1inch Network co-founder to crypto newbies: ‘Don’t trust anyone, verify’
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 jumping into the Web3 space.
Starting the interview, Kunz spoke about what people on the street may be interested in regarding the Web3 space. According to the 1inch executive, people are often very interested in putting their money where they will not lose it, and how to earn passively with their funds. However, Kunz explained that there are many limitations for your average investor. He said:
“Right now, you are very limited as a person, a normal person out there. You are very limited in products where you can invest. […] Just for example, for my daughter, I was asking the local bank in Germany to provide some products, but they couldn’t even offer bonds.”
Kunz also expressed some frustration about the potential earning percentages for bonds. “Right now, you get like four percentage to five percentages for United States bonds, and they couldn’t even offer this,” he added.
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 within the space.
“We have a decentralized computer around the globe where you can deploy applications that can be used by everyone and right now in a permissionless manner,” he explained.
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When asked about his team’s thoughts on what mass adoption looks like, Kunz explained that people’s understanding and education would be the key to achieving this. He explained:
“As soon as we have people who understand the noncustodial way, this easy approach to interact with a lot of different services and also this easy way to pay for a coffee by scanning your QR code and paying with an Ethereum transaction. Then, we achieved mass adoption from our point of view.”
Sharing his final thoughts on the interview, Kunz gave advice to those new to the DeFi space. “Everyone who is new in this space, don’t trust anyone. If someone tries to sell you anything, don’t trust, verify,” he said. According to Kunz, reading and getting knowledgeable before investing anything in DeFi or crypto would be best.
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