Previewing the State of ReFi Report 2025

Last year, we published ReFi's first-ever industry report: The State of ReFi 2024.

The State of ReFi Report | CARBON Copy

The preeminent source of ReFi news, information, and analysis.

One of the things were considering for this year's report is a redefinition and recategorisation of the ReFi space. With the "regen" movement taking on a lot of what ReFi has embodied over the past five years, our thinking is that it's time for us to narrow our definition to focus on how ecological and social impact gets funded. The recategorisation would then reflect this new definition. At the centre would be the projects facilitating the funding. The surrounding layer would be all of the support infrastructure that makes ReFi possible.

We see two major advantages to this new approach:

1) ReFi should be easier to explain to people outside the space - We've never had a commonly accepted definition of ReFi that has been easy to describe to people unfamiliar with Web3. A narrower definition would change that.

2) ReFi's impact should be easier to quantify - How much funding was facilitated and what was the downstream impact?

We're still debating the changes, however. It may turn out that this really isn't what the space needs at this time.

One thing we do want to focus on is what ReFi has accomplished over the past year. Call it a ReFi Health Check. We'll also look at whether the big questions from last year's report were answered, project forward for the rest of 2025, and pose new questions that we think need to be answered.

We plan to have the report published in early April. Newsletter subscribers will be the first to get access, so subscribe now if you haven't done so already.

Special Guest Feature

Louise Borreani and Pat Rawson of Ecofrontiers do a deep dive into Glow, the solar energy DePIN that recently raised US$30 million in venture funding.

Publishing Monday, March 10th on CARBON Copy!