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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    FTSI and 21st Century AEYE Announce Strategic Merger

    2024-09-16T20:32:19Z

    Joining Forces to Strengthen Core Business and Pioneer Security Innovations

    MONROVIA, Calif., Sept. 16, 2024 (GLOBE NEWSWIRE) -- FTSI, a leader in technology solutions for financial institutions, proudly announces its strategic merger with 21st Century AEYE, a cutting-edge fintech focused on AI-driven innovation. This transformative partnership enhances both companies' capabilities, combining FTSI’s trusted expertise in banking technology and security with 21st Century's revolutionary AI solutions. The merged company will continue to operate under the FTSI name, upholding the high standards of service and innovation that customers have come to expect.

    Through this merger, FTSI will strengthen its core offerings in bank technology and security to deliver even greater value to its customers. A key feature of the new offerings will be 21st Century’s groundbreaking solution, "AEYE Defend," a state-of-the-art platform that transforms traditional video surveillance into an autonomous, proactive visual gun detection system. With unmatched accuracy and privacy, this solution provides a comprehensive approach to detecting, locating, and responding to potential threats, significantly enhancing safety measures in critical environments.

    Guided by the vision of "where innovative ideas take flight," the merger signifies a bold commitment to evolution and forward-thinking solutions. Together, the new FTSI will push the boundaries of technological advancement while continuing its strong focus on community impact and social responsibility.

    “This merger marks the beginning of an exciting journey filled with growth, transformation, and innovation,” said Susan Napier, CEO and Founder of FTSI. “The FTSI name will continue to stand for exceptional service and trust, while we embrace new AI-driven technologies that will shape the future of security and banking technology. Our customers can expect the same dedication to excellence, with the added benefit of groundbreaking innovations.”

    The newly merged organization remains committed to a safer, more secure future and world. Together, FTSI and 21st Century AEYE will continue to deliver comprehensive solutions, exceptional service, and innovations that protect communities and ensure safety for all.

    "We believe 21st-century problems require 21st-century solutions," stated Said Bilani, Founder and CEO of 21st Century AEYE. “Our mission and vision are aligned to enhance safety and security, uplift quality of life, and create technologies that ensure our communities are safer, more robust, more secure, and more resilient.”

    “Artificial intelligence is changing the world,” said Brannon Castleberry, Co-Founder of 21st Century AEYE. “Embracing innovation and the future is what has drawn our two companies together, and we will continue to pursue innovation in our existing markets so that our clients are at the forefront of innovative, proactive solutions."

    For more information about the merger, please visit https://ftsius.com/ftsi-and-21st-century-aeye-merger.

    About FTSI

    FTSI is an independent provider of digital and branch solutions for community financial institutions. FTSI offers an ecosystem of solutions including digital, physical and electronic security, ATM service, ATMs/ITMs/TCRs and self-service technologies, remote ATM management, cash services, professional services, and a range of strategic planning and consultative services.

    About 21st Century AEYE

    21st Century AEYE envisions a world where safety knows no boundaries and the threat of violence is eradicated from people's daily lives. Our mission is to save lives and enhance safety and security across a diverse range of industries and environments. From education and healthcare to corporate sectors, entertainment venues, streets, and highways, we strive to provide comprehensive solutions that protect human lives wherever they may be.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f0b0829-4122-4ceb-a5c8-43a359f19427

    CONTACT: Media Contact

Molly King
marketing@ftsius.com
818-241-9571 x139

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