Leading decentralized finance platform 1inch has announced the release of reDeFine Money, a 464-page book that tells the story of DeFi through the experiences of the entrepreneurs, developers, and investors who helped build the industry. Written by 1inch Editor-in-Chief Vladimir Kozlov, the publication features interviews with 25 influential figures from across the decentralized finance ecosystem.
The book includes insights from well-known crypto leaders such as Stani Kulechov of Aave, Rune Christensen of MakerDAO, Michael Egorov of Curve, and Haseeb Qureshi of Dragonfly. According to 1inch, reDeFine Money is the first publication dedicated to documenting the history of decentralized finance through firsthand accounts from its founders and key contributors.
The digital version of the book is available free of charge through the 1inch website, while printed editions will be distributed at selected 1inch events. Readers will also be able to request a PDF copy later this summer.
Capturing the Evolution of Decentralized Finance
The book traces DeFi’s rise from a niche blockchain experiment to an industry that once held more than $80 billion in total value locked. Through a series of interviews, contributors discuss the innovations, challenges, and defining moments that shaped the sector over the past decade.
Rather than focusing solely on protocols and market data, the publication highlights the people behind the technology, providing a unique perspective on how decentralized finance developed into one of the most significant sectors in the digital asset market.
Lessons From the 2022 Crypto Crisis
One of the book’s central topics is the crypto market collapse of 2022, which saw the failures of Terra-Luna, Three Arrows Capital, and FTX. The crisis erased hundreds of billions of dollars in value and triggered widespread skepticism about the future of digital assets.
Many founders interviewed in reDeFine Money argue that the turmoil exposed weaknesses in centralized entities rather than fundamental flaws within decentralized finance itself.
Kain Warwick, co-founder of Synthetix and Infinex, described the events of 2022 as primarily a failure of centralized finance, pointing out that most of the major collapses occurred within custodial businesses rather than decentralized protocols.
Fredrik Haga, co-founder of Dune, suggested that greed and a lack of integrity among key industry players contributed significantly to the crisis, while emphasizing that the core promise of blockchain technology remained intact.
Not everyone shared the same perspective. MakerDAO co-founder Rune Christensen argued that some of the ideological assumptions behind early crypto projects have struggled to withstand real-world market conditions. He stressed the importance of focusing on products that meet actual user demand rather than relying solely on idealistic principles.
Security Challenges Continue to Test DeFi
The book also addresses one of DeFi’s most persistent challenges: security. While the industry has become more mature and resilient, exploits and protocol failures continue to impact projects across the ecosystem.
More than 40 DeFi protocols have reportedly ceased operations during 2026 due to factors such as insufficient adoption, declining revenues, and security breaches. Despite these setbacks, security data suggests the industry is making progress.
Losses from crypto exploits have fallen significantly since reaching record levels in 2022, with improved auditing practices, stronger smart contract design, and enhanced risk management helping reduce the scale of attacks.
However, major incidents still occur. One notable example was the April 2026 exploit involving KelpDAO’s cross-chain infrastructure, which reportedly resulted in losses of approximately $293 million and sparked a broader wave of withdrawals across the DeFi sector.
At the same time, cybercriminals are increasingly targeting individual users through phishing schemes, impersonation attacks, and social engineering campaigns, creating new risks that extend beyond protocol-level vulnerabilities.
DeFi’s Future and the Convergence With Traditional Finance
The release of reDeFine Money comes as decentralized finance continues to move toward mainstream adoption. Regulatory frameworks such as Europe’s MiCA legislation and new crypto-focused proposals in the United States are helping establish clearer rules for digital asset markets.
Meanwhile, tokenized real-world assets are attracting growing interest from institutions, bringing traditional financial participants into blockchain-based ecosystems and accelerating the convergence between DeFi and conventional finance.
Although contributors disagree on the timeline, many believe decentralized finance will eventually become a core component of the global financial system.
Jared Grey, Managing Director of Sushi Labs, stated that DeFi could ultimately surpass traditional finance, though he acknowledged that such a transition may take another 15 to 20 years.
Flashbots contributor Reid Yager expressed a similar long-term outlook, suggesting that future generations may view decentralized finance as the infrastructure upon which much of the world’s financial system was rebuilt.
Why 1inch Published the Book Now
According to 1inch co-founder Sergej Kunz, the company chose this moment to release the book because the industry is approaching a transformative stage. As institutional adoption accelerates and blockchain technology becomes increasingly integrated into mainstream finance, he believes DeFi is preparing to reshape traditional financial markets in a profound way.
By bringing together the stories and perspectives of some of the industry’s most influential builders, reDeFine Money provides both a historical record of decentralized finance and a glimpse into where the sector may be headed next. As DeFi enters a new era of growth and institutional participation, the book serves as a timely reflection on the movement’s origins, achievements, and future ambitions.
