DefiLlama Founder: The authenticity of Figure TVL data is questionable, and it was not excluded from the ranking due to the number of fans on platform X

ChainCatcher news, DefiLlama founder 0xngmi posted on social media that DefiLlama discovered a serious discrepancy between assets and trading volume on the Figure chain: BTC and ETH reserves are minimal, its own stablecoin supply is limited, most loans are still processed in fiat, on-chain transactions are almost nonexistent, and it is suspected that most of its TVL may just be a mirror of an internal database rather than real tradable assets.

As part of the due diligence, DefiLlama has discussed their TVL data (claimed to be $12 billion) with the Figure team in a Telegram group chat and raised several system and issuance-related questions.

However, someone familiar with the entire process has spread rumors on X (formerly Twitter) claiming that DefiLlama refused to list Figure due to the number of fans on the X platform, and some even suggested that DefiLlama charges listing fees, which is completely untrue. In fact, DefiLlama has never refused any project based on fan count and has not charged any fees, while still adhering to strict due diligence to ensure data authenticity and reliability.