1inch Co-Founder Anton Bukov Launches Second Tier After Exit He Calls a Firing

§ 01 Executive Snapshot

• What: Anton Bukov, co-founder of 1inch, claims he was fired and is launching a new startup called Second Tier.
• Who: Anton Bukov, 1inch, Sergej Kunz (1inch CEO).
• Why it matters: This split highlights contrasting visions for the future of decentralized finance (DeFi), with implications for 1inch's strategy and Bukov's new venture.

§ 02 Key Developments

• Bukov asserts he was fired in late November 2025, while 1inch disputes this, stating he was not an employee and his involvement ceased in December 2025.
• 1inch reported it routed about $2.7 billion in trades over the past 30 days, down from approximately $14 billion in mid-2025.
• The market value of the 1INCH token is around $104 million, having slipped about 1% in the 24 hours preceding the announcement.

§ 03 Strategic Context

• The departure occurs as 1inch has shifted focus towards integrating with traditional finance and courting institutional clients, contrasting with Bukov's vision of a frictionless DeFi ecosystem.
• This split represents a significant moment in DeFi history, as it showcases the ideological divide between traditional finance integration and DeFi purism.

§ 04 Strategic Implications

• The immediate consequence for 1inch may be a potential loss of technical direction and innovation capability, given Bukov's historical contributions.
• In the long term, Bukov's new venture, Second Tier, could emerge as a competitor to 1inch if it successfully attracts users who favor a DeFi-centric approach.

§ 05 Risks & Constraints

• A potential risk for 1inch includes the loss of market confidence and user engagement due to leadership changes and declining trading volumes.
• Bukov's ability to attract talent and funding for Second Tier may be constrained by the lack of disclosed details and operational clarity at this stage.

§ 06 Watchlist / Forward Signals

• Future developments to watch include any official announcements from Second Tier regarding funding and product details.
• Monitoring 1inch's trading volumes and market position will be crucial to assess the impact of this leadership change on its operational stability and growth trajectory.