Sergej Kunz, co-founder of the 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 the mass adoption and large companies jumping into the Web3 space.
Beginning the interview, Kunz talked about what might interest people on the street regarding the Web3 space. According to the 1inch executive, people are often very interested in putting their money where they won't lose it and how to passively earn from their funds. However, Kunz explained that there are many limitations for the average investor. He said:
“Right now, you are 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 provide me with some products, but they couldn't even offer bonuses.
Kunz also expressed some frustration over the potential payout percentages on the bonuses. “Right now, you get four to five percent for US bonds, and they couldn't even offer this,” he added.
In addition to the 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 1-inch co-founder, while people may think of cryptocurrency as a place to buy and sell digital assets, there is much more going on within the space.
“We have a decentralized computer around the world where you can deploy apps that everyone can use and right now without permission,” he explained.
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When asked about his team's thoughts on what mass adoption would look like, Kunz explained that understanding and educating people will be the key to achieving it. He explained:
“As soon as we have people understand the non-custodial way, this easy approach to interact with many 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 got massive adoption from our point of view.”
Sharing his final thoughts on the interview, Kunz gave some advice for those who may be new to the DeFi space. “Everyone who is new to this space, trust no one. If someone tries to sell you something, don't trust, verify,” he said. According to Kunz, it would be better to read and familiarize yourself first before investing in DeFi or cryptocurrencies.
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