Decentralized Financial (DeFi) Aggregator 1 inch Network has unveiled plans to expand within the Asian market, said co-founder Sergej Kunz.
Speaking to Cointelegraph at the Korean Blockchain Week (KBW) 2022 on August 8, Kunz said that despite the DeFi market being relatively small in Korea and Asia, there are a number of Asia-based Web3 companies that 1inch wants to partner with.
However, Kunz also added that the biggest barrier to entry seems to be a lack of understanding about DeFi and the use of crypto wallets:
“Once people understand they can [yield] farm, they can trade, they can exchange and easily access cryptocurrencies on Ethereum with a few simple EVM compatible networks, the market will grow a lot.
However, Kunz also added that the popularity of blockchain-based gaming in Asia could bring more individuals into the DeFi market.
“There’s a lot of people here who like gaming and a lot of that stuff, so I think the DeFi market in South Korea can grow a lot.”
1Inch’s plan to expand into the Asian market comes as they told Cointelegraph at KBW that they are currently working on a partnership with metaverse-focused blockchain Klaytn.
The 1 inch The network’s main use case is a decentralized exchange (DEX) aggregator that scans DEXs to find pools with the greatest liquidity, lowest slippage, and cheapest cryptocurrency exchange rates. 1Inch also provides users with a mobile wallet that can be used for DeFi purposes.
Transactions on the network are powered by the 1INCH token, which is priced at $0.83 at the moment of writing.