1inch wants to enter the largely new Asian market, but widespread DeFi adoption is being hindered by a lack of understanding.
Oneinch Network, a decentralized-finance (DeFi) aggregator, has disclosed plans to broaden its presence in Asia.
On August 8, co-founder Sergej Kunz stated that 1inch is hoping to cooperate with several Asia-based Web3 firms despite the relatively tiny DeFi market in Korea and Asia. This was said during Korean Blockchain Week (KBW) 2022.
The main entry-level obstacle, according to Kunz’s additional comment, appears to be a lack of knowledge of Decentralized Finance and how to use cryptocurrency 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.”
Kunz further said that more people might enter the DeFi sector as a result of the popularity of blockchain-based games in Asia.
“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 intends to grow in the Asian market, and they are now negotiating cooperation with the blockchain Klaytn, which focuses on the metaverse.
The primary use case for the 1inch Network is a decentralized exchange (DEX) aggregator that searches DEXs to identify pools with the highest liquidity, the least amount of slippage, and the lowest exchange rates for cryptocurrencies. Additionally, 1inch offers consumers a mobile wallet that may be used for DeFi.
The 1INCH token, valued at $0.83 as of this writing, powers network transactions.