🆕
The 1inch Network releases a major upgrade, FusionRemember we teased some major release about a week ago?
This upgrade is gonna turn the DeFi game 🔃
upside down.⛽️🚫 Meet
Fusion Mode, which enables users to place orders without paying network fees!
The Fusion release is centered around the
1inch Swap Engine – a combination of existing and new tech aiming to improve the profitability and security of swaps.
The upgrade also contains major improvements to 🛡️ security, as well as updated staking contracts and tokenomics.
The 1inch Swap Engine is a decentralized trading and matching system that connects DeFi users with practically limitless liquidity through professional market makers. 🙌 Basically, it offers users access to almost all available liquidity in the crypto market.
💰🔨 The 1inch Swap Engine revolutionizes the execution of swaps on decentralized exchanges, offering a completely new type of decentralized order matching approach that uses the Dutch auction model, while being based on market rates and taking price impact into account.
Orders are filled by
resolvers – professional market makers who pay applicable gas fees, while profiting from arbitrage trading. 🧐 To become resolvers, they will need to stake 1INCH tokens and deposit a sufficient balance of 1INCH into the “feebank” contract.
At the initial stages, resolvers won’t pay any fees, but, later, the 1inch DAO might introduce a fee for resolvers. 🤩 Top five resolvers – based on the amount and period of 1INCH staking – will have priority for filling orders.
⚡️ The 1inch Swap Engine powers Fusion Mode, which enables users to exchange tokens on various DEXes without paying any network fees, at the most favorable rates.
Fusion mode allows users to choose between three options:
Fast, Fair and Auction.
In Fusion mode, professional traders who fill users’ orders use the most efficient ways of protecting users’ trades from MEV.
With its release, 🔁 swapping tokens directly on DEXes or on aggregators that offer no MEV protection, will no longer be a viable option.
⚒️ The 1inch Network’s governance and tokenomics have been significantly revamped, as well. Under the new governance system, users can stake their 1INCH tokens for a period ranging from one month to two years.
Users who stake 1INCH tokens receive 🦄🦾
Unicorn Power.
It could be used by 1INCH stakers to participate in network governance, it could be delegated to other users and to resolvers – in exchange for rewards from resolver incentive programs.
As resolvers compete for filling the most lucrative orders, there will be prioritizing based on resolvers’ delegated Unicorn Power.
✅ In addition, by staking their tokens, users contribute to the network’s overall stability.
‼️ The new system won’t allow staking tokens for periods shorter than one month, and Unicorn Power received for short-period staking won’t be sufficient to influence DAO decisions.
Meanwhile, the 1inch DAO could also create incentives for 1INCH stakers. ☝️ By the DAO’s decision, fees collected from resolvers could be distributed between 1INCH stakers, based on their commitment to the network and Unicorn Power.
The Fusion upgrade takes users’ DeFi experience to a completely new level, but the journey is far from over.
➡️
Read more: https://blog.1inch.io/the-1inch-network-releases-a-major-upgrade-fusion-96184d8141d3Try it out now using our 🖥️
dApp: https://app.1inch.io/🍏
1inch Wallet on iOS: https://apps.apple.com/us/app/1inch-defi-wallet/id1546049391🤖
1inch Wallet on Android: https://play.google.com/store/apps/details?id=io.oneinch.android
