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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    Luxury Streetwear Brand Ryoko Rain® is an Official Collaboration Partner for Athlos NYC Track Event

    2024-09-20T13:15:00Z

    Olympian Alaysha Johnson will debut the company’s signature-designed shorts, shirt, and jacket before the premier all-women’s track event, featuring the fastest women in the world and awarding the largest prize purse ever for a women’s only track event

    NEW YORK, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Ryoko Rain, the luxury sportswear brand synonymous with butterfly designs and distinct patterned mesh shorts, has partnered with Athlos NYC to launch an exclusive apparel collaboration collection for the upcoming all-women’s track meet taking place at Icahn Stadium in New York on September 26, 2024 at 7pm ET. The collaboration features a custom line of high-quality mesh shorts, a shirt, and a jacket designed by Founder and Creative Director Garrett James. Debuting the apparel line is Olympian track star and Athlos NYC competitor Alaysha Johnson.

    The collaboration between ATHLOS and Ryoko Rain celebrates the synergy of athletic performance and personal expression with Ryoko Rain’s deep-rooted cultural and design narrative and Athlos’ commitment to providing a platform for women athletes to shine on and off the track. The collection features three items: high-quality mesh shorts in Athlos NYC brand colors, a timestamp, a soundwave design, and Ryoko Rain’s logo mark with a butterfly; a limited edition Ryoko Rain cutoff shirt featuring Alaysha Johnson in full sprint surrounded by butterflies; and, lastly, a black work jacket—a Ryoko Rain signature item. Fans can purchase the limited edition shorts onsite at Athlos NYC, while the shirt and jacket will be available for a limited time on Ryoko Rain’s website.

    “This collaboration is a testament to how style and athleticism intersect, with gear designed for movement and a visual story inspired by the female athletes and Ryoko Rain’s origins,” said Kayla Green, CMO of ATHLOS. “We look forward to showcasing the speed, music and design of Athlos NYC with like-minded brands, like Ryoko Rain, to provide new opportunities for the women’s running community.”

    Alaysha Johnson and Ryoko Rain: A Perfect Match
    Johnson, an Olympic hurdler known for her incredible discipline and dedication, is the face of the new Ryoko Rain and ATHLOS apparel line. Her drive and passion align with James’ vision of luxury street and athleticwear. In the 100-meter hurdles, Johnson earned a spot in the Paris Olympic Games after running a personal-best time in shoes borrowed from a fellow hurdler and in a uniform she designed herself at the U.S. Olympic track and field trials.

    “I’m excited to team up with Ryoko Rain for this special line,” said Johnson. “The designs are not only stylish but also carry a deeper meaning. It feels empowering to wear something that reflects a sense of purpose, community, and the pursuit of excellence—values I live by in my sport.”

    Metamorphosis: The Ryoko Rain Story
    Ryoko Rain was founded by Garrett James in 2021, whose vision is shaped by the legacy of his Japanese heritage and the family values passed down from previous generations. This cultural influence is central to Ryoko Rain’s aesthetic and purpose, as each garment is designed to tell a story of transformation, resilience, and community. The brand’s signature butterfly symbol—representing growth, change, and new beginnings—embodies the essence of James’ family legacy, particularly inspired by the experiences of his two eldest daughters, River Ryoko and Alba Rain.

    James explains, “Ryoko Rain is about more than just clothes; it’s about expressing our roots and honoring the journey. Partnering with ATHLOS, we’re blending fashion, sports and music to represent something much deeper—our shared experiences, ambitions, where we all come from and where we are going.”

    View the Athlos x Ryoko Rain collection HERE
    Ryoko Rain Electronic Press Kit HERE

    About Ryoko Rain:
    Ryoko Rain, founded by Garrett James, is a luxury street and athleticwear brand rooted in Japanese heritage and values of family, tradition, and community. Established in 2021, Ryoko Rain’s signature butterfly symbol, quality and innovative design have propelled it to the forefront of streetwear fashion. Worn by the biggest names in sports and entertainment, the brand has evolved into more than a clothing line; it’s a story of people, community, evolution and purpose. Learn more at www.ryokorain.com.

    About ATHLOS:
    ATHLOS is a first-of-its-kind track invitational bringing together the fastest women in the world to compete for the largest prize purse ever for a women's-only track event. ATHLOS provides fans a unique way to experience and celebrate the world's fastest women, marrying the competition of a track meet with the entertainment of a music festival to fully celebrate these incredible athletes as they reach for new heights in the sport. For more information, visit ATHLOS.com. 

    About Seven Seven Six:
    Seven Seven Six is an early-stage venture capital firm with over $900mm of AUM as of 12/31/2023 and is focused on the intersection of product and people. Powered by the operating system Cerebro, at its heart, 776 is a technology company that deploys capital. The firm was founded in 2020 by Reddit co-founder Alexis Ohanian. Seven Seven Six invests across sectors, with investments spanning the creator economy, space, climate tech, sports, fintech, web3, healthcare, collectibles, AI, and more. For more information, visit https://sevensevensix.com/.

    Media Contact

    Dan Nasitka
    dnasitka@rocketlaunchagency.com
    (714) 694-7195

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c3d9588-0c04-45af-adfa-1d37eeb133dd


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