Exploring Cross-Chain Swaps: 1inch Fusion+ Simplified - TOKEN2049 Singapore 2024

so hi everyone my name is Ser K I'm co-founder of 1-in network soft engineer soft architect for 20 years and today I'm going to show you our new cross chain swap solution 1in fusion fusion defa users don't need to figure things out they have intense and just want result and then B architecture prioritize user goals not the process to achieve them what it means uh in the all traditional world of blockchain we have these standard transactions us user you define your strategy and you execute the transaction by yourself by signing the transaction sending to the blockchain paying for gas costs taking in the same time risks such as front running attacks MAF attacks you can face in in in the wild intent base approach is completely different you as a user you define an intent what you want to get and professionals uh Define the strategy and execute uh It On blockchain by proteic thems from ma from s attacks and so on and takes take all the risks on own to execute the intent transactions from the users there are benefits uh in terms of um we have math protection by Design and intense since uh execution is uh done by the professional market makers professional Traders professional executors you can Define highly complex intense uh it could be maybe something like I provide liquidity in Unis Swap and then every week all the collected fees should be withdrawn and put it again into the pool so you can really build complex strategies rebalancing strategies you have high efficiency in uh and automation with them uh and you have also better experience there are different use cases right now common use cases are the limit orders on 1 inch for example and also swaps our intense swaps what we released in back in 2022 we user just Define what they want to get and how it's going to be done done by professional executors we have seen on Fusion volume our in best swap protocol since December 20122 already 32 billions of US dollar volume and we protected every user who used Fusion from math attacks by Design because the protocol is designed to protect the users limit orders 29 billions from uh June 21 when we came to the conclusion that everything what we have seen in in uh in web 3 in defi space is uh is not good enough for us and now we we think cross chain matters and I will explain why if you take a look here on on on this slide you see8 billions of w dollars of total value locked that means 80 billions of w dollars are right now available uh as liquidity on different chains you see ethereum has like major major percentages of it 55 percentages Tron around 10 salana Six B smart chain five arbit room three layer TW base U 1.8 Avalanche polygon and some others crushing volumes are all also very high just in to like in 2023 and 24 we have seen over 70 billions of w dollar volume cross Chain Bridge cross chain swap most Bridge tokens are eth like 40 48 percentag of it we have stable coins of course 40 percentages and some other different tokens around 12 percentages we have a general problem uh by bridging assets cross chain normally you get really worse bad uxx where you have to long to wait wait you take risk of Bridges bridges got hacked I can't even count anymore how many times Bridges were hacked there's really lack of transparency in some of the projects who take care about swaps and bridges there's very often lack of liquidity you have you face high price impact and also you face fees current products uh on the market who facilitate swaps Crush chain swaps and Bridges they take fees from the users from is too early for this and uh of course yeah uh we have uh huge security risks when you give approval to maybe an aggregate of decentralized bridges I would say and this um approval costs maybe a huge loss of your assets because the team didn't audit properly the the smart contracts we have seen this multiple times already so cross chains cross chain bridges are a lot of them are centralized unsafe expensive inconvenient cross chain swap Solutions are slow expensive too complex for the user they need maybe to make multiple transactions it's also unsafe for large swaps just just imagine if a crush swap product relies on a messaging protocol what is backed by validators who need to stake assets to maintain own validator position to secure the network if someone comes with 500 million US dollar swap what do you think what will happen sometime some of these valids can become greedy and can manipulate the messaging protocol and also extract funds of U of this swap what about Atomic swaps I I didn't find any project who bu Atomic swaps cross chain really I didn't find I I I found one uh Bitcoin talk thread back in from 2012 a guy came with a nice solution hash time uh logs contract uh what can be used for Atomic swaps but no one implemented it for everyone for for easy usage for CH swap but what if we take our one Fusion Technology based on intents and combined with atomic swaps we got intent based Atomic Rush swaps and we call it Fusion plus it seemless it's secure we have a lot of security audits more than 10 right now publicly available for reviews we have uh gasless execution and it's for sure self custodian Fusion plus is uh extensible any chain can come and and get an integration Fusion plus can contribute in terms of uh deploying like building and uh deploying smart contracts on own chain uh it's competitive since we use technology what let our professional market makers compete between each other to F the trade it's highly efficient because we use our a Innovative idea of Dutch auction with special smart price curve as it's trustless there are no third parties involved just P2P user to professional Trader Market Market maker and Arbitrage Arbitrage Trader but how we use a specific flow to ensure that the user take zero risks and resolver needs to do the job so the how does it work the user uh create offchain AA shared with 1-in network resolvers resolvers when the when the rate became um profitable for the resolvers take this Aura go to the smart contract on this origin chain and create an ascr create also asro on this destination chain for the user and the application verify that the destination chain or escrow is created and the right amount is deposited share the secret with the market maker so the market maker can withraw from origin chain assets and can they rebalance whatever they do we don't care as a user the end if doesn't doesn't work if something doesn't work um we have also roll Backes mechanism if uh order wouldn't go through because resolver somehow cannot manage the the the gr uh or other resolvers also don't take the aura user get funds back without charging any fees so all risks are on resolver and there are professionals who can deal with this we cannot expect that normal retail person can hatch on on other Solutions uh on risks for by by swapping cross chain of course we have some time locks so uh to ensure the uh uh security here and safety of the user this is one-in Fusion looks complex but it's highly highly simple because if something is too complex it can fail and if something can fail it will fail and we build Simple Solutions so you see here we have a lot of components in terms of like we have arbitr Traders resolvers market makers we have we support multiple chains we have a lot of security audits we have high grate of compliance our resolvers are passing KYB and we do compliance checks on on them always also users who create AAS we do compliance checks to to verify that no North Korean or hackers or any other hackers can exchange asset on uh our Network how does it work with the Dutch auction is uh we try to sell the assets for the better rate for the user we start on the spot price what you see on coin market cap uh coo and we allow par of fields that means like in this is a case of fusion it's fusion fusion plus the same approach with the Dutch auction here someone exchanged 5,000 ethereum todc he got $40,000 more why because our market makers were in a competition and try to fill the order at the beginning we go down from spot price to market rate is what you see here in the middle this market price what what you get when you exchange the whole amount at once with one single transaction so but we give time to Arbitrage traders to Arbitrage it to hatch on centralized exchanges other networks or maybe even options so and you see the price points are are created here based on the current liquidity availability in this specific Network we have also uh gas price uh change adaption as well so to avoid that the price don't meet the current market conditions and the order is not going to be executed uh it's a new innovation since the last uh Fusion release uh half year ago so you get MTH protection by Design it's gasless you don't pay for the transactions cost for transactions for the settlement everything is already included in the price and all the market makers compete to execute your trade who F who comes first get first liquidity across all entire Market it's really like that market makers are hedging everywhere to extract profit from any interaction with with any liquidity out there how Fusion plot disrupts the market I think that every current existing cross chain protocol product became infrastructure product now so our market makers can rebalance through Tor chain starget whatever else is out there maybe a native usdc Bridge as well it's what our own resol is doing as well and 1in fusion plus like 1in Fusion swap in general became more user Centric and the because the user get the best experience uh user experience here I'm happy to invite you for better testing uh already today uh on app.io at official 1in D app you can already test Fusion plus you just need to enable Fusion Plus in the settings of the swap how you see it on the screens and then you can easily seamless swap without doing any transaction without taking any risks for the swap we you define what are your minimal acceptable uh return what you want to get from the order and through our unique Dutch auction approach our protocol ensures that you get the market rate since our market makers compete between each other to fill your order so come to our booth if you're layer one let's speak with us we will support you for the fusion plus integration if for any application what need exchanges cross chain not cross chain come to us and uh let's speak and collaborate so thank you very much it was a pleasure to be here