Finance

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

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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AppTech Payments Provides Shareholder Update Highlighting Recent Strategic Partnership and Growth Milestones

2024-09-18T12:05:00Z

Partnership to drive expansion of AppTech's fully customizable white-label ACH platform to a portfolio of 40,000 clients

CARLSBAD, Calif., Sept. 18, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (Nasdaq: APCX) (“AppTech” or the “Company”), a pioneering Fintech company powering frictionless commerce, provides a shareholder update on recent growth milestones, highlighted by the onboarding of a significant new strategic partner with an extensive portfolio of 40,000 clients.

AppTech CEO Luke D’Angelo commented, “We are gratified to continue executing on our robust growth strategy as our newest partner begins to integrate AppTech's fully customizable and white-labeled ACH platform into their financial operations. We look forward to continuing to expand the footprint of our entire suite of patented technology capabilities, leveraging our expansive partner network and differentiated solutions as we position the Company for long-term shareholder value.”

The onboarding process will be expedited by the Company’s groundbreaking automated underwriting system, which enables the seamless onboarding of a multitude of accounts without the cumbersome, outdated manual processes typically required by other platforms. Upon completion, AppTech will significantly broaden the reach for its services and enhance the financial capabilities available to the partner’s extensive client base.

Additional Recent Growth Milestones:

  1. BaaS Pilot Program Success: AppTech CEO Luke D’Angelo recently highlighted the success of the BaaS pilot program, which has achieved a key milestone in democratizing banking. The program introduced virtual accounts, commercial purchase debit cards, and advanced features such as SMS invoicing for B2B transactions. This initiative aims to reduce friction in payments and foster a Real Time Payment network, setting the stage for the anticipated adoption by over 200 new Independent Sales Organizations. This advancement is positioned to drive growth for legacy banks and credit unions throughout the United States, ultimately allowing them to compete with the large banks and drive value back to the consumer.
  2. InstaCash and Financial Inclusion: AppTech's InstaCash platform is positioned to transform specialty payments by offering a real-time, seamless transaction system. It empowers banks and credit unions of all sizes to provide instant transactions, leveling the playing field in the Fintech space. The platform is also set to enhance financial literacy through integrated online courses, expanding its impact beyond mere transactions to social empowerment.
  3. FinZeo Platform Roll-Out: The FinZeo platform continues to gain traction, with expectations to be available to credit unions nationwide. This innovative solution provides a competitive edge to legacy banks by delivering advanced tech services for mobile payments, ACH, and credit card processing. AppTech anticipates significant uptake as credit unions transition from legacy systems to Fintech solutions.
  4. Airport Adoption of FinZeo: This milestone represents the beginning of a broader rollout expected to include approximately forty domestic and international airports in 2024, setting the foundation for a profitable year ahead.

About AppTech Payments

AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit apptechcorp.com.

FORWARD-LOOKING STATEMENTS 

This press release contains forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations Contact
CORE IR
Scott Arnold
scotta@coreir.com

AppTech Payments Corp.
760-707-5959
info@apptechcorp.com


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