Decentralized Finance Pool (DeFi) 1 inch Network has revealed plans to expand into the Asian market, according to its co-founder Serge Koons.
Speaking to Cointelegraph during Korea Blockchain Week (KBW) 2022 on August 8, Koons said that while the DeFi market is relatively small in Korea and Asia, there are a number of Asia-based Web3 companies that 1inch are looking to partner with. .
However, Koons also added that the biggest barrier to entry appears to be a lack of understanding of DeFi and how to use crypto wallets:
Once people understand that they can [yield] They can farm, they can exchange, they can easily exchange and access cryptocurrency on Ethereum through a few simple networks that are compatible with EVM, and the market will grow a lot.”
However, Koons also added that the popularity of blockchain-based games in Asia could bring more people into the DeFi market.
“Here, there are a lot of people who love games and a lot of things like that, so I think the DeFi market can grow a lot in South Korea.”
1Inch’s plan to expand into the Asian market came when they told KBW Cointelegraph that they are currently working on a partnership with the metaverse-focused blockchain Klaytn.
The 1 inch The main use case of the network is a decentralized exchange (DEX) aggregator that scans the DEX to find pools with greater liquidity, less slippage, and cheaper cryptocurrency exchange rates. 1Inch also provides users with a mobile wallet that can be used for DeFi purposes.
Transactions on the network are triggered by a 1inch token at a price $0.83 At the time of writing.