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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    The Awareness Group (TAG) and Freedom Holdings Close Reverse Merger Agreement

    2024-09-18T11:00:00Z
    • Led by industry veteran Pablo Diaz, TAG is an emerging alternative energy company with solar, blockchain, marketing and fintech assets
    • The TAG GRID will form the foundation of an aggressive organic and inorganic growth strategy to provide an all-inclusive, all-encompassing solution to commercial and residential customers within the alternative energy space

    SCOTTSDALE, Ariz., Sept. 18, 2024 (GLOBE NEWSWIRE) -- The Awareness Group LLC (TAG), founder of the TAG GRID and an emerging player in the alternative energy space, and Freedom Holdings, Inc. (OTC PINK: FHLD), an SEC-reporting company, today announced the companies closed a reverse merger transaction whereby TAG became a wholly owned and operating subsidiary of Freedom Holdings, Inc.

    Pablo Diaz, CEO of TAG commented, “As a public company, we can now move forward with our aggressive and unique growth strategy to build a leading business within the Alternative Energy sector. In the coming months, we will unveil the details of our growth strategy and the key business and corporate development initiatives that will enable us to successfully drive growth through the TAG GRID and create shareholder value. We look forward to keeping investors, partners, customers and employees updated as the business develops.”

    Key Merger Terms

    • TAG shareholders will obtain the ability to control 89.5% of FHLD through a restated Series A Preferred class of stock;
    • TAG CEO Pablo Diaz and the TAG management team will take over as the executive team for FHLD;
    • TAG will assume control of the FHLD board and appoint its existing board members, Pablo Diaz, Marco Rubin and Brooks Holcomb, to the FHLD board.

    The TAG GRID
    TAG is introducing the next evolution of a growth model pioneered by Diaz in two prior public ventures that drove strong revenue growth within the first year of implementation. The TAG GRID puts TAG at the center of all key areas of solar project development. This unique model helps each part of the ecosystem grow through robust, simple-to-use technology platforms. The TAG GRID encompasses:

    • The TAG Dealer Program is a national network of over 500+ sales agents to which TAG will provide deal support;
    • TAG Financial Services provides access to industry-leading lending solutions for residential and commercial projects;
    • TAG Distribution provides materials procurement for all TAG-funded projects;
    • The TAG Contractor Program provides design and installation solutions through its national network of 119 residential and commercial solar construction and installation contractors;
    • The TAG Broker Program incentivizes brokers to bring their deals, customers and partners into the TAG GRID.

    Additionally, TAG brings a carbon credits validation and trading platform and an alternative energy crypto incentive program that enables network members and end customers to further benefit financially from the TAG GRID.

    Forward-Looking Statements:
    This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's respective filings at www.sec.gov and www.otcmarkets.com.

    About TAG
    Innovation is at the heart of The Awareness Group (TAG). We are building the TAG GRID, a comprehensive national platform for alternative energy services and solutions targeting commercial and residential customers. With a unique growth model, TAG has acquired five companies across the alternative energy space, ranging from fintech for national residential and commercial project funding solutions, solar lead generation, sales and installation services to blockchain and a digital carbon and renewable energy credits marketplace. TAG is structured for organic growth, complemented by a highly synergistic corporate development strategy focused on expanding current business lines and adding innovative technologies. The Company aims to quickly build a profitable, multi-$100 million company over the next few years and create significant value for customers, employees, partners, and current and prospective investors. For more information, please visit us at https://www.awarenessgroup.llc/

    Investor Relations and Media Contact:
    Brian Siegel, IRC®, M.B.A.
    Senior Managing Director
    Hayden IR
    (346) 396-8696
    brian@haydenir.com


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