Main DEX aggregator 1inch has launched a brand new DeFi function: trustless cross-chain swaps between Solana and over 12 EVM networks, with out counting on bridges or third-party messaging protocols.
Accessible throughout the 1inch dApp, pockets, and Fusion+ API, customers can now transfer property straight between Solana and all main EVM networks in a totally decentralized, safe, and seamless manner with full MEV safety.
Bridgeless Solana cross-chain swaps
Till now, cross-chain interplay between Solana and EVM networks has usually required bridges or third-party messaging protocols akin to Wormhole, Axelar, LayerZero, or Chainlink CCIP. Whereas extensively used, these methods have confirmed to be weak, with bridge hacks one of the crucial damaging safety dangers in DeFi.
In February 2022, the Wormhole bridge, which connects Solana and Ethereum, was hacked, leading to a lack of over $320 million. Attackers exploited a vulnerability in Wormhole’s signature verification course of, enabling them to mint $120,000 price of wrapped ETH on Solana with out the required collateral on Ethereum. This drained funds from the protocol and uncovered the dangers inherent in conventional bridge-based cross-chain options.
1inch’s bridgeless Solana cross-chain swaps rewrite this mannequin solely. When the resolver accepts a value, an escrow is created on the supply chain, securely locking the person’s funds. The resolver then creates an identical escrow on the vacation spot chain, locking their very own funds. 1inch co-founder Sergej Kunz informed CryptoSlate:
“There is no such thing as a bridge danger, as a result of the funds stay of their respective chain-specific escrows, not in a shared pool, and nobody can transfer them with out the person’s secret. After a safety verify, the person shares this secret with the resolver to authorize withdrawal. If the key is rarely shared, each escrows are canceled and funds are returned to their unique house owners.”
Beneath the hood: Fusion+ cross-chain
The technical basis for this function builds on 1inch Fusion+, the agency’s Dutch Public sale settlement mannequin. However as Kunz defined, getting it to work with Solana required rethinking the structure:
“The most important technical problem was adapting our Fusion+ structure, initially designed for EVM-to-EVM swaps, to work natively with Solana. As a substitute of counting on third-party messaging protocols or bridges, we mixed 1inch’s Dutch Public sale mannequin with cryptographically linked, chain-specific escrow contracts and applications. This enables resolvers to settle cross-chain orders atomically and trustlessly, bypassing the normal two-step bridge mannequin and eliminating shared-pool dangers.”
The method works as follows: A person indicators a cross-chain swap order on the supply chain. A resolver locks matching liquidity on the vacation spot chain whereas the person’s funds are held in escrow on the supply chain.
Solely when a cryptographic secret is revealed can each escrows unlock atomically, guaranteeing no get together can run off with funds. As Kunz defined, if the method fails, each escrows are cancelled and funds are returned.
Past eliminating bridge danger, Fusion+ cross-chain swaps assist cut back fragmentation by permitting property to remain of their native ecosystem whereas nonetheless being immediately swappable throughout chains. Kunz identified:
“As a substitute of splitting liquidity into bridge swimming pools, resolvers use their very own stock to satisfy orders on the vacation spot chain. This implies Solana and EVM liquidity can serve one another with out requiring re-wrapped tokens, creating extra environment friendly markets and deeper efficient liquidity throughout ecosystems.”
For Solana, this addresses certainly one of its greatest historic hurdles: isolation from DeFi innovation and capital flows in EVM chains. Solana-native tokens can now be traded straight in opposition to Ethereum, Polygon, Arbitrum, and others, with out intermediaries, bringing new customers, capital, and dApps to Solana whereas making the community a hub for merchants, builders, and liquidity suppliers.
What’s subsequent for 1inch
Whereas at the moment’s launch covers Solana<>EVM swaps, the workforce has additional ambitions. Kunz informed CryptoSlate:
“We’re open to integrating extra non-EVM networks sooner or later. At our latest hackathon, groups demoed implementations for Bitcoin, Sui, Aptos, and others. That confirmed us the sturdy demand for a broader multichain future the place each asset can discuss to each different with out bridge danger.”
Talked about on this article
