Decentralized finance- (DeFi)-aggregator 1inch Network has revealed plans to increase its attain in Asia.
Speaking to Cointelegraph throughout Korean Blockchain Week (KBW) 2022 on Monda, co-founder Sergej Kunz stated that regardless of the DeFi market being comparatively small in Korea and Asia, there are a variety of Asia-based Web3 firms that 1inch is seeking to companion with.
However, Kunz additionally added that the largest barrier to entry seems to be a lack of knowledge about DeFi and find out how to use crypto wallets:
“As soon as people understand that they can [yield] farm, they can swap, they can exchange and get easy access to cryptocurrencies on Ethereum with a few simple EVM-compatible networks, the market will grow a lot.”
However, Kunz additionally added that the recognition of blockchain-based gaming in Asia might deliver extra people into the DeFi market.
“Here, there are a lot of people who like gaming and a lot of things like that, so I think the DeFi market can grow a lot in South Korea.”
1inch’s plan to increase into the Asian market comes as they instructed Cointelegraph at KBW that they’re at the moment engaged on a partnership with metaverse-focused blockchain Klaytn.
The 1inch Network’s foremost use case is a decentralized trade (DEX) aggregator, which scans DEXs to search out swimming pools with the most important liquidity, lowest slippage and most cost-effective cryptocurrency trade charges. 1inch additionally offers customers with a cellular pockets that can be utilized for DeFi functions.
Transactions on the community are powered by the 1INCH token, which is priced at $0.83 on the time of writing, in accordance to CoinMarketCap.