Crypto centralized exchanges may disappear within the next decade as decentralized finances (DEFI) have replaced, according to 1inch co-founder Sergej Kunz.
In an interview with Cointelegraph at Token2049 in Singapore, Kunz predicts that the exchanges are slowly moving to the frontends for Decentralized exchange (Dexs). “I think it will take five to 10 years,” he said.
Kunz argued that while centralized exchanges were separate markets, 1inch and the combined -acting as a global liquidity hub. His comments came as 1inch announced a deal with the Major US Crypto Exchange Coinbase, which included its service to provide Dex trading to its users.
Kunz said investments in onchain systems through centralized exchanges show their understanding that technology that depends on “will not stay forever because you have decentralized exchange and digitalized finances.”
“They do not want to miss the train and stay behind, and they adopt our technology, because it is something that, from our point of view, will empower the entire financial industry,” he said.
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1inch pivots to infrastructure provider
The report complies with this week’s announcement by 1inch that it changed its business model be a defi infrastructure providerdedicated to providing access to other businesses. With the move, 1inch aims to facilitate the adoption of non-custodial swaps through major centralized exchanges and purses-specifically mentioning Binance, Coinbase, Ledger, Metamask and Trust Wallet in the announcement.
Kunz said the protocol was unified its products in a single application programming interface (API) for developers. He noted that most of the platform’s business today comes through API integrations rather than its own ending, a trend held for almost a year.
Related: Defi platform dydx plans telegram trading on roadmap update as earnings slide
1inch keeps betting out on expansion
In August, 1inch Roll out intent-based crosschain swaps To connect networks based on Solana and Ethereum virtual machines, which provide maximum value protection. In June, 1inch Deployed an update for its price route detection algorithmthat claims up to 6.5% better replacement rates.
About a year ago, 1inch also introduced a feature that gives users to users Exchange their digital crosschain assets while maintaining self-custody of properties.
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