Decentralized finance (DeFi) aggregator 1inch Network has revealed its plans to expand in the Asian market, according to a statement by co-founder Sergej Kunz.
According to Kunz during Korea Blockchain Week (KBW) 2022 on August 8, although the DeFi market in Korea and Asia is relatively small, there are several Web3 companies in Asia that 1inch is scouting to partner with.
However, Kunz's biggest obstacle in entering the Web3 market is a low understanding of DeFi and how to use crypto wallets.
However, the market will grow rapidly when many individuals begin to understand that they can make a profit through the technique of 'farm', 'swap' and the exchange and access of cryptocurrencies on Ethereum with some simple EVM networks, the Ethereum Virtual Machine.
Kunz added that the popularity of blockchain-based gaming in Asia can attract many individuals in the DeFi market. This is because, most individuals especially young people are interested in gaming and things like that, and this will make the DeFi market grow in South Korea.
Now 1inch is also working on collaboration with the Klatyn blockchain which focuses on the metaverse for its plans to expand the market in Asia.
The main use of the 1inch network is a decentralized exchange (DEX) aggregator that has scanned the DEX for the greatest liquidity, low slippage and the cheapest cryptocurrency exchange rates.
In addition, 1inch also provides users with a mobile wallet that is used for DeFi purposes.
