1inch Fusion: A New Standard for Token Swaps

Transcript

hello everyone uh my name is chosen I'm the CFO at 1in network uh today I'm going to talk about um the limitations of Defi and what what in is doing to address those limitations is it not working so um I don't know how much how many of you know this but where does the name

one- inch come from it actually comes from Bruce Lee's 1-inch punch um so we're aiming as a 1-in network we named it after one punch because we um strive to be come fast powerful and efficient just like burle's 1-in punch um this is what we do uh onein Network offers users and developers the most secure reliable and efficient tools for growing and expanding the web 3 space um right now uh today we Mark about 70% of the aggregation market share and 70% of the limmit uh order market share and so far since since the

beginning we have digested over $400 billion dollar of volume and today we have total of 10 million uh plus unique wallets this is essentially the key algorithm behind 1 in we have uh we call it Pathfinder algorithm what we do is that we take users um volume and and divide it into smaller pieces and find the best routes in different dexes and different market makers and come up with the best prices out there um we think uh we defined the current um the three top limitations of

defi at as of today as such um first the unfavorable swap rates we uh which we try to resolve by deploying the Pathfinder algorithm and constantly improving that algorithm um second is the me attacks I think uh many of the speakers before me has already uh discuss the me and this is one of the key limitations of defi today um and also uh the last piece we we identified as limitation is the complicated user experience in defi um this is the sort of the explanation of Meb um it's essentially

a front running a front running uh taken by malicious uh attackers who will uh take away the benefits of the users when uh when they work on the blockchain network and this is the actual um results of meev uh losses from attacks um just let me just highlight one uh number here is the the total wallets attacked in 2023 alone uh was about 550k wallets out there so this um shows a picture of uh

what 1 in is aiming to become in the future uh or is identifying itself as um we're identifying ourselves as decentralized NASDAQ um and this is the uh diagram that shows how Fusion works and uh this is our new protocol that's been out for about one year um it resolves uh put all the limitations that I've just mentioned the three limitations especially uh let me go deeper into what Fusion protocol does so Fusion protocol um the Classic

swap uh Aggregates all the dexes and market makers out there Fusion protocol is an aggregation of different liquidity providers different market makers out there so um it allows uh because we call those market makers as resolvers and because we aggregate those resolvers um we are essentially aggregating all the volume all the uh liquidity from everywhere in the blockchain space blockchain industry because those market makers um uh go into different uh cxs DXs pmm and also provide their own liquidity so it's an ultimate aggregator of all the liquidity

out there in this blockchain space it's we we also uh highlight Fusion uh protocol uh through our gasless swap features um so It ultimately improves the user experience by um having uh allowing users to pay no gas it's actually paid by the market makers uh the resolvers was participating in this Fusion protocol so it uh again um resolves the the one of the limitations with the ux part the difficulty is in ux part of the defi um with Fusion protoc call it's uh

we also guarantee a very highgrade AML and compliance we do um kybs of all the market makers and uh regarding all the wallets that's participating in this Fusion protocol we uh actively use these uh uh we partner with top tier AML solution providers like trm and blockade to Blacklist wallets to um to spot uh Blacklist wallets in real time and block any of the uh uh uh any of the uh uh malicious attacks that might come from the hackers and by design of fusion protocol

uh it protects from it protects users from the M attacks and um we are 1 in is one of the most heavily audited um web 3 project we work with the best smart contract Auditors out there um especially as you can see here companies like open Zeppelin um consensus uh we spent a lot of resource see I am a CFO and I approve all these spendings and we spend probably the most amount of resource in uh doing smart contract audits of our um defi ploc call and uh additional um Factor uh that

contributes to um improved uxx user experience for Fusion is that we allow asynchronous onchain trading which means that um there's no need to wait for an order to be filled um before placing another one so uh you know everyone here probably has experience of waiting uh c a few seconds and up to a few minutes for smart contracts to be approved uh we don't have to uh if you use Fusion you don't have to do that when you make orders uh it's it's instantaneous and it's it's very fast and you can actually even uh go through multiple orders at the same

time and this protocol is built for retail and also uh for institutions so right now what we are uh F focusing on uh heavily is to work with um regulated Partners who require kycs of their users um and they can just take our Fusion API Fusion SDK and use for their backend service for for their uh blockchain swaps um and if they use the fusion SDK uh since they have their kyc users it's fully compliant fely regulated um uh protocol which they can deploy right

away without any concerns of regulations cuz we do kybs and we do AML checks for um all the fusion uh all the liquidity that goes through Fusion protocol so we are um right now actively talking to many of the uh institutional Partners in especially in APAC region and at the same time this allows um the user to keep the custodies of their uh blockchain assets um uh and and not uh depend on some other entities for for their custodies right now we're not charging any fees yeah we're not charging any

fees um might change in the future uh but uh we we we W wish to be very uh remain competitive and also uh want to yeah want to market the fusion protocol more so that's the strategy we've taken uh even um without too much marketing the fusion performance so far uh during the past one year has been uh about 13 billion uh volume in total and there has been 1.6 million total orders and this is about uh I would say about 10% of the total volume that goes through one inch and it's it's growing its share is growing and we wish

uh we're hoping that the share would grow even further because uh there is so much benefit towards the users yeah so you can easily start um search for one inch uh and you can easily uh find the fusion protocol and uh we believe that Fusion protocol is the um the the present and future of the Defi and it's uh one of the best products out there to uh address the uh issues of limitations of defi so um that's the that's the direction that we are taking uh at one in at one in and I hope that every user um realize the

benefits of us uh one Fusion protocol and and uh take the benefits out of it thank you very much