Sergej Kunz, co-founder of decentralized finance (DeFi) protocol 1inch Network, sat down with Cointelegraph journalist Joseph Hall at Paris Blockchain Week 2023. The duo discussed various topics, including the limitations of investing for ordinary people, how is mass adoption and large companies jumping into the Web 3.0 space.
Kicking off the interview, Kunz talked about what people on the street might be interested in in relation to the Web 3.0 space. According to the 1inch executive, people are usually very interested in placing their money where they will not lose it, and in how to passively earn money with their funds. However, Kunz explained that there are many limitations for the average investor. He added:
“Right now, you are very limited as a person, a normal person out there. The products you can invest in are very limited. […] Just for example, for my daughter, I was asking the local bank in Germany to provide me with some products, but they couldn’t even offer bonuses.”
Kunz also expressed some frustration with the potential payout percentages on the bonuses. “Right now, US bonds are offering four to five percent, and they can’t even offer that,” he added.
In addition to the limitations for investors, Hall and Kunz also discussed how people currently perceive the cryptocurrency space and what mass adoption looks like from Kunz’s perspective. According to the 1inch co-founder, while people may think of cryptocurrency as a place to buy and sell digital assets, there is much more going on within this space.
“We have a decentralized computer around the world where you can deploy applications that can be used by everyone and right now without permission,” he explained.
When asked about his team’s ideas on mass adoption, Kunz explained that understanding and educating people would be the key to achieving it. He explained:
“As soon as we have people who understand the non-custodial 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. So, we hit the mass adoption from our point of view.”
At the end of the interview, Kunz gave advice to newcomers to the DeFi world. “Don’t trust anyone. If someone tries to sell you something, don’t trust it, check it out,” he said. According to Kunz, it is best to read and inform yourself before investing in DeFi or cryptocurrencies.
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