Why should anyone care about ReFi?

1) For those of us in crypto, it's an opportunity to promote a positive narrative to skeptics; a way to demonstrate how crypto is doing good in the world. 

2) It's creating new ways to invest in sustainability and regeneration. Last I checked, sustainable investment options were pretty grim. ReFi projects are building those options for crypto natives. They may not offer the 10,000x potential of memecoins, but the chances of getting rekt are also a lot lower.

3) It's filling the grassroots funding gap. Something like 97% of all funding to African NGOs passes through Global North NGOs first. A classic rent-seeking scenario that has been a foundational part of the crypto narrative since day 1. We have the tools to cut out the intermediaries. Now we just have to do it. 

4) We need frameworks to accurately value nature. This isn't specific to Web3 or ReFi, even, but why not us? Why not an industry that has staked its reputation on creating new value mechanisms?

What's holding ReFi back?

1) Relatively low levels of funding. Institutional investors are hesitant due to the lack of commercialization potential of ReFi; the space isn't ready for retail investors to fill the gap; large donors prefer to distribute funds via intermediaries. It all adds up to a lot of projects fighting over a small amount of money.

2) The "blockchain will fix the carbon markets" narrative grabbed all the headlines during the last bull run (due to revenue potential and subsequent venture funding) but the result put ReFi in a small box. Carbon tunnel syndrome, they call it. When things didn't go as planned with the carbon markets, ReFi was left for dead. Vaporware/scams didn't help either. That ReFi buidlers kept on buidling through the bear market tells you a lot.

3) ReFi also lacks a consensus definition and narrative. We all have a different way of describing it, from programmable money to Web3-powered ecological and social impact, which only serves to confuse people.