Finance

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

on

    More in Finance:

    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

    PostAd_coinrule_banner728x90

    Leave a Comment

    Your email address will not be published. Required fields are marked *

    *

    Penetration Testing as a Service Market Research - Global Forecast to 2029

    2024-09-17T13:02:41Z

    Dublin, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The "Global Penetration Testing as a Service Market by Offering (Solution and Managed Services), Organization Size, Testing Types, Verticals (BFSI, Healthcare, IT & ITeS, Telecommunications, Retail & E-Commerce, Manufacturing, Education) - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

    The Global Penetration Testing as a Service market size is projected to grow from USD 118 million in 2024 to USD 301 million by 2029 at a CAGR of 20.5%

    The growth of the Penetration Testing as a Service (PTaaS) market globally is fueled by several key factors. Cyberattacks' increasing frequency and sophistication have heightened the need for robust security measures, prompting organizations to seek proactive solutions like PTaaS. Growing regulatory and compliance requirements across industries mandate regular security assessments, further driving demand.

    The widespread adoption of digital transformation initiatives, including cloud computing and IoT, has expanded the attack surface, necessitating continuous and comprehensive security testing. Additionally, the rise of remote work has increased the complexity of securing distributed networks, making PTaaS an essential tool for maintaining a security posture. The cost-effectiveness, scalability, and flexibility of PTaaS solutions also make them attractive to organizations of all sizes, contributing to the market's rapid expansion.



    The market's expansion is fueled by the increasing frequency and sophistication of cyberattacks, which drive the need for proactive security measures. Regulatory and compliance requirements necessitate regular security assessments, boosting demand for PTaaS. Adopting digital transformation initiatives like cloud computing and IoT expands the attack surface, requiring continuous and comprehensive security testing. Additionally, the rise of remote work has complicated network security, making PTaaS essential for maintaining a robust security posture. The scalability, cost-effectiveness, and flexibility of PTaaS solutions further contribute to their growing adoption across organizations of all sizes.

    By testing type, the cloud testing segment will grow at the highest CAGR during the forecast period

    The cloud testing segment is expected to achieve the highest CAGR in the PTaaS market during the forecasted period due to several compelling reasons. The rapid adoption of cloud computing by businesses across various industries has significantly expanded the digital attack surface, increasing the need for robust security measures to protect sensitive data and applications hosted in the cloud. Additionally, the complexity of cloud environments, which often involve hybrid and multi-cloud architectures, presents unique security challenges that require specialized testing.

    As organizations migrate critical workloads to the cloud, ensuring compliance with regulatory standards and maintaining data integrity becomes paramount, further driving the demand for comprehensive cloud penetration testing. Moreover, cloud services' dynamic and scalable nature necessitates continuous and automated security testing to keep pace with the evolving threat landscape. These factors collectively contribute to the accelerated growth of the cloud testing segment in the PTaaS market.

    By vertical, the BFSI segment will grow at the largest market size during the forecast period

    The BFSI sector is a prime target for cyberattacks because it handles vast amounts of sensitive financial data, making security a top priority. Stringent regulatory requirements and compliance standards, such as PCI DSS, GDPR, and SOX, mandate regular and thorough security assessments to protect customer information and financial transactions.

    Additionally, the increasing adoption of digital banking, mobile payments, and fintech innovations has expanded the digital attack surface, necessitating advanced penetration testing services to identify and mitigate vulnerabilities. The high stakes associated with data breaches and financial fraud further drive BFSI institutions to invest heavily in robust PTaaS solutions to safeguard their operations and maintain customer trust. These factors collectively contribute to the dominance of the BFSI segment in the PTaaS market.

    The report provides insights on the following pointers:

    • Analysis of key drivers (Increasing cyber threats and security breaches, Regulatory and compliance requirements, Digital transformation with the adoption of cloud services and IoT devices, and Shift towards remote work), restraints (High costs and budget constraints and complexity in integration with existing security workflows), opportunities (Technological advancements and automation, Expansion into new verticals, and Alignment of PTaaS with DevSecOps practices), and challenges (Balancing automation and human expertise, Maintaining data confidentiality and security, and Lack of skilled security professionals).
    • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product & service launches in the PTaaS market.
    • Market Development: Comprehensive information about lucrative markets - the report analyses the PTaaS market across varied regions.
    • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the PTaaS market.
    • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Synack (US), HackerOne (US), Synopsys (US), Intervision (US), Edgescan (Ireland), among others, in the PTaaS market strategies.

    Key Attributes:

    Report AttributeDetails
    No. of Pages304
    Forecast Period2024 - 2029
    Estimated Market Value (USD) in 2024$118 Million
    Forecasted Market Value (USD) by 2029$301 Million
    Compound Annual Growth Rate20.5%
    Regions CoveredGlobal


    Companies Featured

    • Synack
    • Hackerone
    • Synopsys
    • Intervision Systems
    • Edgescan
    • Bugcrowd
    • Guidepoint Security
    • Trustwave
    • Cobalt
    • Netspi
    • Veracode
    • Yogosha
    • Software Secured
    • Raxis
    • Vumetric Cybersecurity
    • Nowsecure
    • Breachlock
    • Astra Security
    • Strobes Security
    • Pentest People
    • Rootshell Security
    • Safeaeon
    • Immuniweb
    • Cyberhunter Solutions

    For more information about this report visit https://www.researchandmarkets.com/r/vx55la

    About ResearchAndMarkets.com
    ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

    Attachment

    CONTACT: ResearchAndMarkets.com 
         Laura Wood,Senior Press Manager 
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470 
         For U.S./ CAN Toll Free Call 1-800-526-8630 
         For GMT Office Hours Call +353-1-416-8900

    GlobeNewsWire News

    Recent Comments