1inch 联创 Anton Bukov 离职，将启动新项目 Second Tier

Foresight News2026-07-17 tarihinde yayınlandı2026-07-17 tarihinde güncellendi

Özet

1inch联合创始人Anton Bukov已离开日常运营，保留50%股份及联合创始人身份。他于2025年11月底因战略方向及领导层分歧停止参与公司运营，1inch官方称其并非被解雇，但确认他不再参与任何工作。 Bukov宣布启动新项目Second Tier，旨在构建缩短经济意图与链上执行距离的基础设施。项目目前仅有一篇宣言，未透露具体产品、团队或融资细节，强调其非DEX也非聚合器，而是寻求在更高层级重新设计金融约束。分歧源于1inch加速向传统金融靠拢的战略转型，而Bukov坚持DeFi开放金融理念。他此前主导了1inch多项核心去中心化架构设计。 1inch近期业务收缩明显，2026年第一季度日均交易量环比下降60.3%，市场份额从首位滑落至第四。不过其Fusion协议及与Ondo Finance的合作部分指标表现相对稳健。后续关注点包括Bukov对1inch股权的处理、Second Tier的产品化进程，以及1inch机构化路线能否改善业绩。

撰文:ChandlerZ,Foresight News

7 月 16 日,去中心化交易聚合协议 1inch 联合创始人 Anton Bukov 发布公开声明,确认已离开 1inch 的日常运营。Anton Bukov 曾负责设计 1inch Router、Fusion 以及跨链 Swap 等核心架构,于 2025 年 11 月底因战略方向和领导层分歧停止参与公司运营,但仍保留联合创始人身份及 50% 的股份。

该声明同时宣布启动新项目 Second Tier(tier.xyz),Anton Bukov 将 Second Tier 定位为「缩短经济意图与链上执行之间距离」的基础设施公司,明确表示新项目既不是 DEX,也不是聚合器。

一篇没提到任何产品的宣言

Second Tier 目前对外展示的全部内容,是发布在 tier.xyz 上的一篇宣言。

宣言没有提到任何具体产品形态、技术架构或上线时间表,核心主张是当前金融系统中的摩擦(中间人、结算延迟、许可门槛)是被人为设计进去的,在现有框架内做优化只是「trade-off」,真正有效的做法是跳到上一层(second tier),在约束本身可以被重新设计的层面工作。这就是 Second Tier 这个名字的来源。

宣言称,其目标不是做一个产品,而是做多个架构,建造此前不存在的品类,而非在已有品类内竞争。同时还提到,团队构建的系统将以开放的方式进入市场。

Anton Bukov 在接受 The Defiant 采访时确认,Second Tier 目前没有公开融资、没有公布团队成员、也不会在有可用系统之前透露产品细节。被问及新项目是否是另一个 DEX 或聚合器时,他的回答很直接「不是,也不是针对 1inch 做的」。

战略方向之争和决裂

Anton Bukov 在声明中称自己于 2025 年 11 月底被 1inch 解雇,他表示,在此之前曾花数月推动公司在领导方式和沟通机制上做出改变,最终被踢出局。

1inch 方面对「解雇」的说法提出异议,官方称 Anton Bukov 并非直接雇员,因此从法律上无法被解雇,并表示他在架构和安全方面的工作是团队协作,另有负责人。

Anton Bukov 将这次分裂定性为成熟的创始人分手,分歧在于战略方向、沟通方式和领导风格。他仍然持有 1inch 50% 的股权,保留联合创始人头衔,但在协议的产品架构和安全事务上已经没有任何角色。1inch 官方确认,Anton Bukov 自 2025 年 12 月起不再参与任何关联组织的工作,协议运营不受影响。

分裂的背景其实就是 1inch 在 2025 年下半年加速向传统金融靠拢。

2025 年 10 月,1inch 完成品牌重塑,CEO Sergej Kunz 将公司愿景表述为延伸到所有金融市场。同月,1inch 把 swap 引擎集成进 Coinbase App,成为其在美国市场最大的客户端合作。1inch 的目标客户开始正在从 DeFi 原生用户转向机构和传统金融用户。

但 Anton Bukov 的立场相反,他在声明中强调「我相信 DeFi 是通向开放金融系统的路径,没有摩擦,没有中间人。我宁愿自己去建,也不想干等着。」他在 1inch 期间主导设计了 DEX 聚合路由器、Fusion 交换机制和跨链执行等核心模块,这些工具的设计逻辑都指向去中心化和无许可访问。2025 年 11 月中旬他还在为共享流动性协议 Aqua 的开发者版本站台,几周后就被告知离开。

1inch 的现状

Anton Bukov 公开离开的时间点,正值 1inch 经历一轮显著的业务收缩。

根据 Messari 5 月 22 日发布的 State of 1inch Q1 2026 报告,1inch 日均交易量从 Q4 2025 的 2.449 亿美元下降至 Q1 2026 的 9710 万美元,环比跌幅 60.3%。同期整个 DEX 聚合器赛道日均交易量从 46 亿美元降至 27 亿美元,降幅约 40%,1inch 的跌幅明显超过行业均值。

市场份额方面,1inch 在其部署的网络上的份额从 Q4 的 25.2% 降至 Q1 的 17.0%,排名从第一滑落至第四,落后于 Kyber(23.9%)、CoWSwap(18.0%)和 ZeroEx(17.9%)。

此外,1inch 与 Ondo Finance 的合作在 BNB Chain 上路由了超过 25 亿美元的代币化股票和 ETF 累计交易量,Limit Order Protocol 在 BNB Chain 上的日均交易量逆势增长 52.7%,是唯一增长的链。Fusion 协议日均交易量仅下降 26.5%,明显优于聚合协议的 60.3% 跌幅。Fusion 日均订单数反而增长了 31.3%,从 13,200 笔升至 17,300 笔,说明用户在向更小额、更高频的交易模式转移。

Sergej Kunz 在回应 Anton Bukov 离开时强调,不影响 1inch 网络的基础设施和系统运营。市场反应平淡,1INCH 代币在消息公布后 24 小时内仅下跌约 1%。

待解的问题

Anton Bukov 目前持有 1inch 50% 股权,保留联合创始人头衔,但对协议运营没有任何发言权。他没有表示计划出售股份或采取任何股东行动。Second Tier 还处于纯概念阶段,没有产品、没有融资、没有公开的团队。

接下来 Anton Bukov 会如何处理 1inch 的股权,Second Tier 何时从宣言变成可用的产品,以及 1inch 的机构化路线能否扭转交易量持续下滑的趋势都值得关注。

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İlgili Sorular

QAnton Bukov离开1inch的主要原因是什么？

AAnton Bukov离开1inch的主要原因是与联合创始人在战略方向和领导风格上存在根本性分歧。具体来说，1inch在2025年下半年加速向传统金融靠拢，寻求与机构合作，而Anton Bukov则坚持其DeFi原生理念，致力于构建开放、无摩擦、无中间人的金融系统。他试图推动公司在领导方式和沟通机制上做出改变未果，最终在2025年11月底停止了参与公司日常运营。

Q新项目Second Tier的核心主张是什么？

ASecond Tier的核心主张是跳出当前金融系统的既有框架进行创新，而非在其中进行有限的优化。它认为现有系统中的摩擦（如中间人、结算延迟、许可门槛）是人为设计的，在原有约束内工作只是权衡。因此，其目标是“缩短经济意图与链上执行之间距离”，在约束本身可以被重新设计的“上一层”（即Second Tier）工作，构建此前不存在的多个新架构和新品类，并以开放的方式进入市场。它明确表示自己不是另一个DEX或聚合器。

QAnton Bukov离开后，他仍然持有的1inch权益有哪些？

A离开后，Anton Bukov保留了其在1inch的联合创始人身份，并且继续持有公司50%的股份。然而，他在协议的产品架构、安全事务以及任何关联组织的日常运营中已不再扮演任何角色，对公司的运营没有发言权。

Q根据文章，1inch在2026年第一季度的业务表现如何？

A根据Messari的报告，2026年第一季度1inch的业务表现出现了显著下滑。其日均交易量从2025年第四季度的2.449亿美元大幅下降至9710万美元，环比跌幅达60.3%，超过了DEX聚合器赛道整体约40%的跌幅。市场份额在其部署的网络上也从第一滑落至第四。不过，其Fusion协议的日均订单数逆势增长了31.3%，表明用户交易行为向更小额、高频的模式转变。

Q文章结尾提出了哪些关于未来的待解问题？

A文章结尾提出了三个主要的待解问题：1. Anton Bukov将如何处理他所持有的1inch的50%股权，是否会出售或采取股东行动。2. Second Tier何时能从概念性的宣言阶段，发展到推出具体可用的产品。3. 1inch目前坚持的机构化、向传统金融靠拢的战略路线，能否有效扭转其交易量持续下滑的趋势。

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