The relationship between decentralized finance and the broader Web3 vision is evolving rapidly, according to Sergey Kunzfounder of 1 inch network.
In an interview with Benzinga, Kunz said DeFi’s core functions actually define much of Web3 and envision opportunities for mutual growth beyond traditional financial applications, particularly in areas like content monetization.
Kunz also sought to highlight the critical role DeFi plays in realizing a fully functional Web3.
When asked about the relationship between the two, Kunz replied: “Most of Web3 is defined, it East decentralized finance.
He expanded on this point, highlighting the potential for DeFi’s capabilities to expand beyond traditional finance, noting that “it’s destroying finance, our money markets, swaps, limiters, etc.” We have a few games, we also have payment channels. It’s also a question of payment.
Kunz pointed out that the micropayment capabilities inherent in some Web3 technologies have the potential to revolutionize content monetization on existing web platforms.
He described a scenario where “you’re a content producer, you’re an influencer and you start a live stream… you could theoretically make a million or two in just an hour because there are enough people paying with micropayments.
He said: “Everyone pays a little bit, you know, and you get it because someone is watching you. »
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Kunz argued that such a system could rectify current inequalities where “influencers are live, people watch and leave”, and create a more equitable system where “people get the right amount of money for their work”.
Beyond content monetization, Kunz also envisions a future in which non-custodial solutions, already at the heart of DeFi, become the standard for broader affordability, saying: “You go to the App Store, you download the crypto wallet and you have your bank account in your pocket. without interacting with people who fail and are sometimes greedy and play with your funds.
He believes this will lead to widespread adoption, driven by the empowerment and security it offers users.
“You have your bank account in your pocket, you have simple and easy access to financial products… And if it’s simple and intuitive, with a nice user experience, then I think you’ll see hype like: “d “Okay, I need my crypto wallet, because I own my funds,” he said.
Kunz believes this convergence will change the power dynamics in digital finance.
“That would be the trend, you know, what’s going to happen,” he said. “I’m pretty sure in the next five years… people will understand that the crypto wallet is your bank account in your pocket, and it’s easy to use.”
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