1inch Network Co-Founder to Crypto Newbies: ‘Don’t Trust Anyone, Verify’

by · March 23, 2023

Sergej Kunz, the co-founder of decentralized finance (DeFi) protocol 1inch Network, sat down with Cointelegraph reporter Joseph Hall at Paris Blockchain Week 2023. The duo discussed various topics, including the limitations of investing for ordinary people, what mass adoption looks like and big companies which jumps into the Web3 area.

Starting the interview, Kunz talked about what people on the street might be interested in regarding the Web3 site. According to the 1inch executive, people are often very interested in putting their money where they don’t want to lose it and how to earn passively with their money. However, Kunz explained that there are many limitations for your average investor. He said:

“Right now you’re very limited as a person, a normal person out there. You are very limited in the products in which you can invest. […] Just for example, for my daughter, I asked the local bank in Germany to offer some products, but they couldn’t even offer bonds.”

Kunz also expressed some frustration with the potential income percentages for bonds. “Right now you’re getting like four percent to five percent for US bonds, and they couldn’t even offer this,” he added.

1inch Network’s Sergej Kunz sat down with reporter Joseph Hall to talk about the state of the crypto industry. Source: Cointelegraph

Besides limitations for investors, Hall and Kunz also discussed how people currently perceive the crypto space and what mass adoption looks like from Kunz’s perspective. According to the 1inch co-founder, while people may think of crypto as a place to buy and sell digital assets, there are many more things to the space.

“We have a decentralized computer around the world where you can distribute applications that can be used by anyone and right now in a permission-free way,” he explained.

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When asked about the team’s thoughts on what mass adoption looks like, Kunz explained that people’s understanding and education would be key to achieving this. He explained:

“As soon as we have people who understand the non-custodial way, this simple approach to interacting with many different services and also this simple way to pay for a coffee by scanning your QR code and paying with an Ethereum transaction. So we achieved mass adoption from our point of view.”

Kunz shared his final thoughts on the interview and offered advice to those new to the DeFi space. “Anyone new to this space, don’t trust anyone. If someone tries to sell you something, don’t trust, verify,” he said. According to Kunz, it would be best to read and become knowledgeable before investing in DeFi or crypto .

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