DefiLlama Founder: Doubts about the accuracy of Figure TVL data, rejected from the list due to the number of fans on the X platform

On September 13, 0xngmi, the founder of DefiLlama, posted on social media that DefiLlama discovered a serious discrepancy between Figure's on-chain assets and trading volume: BTC and ETH reserves are minimal, its own stablecoin supply is limited, most loans are still processed in fiat, and on-chain transactions are nearly non-existent. There are suspicions that most of its TVL may just be a reflection of an internal database rather than real tradable assets. As part of their due diligence, DefiLlama has discussed their TVL data (claimed to be $12 billion) with the Figure team in a Telegram group chat, raising several system and issuance-related questions. However, a person familiar with the entire process spread rumors on X (formerly Twitter) claiming that DefiLlama refused to list Figure due to the number of followers on X, with some even suggesting that DefiLlama charges a listing fee, which is completely untrue. In fact, DefiLlama has never refused any project based on follower count and has not charged any fees, while maintaining strict due diligence to ensure the data is authentic and reliable.