Anton Bukov, co-founder of 1inch, highlighted the significant cost advantage decentralized finance (DeFi) holds over traditional banks when onboarding users. At the Dutch Blockchain Week, he noted that traditional banks spend between $100 and $300 to onboard each user, while online banks incur costs of $20 to $30. In contrast, DeFi platforms allow nearly free access, requiring only a smartphone and internet. This model provides an incredible opportunity to reach the 1.4 billion unbanked individuals, who are typically excluded from traditional financial systems due to high onboarding costs. Bukov asserted that DeFi enables users to participate in the global economy using stablecoins without needing lengthy verification processes. He emphasized that as internet access expands, DeFi can further facilitate financial inclusion globally, transforming how people exchange value. Additionally, Bukov mentioned that DeFi represents a growing global liquidity hub, fostering economic opportunities through easier access to financial resources across borders.

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