Shares to be issued     122,264       122,124  
    Capital in excess of par value     39,433,217       37,338,594  
    Retained earnings (deficit)     (2,047,607 )     479,563  
    Total stockholders’ equity     37,508,453       37,940,608  
    Total liabilities and stockholders’ equity   $ 41,440,970     $ 41,557,306  


    NETCAPITAL INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)

        Three Months Ended     Three Months Ended  
        July 31, 2024     July 31, 2023  
                 
    Revenues   $ 142,227     $ 1,519,809  
    Costs of services     10,220       18,053  
    Gross profit     132,007       1,501,756  
                     
    Costs and expenses:                
    Consulting expense     97,381       163,942  
    Marketing     6,898       241,888  
    Rent     19,116       19,610  
    Payroll and payroll related expenses     1,136,593       1,037,042  
    General and administrative costs     1,380,256       788,294  
    Total costs and expenses     2,640,244       2,250,776  
    Operating loss     (2,508,237 )     (749,020 )
                     
    Other income (expense):                
    Interest expense     (10,464 )     (13,304 )
    Amortization of intangible assets     (8,869 )     (28,331 )
    Other income     400       -  
    Total other income (expense)     (18,933 )     (41,635 )
    Net loss before taxes     (2,527,170 )     (790,655 )
    Income tax expense (benefit)     -       (299,000 )
    Net loss   $ (2,527,170 )   $ (491,655 )
                     
    Basic loss per share   $ (5.10 )   $ (4.61 )
    Diluted loss per share   $ (5.10 )   $ (4.61 )
                     
    Weighted average number of common shares outstanding:                
    Basic     495,319       106,732  
    Diluted     495,319       106,732  

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