The decentralized exchange (DEX) aggregor altcoin system 1inch Network (1INCH) has launched its highly anticipated new update, Fusion. The Fusion update focuses on the 1inch Swap Engine, a combination of existing and new technologies aimed at improving the profitability and security of swaps.
The 1inch Swap Engine enables the Fusion mode, which allows DeFi users to place orders within a specified price and time range without any network fees. Meanwhile, the update also includes updated staking contracts and tokenomics as well as significant improvements in security. Sergej Kunz, co-founder of 1inch Network, said:
“This is a big step forward for the entire DeFi space. Fusion makes swapping over 1inch significantly more cost-effective as users don’t have to pay network fees, plus an extra layer of security is added to protect users from sandwich attacks.
Our goal is to make users’ DeFi experience smoother than ever before. Thanks to the 1inch Swap Engine and Fusion mode, everyone now gets an incredible user experience with a high degree of security.
Over the years, people have entrusted their cryptocurrencies to centralized entities, some of which turned out to be greedy and malicious, resulting in huge losses in users’ funds.
In contrast, 1inch now provides everyone with the ultimate security for non-custodial swaps that are performed in a completely permissionless and trustless manner, where users retain full control of their assets.”
The management and tokenomics system of 1inch Network has also been significantly renewed. Under the new management system, users can stake 1INCH tokens for a period ranging from one month to two years.
Users who deposit 1INCH tokens will receive Unicorn Power. This can be used by 1INCH stakers to participate in network administration, transferable to other users and resolvers in exchange for rewards from resolver incentive programs. The new system will not allow staking of tokens for periods of less than one month and will not be sufficient to influence Unicorn Power DAO decisions for short-term staking.