1inch publishes DeFi oral history book ‘reDeFine Money’

1inch Publishes DeFi Oral History Book ‘reDeFine Money’

1inch, a major decentralized finance trading platform, has released a 464-page oral history book titled reDeFine Money. Written by editor-in-chief Vladimir Kozlov, the book chronicles DeFi’s history through the voices of its founders and builders. The digital edition is free on 1inch’s website, with physical copies available at select events this summer.

What the 2022 Crash Actually Proved

The book addresses DeFi’s darkest moments, including the 2022 collapse of Terra-Luna, Three Arrows Capital, and FTX. Several founders argue the crisis exposed centralized finance (CeFi) weaknesses, not DeFi’s. Kain Warwick of Synthetix called it “a failure of centralization,” while Fredrik Haga of Dune described it as a “sentiment” issue. However, MakerDAO’s Rune Christensen offered self-criticism, noting that “much of the core ideology crypto is built on doesn’t hold up in the real world.”

Not All Protocols Survived

Over 40 DeFi protocols have shut down in 2026 due to user struggles, hacks, or revenue issues. Security remains a challenge, but losses from exploits fell from $2.62 billion in 2022 to $680 million in 2025, per Immunefi. Bridge exploit losses dropped sharply, though a $293 million attack on KelpDAO in April 2026 triggered wider losses. Chainalysis reports criminals increasingly target users, with impersonation scams rising.

Where DeFi Goes From Here

The book arrives as DeFi enters the mainstream with regulatory frameworks like the U.S. CLARITY Act and Europe’s MiCA. Tokenized real-world assets and institutional capital are expanding. Founders see DeFi’s convergence with traditional finance as inevitable but gradual. Jared Grey of Sushi Labs predicted DeFi will overtake TradFi in 15-20 years, while Reid Yager of Flashbots envisioned the entire financial system rewritten on DeFi rails. 1inch co-founder Sergej Kunz said the book aims to tell the story before the industry “revolutionises TradFi.”

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