Sergej Kunz I 1inch Product Demo | Pragma Lisbon 2023

foreign [Music] for our second demo of today we're gonna bring on Sergey from one inch and Cirque is going to talk about a really cool product that they've recently launched which is one inch Fusion so we're going to see a quick intro on what Fusion is and a quick demo on how it actually works so without further Ado let's welcome Sergey so hi everyone my name is Sergey I'm co-founder of one each Network it's really a pleasure to stay here um Ian Anton my co-founder we actually started on eth global hackathon back in 2019 we have built the first version of our one inch Network the aggregation protocol I was walking around the hackathon was pitching the idea to everyone and not everyone was really excited ethereum founder of italic butyrians said like it's it's also reasonable just do it Hayden Adams to walk around my table like catched him and ask what do you think and he said like it's okay but one one guy said just the next big thing what you're gonna build here if you can really do it over two nights it was leonhorn the the co-organizer of ethereum global uh I didn't trust him so at the end uh after three years we have built a lot of products we have built a lot of Open Source protocols which you can find on GitHub um under MIT license you see uh we have a liquidity protocol we have our spot price protocols based on Smart contracts our limit order protocol which is kind of decentralized Autobook we have built our Fusion it is kind of new approach or how to exchange assets and D5 and the tree we have built our nice self-custody wallet with uh really nice features we have our Dao we have our token it's really long story um and I would say one year in diva is like 10 years in traditional world and I get I started already to get some creators and yeah and nowadays we are working on a institutional products trying to also improve the space for institutional space because the settlement on the blockchain is the best I would say right now and they still didn't understand it and we try to teach them so um we we keep still 70 percentages of market share we came to the idea to introduce the new market aggregation Market among these realistic changes market share it grew from zero we we overtook everyone and keep 80 percentages right now we have since 2019 330 billions of West loss of volume uh handled by the smart contracts four and a half millions of unique wallets 180 core contributors around the globe kind of Freelancers who are working full-time some of them part-time on the project and our Labs raised 190 million US Dollars uh in three year Financial rounds what's what was not really easy for us we were just normal to to sort of developers who didn't know how to rest it took like one year to get the first fundraising um and I did at least 1 000 pitches in my life so uh I know how it is um so what's new uh we introduced a new thing we call it Fusion I offer really nice features like gasless swaps so you don't pay for the for the transaction itself it is done by professional market makers um through this Fusion approach you get a huge X like really great access to the huge liquidity of everywhere because market makers are Bridging the liquidity also from centralized exchanges you you get math protection by by Design uh what I faced last year um in summer I would say I I sold ethereum and bought the future in the same time to just because of tax reasons uh ethereum dropped with the price and I just sold and bought now I I have a loss in my declaration um and I I faced the problem that I was front-run like and sandwiched yeah I lost 10 ethereum it was It was kind of huge for me it's a lot of money and we of course we introduced us a new thing at one inch recently in December also economics upgrade we introduced new staking with locking uh um over specific period of time and you get unicorn power so one token is not equal one vote in our dollar you need to look for specific periods of time and um to to be able to participate so fusion um fusion um kind of is this is a limit or approach with uh with a Dutch auction behind that and this environment which we set up offers from one side people to send overs to create orders in a specific price range and from other side every Market maker can participate in this environment and take the orders you have really best execution on the market uh since we introduced a dash auction approach with specific price curves so all the market makers compute compete with each other to fill your order or to match your order with someone else because someone is buying ethereum someone is is selling ethereum and this can be matched we have asynchronous asynchronous trading on chain that means you can do 10 trades you don't have to wait for in kind of in order so you don't have to wait for the first trade um to execute the second one just so while one of nice things all liquid OnePlus already said you don't pay any gas with Native tokens it can be that you just get a little bit less in our destination token uh since yeah someone need to pay the gas costs and on Lower amounts you you just get paid with like a destination token and a higher amount you don't pay anything I will show you this is a good example someone came and exchanged on one inch 3700 ethereum to use GT and at the end they got 2 300 more compared if they would just trade it on the market if they just would use and also another aggregator to just execute it on the market since you you face the problem on higher months um that you have a price impact because there's not super high liquidity and um and our Dutch auction approach follows the price curve of the market so at the beginning the protocol tries to sell little bit for a really good price the current Oracle price I would say and then it goes down slowly over time in this case 10 minutes to their current market rates the rate of the aggregator whatever you use um so this is the price impact included in the price and then it goes a little bit down below to um to a little bit below to take care that that trade will be executed uh because of the gas costs um protected from math by Design it's just limit order you sign it's just a permit you send it you share it in a network you don't pay anything for this and no one can frontrun you no no one can send it to you so before you swap after you um and if you like to integrate uh fusion um you we have nice SDK we have nice API uh we offer Hands-On um so just speak with us I'm going to show you a small example how a fusion works this is um our soap interface we can connect wallet I'm using our mine one inch test wallets so the one inch wallet you can downloads on the App Store of course we Face the same problem as uni swap as well with App Store rules and um kind of policy which is not clear for for anyone so in this wallet we have we have some one-ish tokens we have some ethereum um so if you don't want to pay any gas costs you can you can just choose a token which support permit this is in one stock in the case and if you are gonna buy Here uni token um we can select here different modes we have the luggage legacy mode this is the first approach we came to on the hackathon just to offer a kind of a already prepared call data for the user and a smart contract executed on multiple liquid sources the execution path looks like this or it can be very complicated and and a higher amounts for example on really high amounts a lot of liquid Source would be used you take into the risk that the transition fails and um to avoid this and from our point of view the risk should be taken by professional market makers yeah and this is Fusion so you you don't pay any transaction costs with the fusion and you can execute it smoothly I I give a permit it's just a signature in the wallet now I confirm I'm okay with the rates so and now I see the Panic transaction and now we need to wait a little bit until uh professional Market maker takes this so on a lower lower amount they of course take into account the gas cuts and uh it can take maybe a couple of minutes to execute this uh sometimes very fast if the price goes up on higher Mass already explained you don't pay at the end nothing because there's a huge arbitrary opportunity for the Traders to fill the aura so this is fusion um this is kind of from our point of view the new thing which also introduced a new way um also in direction of account abstraction so tscr actually mirror kind of transactions which are executed by someone else not you not by by your wallet and it too specific things it it exchange Assets Now the trade is done you can see here it was executed so 100 percentage is filled it's done by the professional Market maker you got the best rate by taking into account of the gas costs and ethereum uh we support also multiple other networks which are cheaper arbitrary for for example optimism um yeah that's it thank you very much have any questions I'm here we can speak thanks