Sera vs 1inch: A venue vs an aggregator
1inch and Sera sit at different layers. 1inch is an aggregator: its classic swap routes an order across other venues' liquidity, and its Fusion mode turns a swap into a Dutch-auction order that third-party resolvers fill, paying the gas themselves. Its newer Aqua layer lets one wallet balance back several strategies at once. Sera is a venue: makers quote stablecoin pairs directly around the real FX rate on an order book, so the price exists before anyone routes to it. An aggregator can only be as good as the liquidity beneath it, and for crosses between non-USD stablecoins that liquidity is often thin or routed through a dollar.
Sera vs 1inch, side by side
| Sera | 1inch (DEX aggregator) | |
|---|---|---|
| Layer | Venue: holds quotes and settles trades | Aggregator: routes to other venues; Fusion fills through resolvers |
| Where the price comes from | Makers' bid and ask around the real FX rate | Underlying pools (classic), or a decaying auction price a resolver fills (Fusion) |
| Non-USD pairs (e.g. GBP→EUR) | Direct pair, one quote | Only as good as the underlying liquidity; crosses often route through USD pools |
| Shared liquidity | Virtual Liquidity: one Vault deposit backs live quotes on every pair | Aqua: one wallet allowance backs several strategies; tokens stay in the wallet |
| Execution | One signed intent; multi-leg routes settle all-or-nothing in one transaction | Classic: an on-chain route across pools. Fusion: a Dutch auction from the desired rate down to a minimum return |
| Gas | Paid in the swapped stablecoin | Fusion: the resolver pays, priced into the auction |
| Fees | No protocol fee; 10–30 bps all-in spread, paid to the maker | The underlying venues' fees apply to every hop |
| Best for | Cross-currency stablecoin FX at the real rate | Best execution across many venues for widely traded tokens |
When to choose Sera
- You need a price for a cross-currency stablecoin pair that thin or USD-routed pools can't give you.
- You provide liquidity and want to quote FX pairs at the real rate rather than run a formula.
- You want one signed intent to settle a multi-leg route all-or-nothing, with gas taken in the stablecoin.
- You want no protocol fee on top, with the spread going to the liquidity provider.
When to choose 1inch
- You trade many kinds of tokens and want one integration that searches across many venues.
- You want swaps filled through a resolver auction, with gas covered by the filler.
- Your pair is widely traded and deep on the venues 1inch aggregates.
- You want to run several formula-priced strategies from one wallet balance with Aqua.
Pricing, side by side
Illustrative: $10,000 from a GBP stablecoin to a EUR stablecoin, a non-USD cross.
| Sera | 1inch | |
|---|---|---|
| Route | Direct GBP→EUR quote on Sera's book | The best route across integrated venues, often via a USD pool |
| Fees | No protocol fee | The underlying venues' fees on every hop |
| Execution price | Binding quote for the quoted size | Classic: the pools' curves. Fusion: the auction price when a resolver fills |
| Effective total cost | $10–$30 (10–30 bps all-in, paid to the maker) | Depends on the underlying route and its liquidity |
Integrating Sera
Sera is a settlement venue for stablecoin FX. You request a quote, the user signs one EIP-712 intent, and the route settles atomically on-chain, with gas paid in the swapped stablecoin. Liquidity providers deposit once in Sera's Vault and quote every pair from that balance.
Integrating 1inch
1inch is an aggregation layer. Integrators call 1inch's swap APIs to route across other venues' liquidity, or submit Fusion orders that resolvers fill through a Dutch auction. The liquidity sits with the venues and resolvers 1inch connects to, and with makers running Aqua strategies from their own wallets.
Frequently asked questions
- Is Sera competing with 1inch?
- Not directly. 1inch is an aggregator that routes to venues; Sera is a venue that quotes stablecoin FX pairs. Aggregators route to the liquidity they integrate, so a direct-pair FX venue complements an aggregator rather than replacing it.
- How is Sera's Virtual Liquidity different from 1inch Aqua?
- Both let one balance back many positions. Aqua keeps tokens in the maker's wallet under an allowance and backs strategies built from pricing formulas (constant-product, concentrated and pegged curves) plus limit-order and auction recipes. Sera's Virtual Liquidity backs order-book quotes from one deposit in Sera's Vault, and makers price each pair themselves around the real FX rate.
- What is 1inch Fusion?
- Fusion is 1inch's intent-based swap. Technically it is a limit order with a variable exchange rate: the rate decays from the desired price toward a minimum return until a resolver finds it profitable to fill, and the resolver pays the gas. Sera's intents settle against makers' standing quotes, at the quoted price.
Use Sera as your FX settlement layer
Keep custody and KYC where they are. Plug Sera in for the on-chain currency conversion and capture the FX spread on your own flow.