Anton Bukov, co-founder of the decentralized exchange aggregator 1inch, has been fired from the company. Shortly after his departure, Bukov launched a new DeFi infrastructure startup called Second Tier, which he says is focused on decentralization — a move that could put it in direct competition with 1inch's recent institutional pivot.
Why Bukov was fired
The exact reasons for Bukov's termination remain unclear. The company has not issued a public statement about the co-founder's exit. Bukov, who helped build 1inch into one of the largest DeFi platforms by trading volume, did not comment on the firing beyond announcing his next venture. The lack of detail has left the crypto community guessing about what led to the split.
What Second Tier plans to build
Second Tier is being described as a DeFi infrastructure startup. In a brief announcement, Bukov emphasized that the project will prioritize decentralization over the kind of institutional-friendly features that 1inch has been rolling out. The new startup's exact product roadmap is not yet public, but the framing suggests it will aim to serve the more hardcore, self-custody side of decentralized finance — the kind of users who want minimal intermediaries and maximum control.
A potential rivalry with 1inch
Bukov's new project could end up competing directly with his former company. 1inch has been shifting toward serving larger institutions, offering features like tokenized stocks and permissioned pools. Second Tier, by contrast, seems to be positioning itself as a purer alternative. That sets up an interesting dynamic: the co-founder who helped build 1inch's original decentralized ethos now launching a vehicle that might challenge the very same company's evolving strategy.
Whether Second Tier will eat into 1inch's market share is an open question. 1inch remains a major player with deep liquidity and a broad user base. But Bukov's deep knowledge of the protocol and the DeFi ecosystem means he could build something that appeals to the users who feel left behind by the institutional shift. The crypto industry has seen such splits before — founders who leave and then build something that competes with their old creation.
Second Tier's initial products have not yet been announced, but the project is already drawing attention from developers who favor decentralized models over institutional partnerships. The coming months will show whether Bukov can turn that interest into a real competitive force.
