The crypto data analytics firm, DefiLlama, has revealed a conflict within the project team over the issuance of a new token. DefiLlama is a popular aggregator for decentralized finance (DeFi) projects and protocols, providing users with real-time data on liquidity and other important metrics across various platforms.

On the evening of March 19th, the crypto community on Twitter was shocked to learn that a portion of DefiLlama’s team had decided to fork the project due to disagreements over the token issuance decision. In a tweet from the account of 0xngmi, one of DefiLlama’s co-founders and a prominent representative of the platform, the news was revealed: “The DefiLlama team is forking Defillama…@Defillama is undergoing a hostile takeover. There is an ongoing attempt to launch a token that does not represent us. We don’t want to be associated with it. Use http://llama.fi and @llamadotfi instead!”

According to 0xngmi, the individual in control of DefiLlama’s website and official Twitter account has decided to proceed with the token issuance despite opposition from a group of team members. As a result, some members of the team, who have been involved in building DefiLlama over the past three years and have no financial interest in the project, have decided to fork the project and launch their own initiative under the name Llama.fi.

The new platform, Llama.fi, has a similar interface and functionality to DefiLlama.com. 0xngmi also warned the community not to trust any communication or token from @Defillama or Defillama.com. The tweet read, “That is why we (the DefiLlama team who have built the site you all know and love for the past three years) have decided to fork Defillama and start fresh on http://llama.fi and @llamadotfi. DO NOT TRUST ANY COMMUNICATION OR TOKEN FROM @Defillama or Defillama.com.”

In response, a “rookie employee” of DefiLlama’s Twitter account claimed that 0xngmi and a few team members had gone rogue and were actively seeking to seize DefiLlama’s intellectual property and community while falsely claiming the rightful owner was carrying out a hostile takeover.

This conflict within the DefiLlama team comes after the platform announced on its official Twitter account earlier in the day that it would be launching a new token and airdropping it to the community as a reward for supporting the DefiLlama DEX Meta-Aggregator solution.

Despite only launching in January 2023, DefiLlama DEX Meta-Aggregator has already been a resounding success, with a total trading volume of over $5 billion and over 63,000 users with 410,000 asset swaps.

The average daily user count on the DEX aggregation platform is more than 3,000, with a 24-hour trading volume record of over $600 million on March 11th during the USDC depeg. The Aggregator of DefiLlama navigates users to several DEXs, including Uniswap, PancakeSwap, SushiSwap, and others, allowing them to swap tokens across various liquidity pools seamlessly.

This news has sent shockwaves through the crypto community, with many questioning the future of DefiLlama and the potential impact on the wider DeFi ecosystem. It remains to be seen how this conflict will be resolved and what the future holds for both DefiLlama and Llama.fi.

#Defillama #Llama #crypto2023 #DeFi #azcoinnews

This article was republished from azcoinnews.com

DefiLlama, an on-chain information platform for decentralized finance (DeFi) projects, issued an apology on March 20th for causing confusion with its recent airdrop announcement. The project stated that it would cancel its token launch plan until there were changes in the future.

According to AZCoin News, the control account of DefiLlama’s domain name unilaterally deployed tokens while other project members disagreed.

The project’s founder, known as 0xngmi, criticized 0xLlam4, another co-founder, for deciding to issue tokens despite opposition from other developers. In response, 0xngmi decided to build a new website for the project under the domain name llama.fi, stating that the new token did not represent DefiLlama.

“Don’t believe any information about any token from DefiLlama,” 0xngmi declared. Tendeeno, a developer on DefiLlama, claimed that 0xLlam4 was at fault, adding that 0xLlam4 controls the company’s domain name and Twitter account and could announce a token at any time.

Meanwhile, LlamaIntern.eth, another member of the project, accused 0xngmi and others of trying to block DefiLlama’s IP address while attempting to take over ownership of the project.

On March 20th, DefiLlama’s Twitter account confirmed that the project had no plans to launch the LLAMA token at the moment and wanted to “put aside what happened.” The project emphasized that it would consult with the community before the airdrop because all important decisions needed user input.

“DefiLlama wants to apologize for the events that occurred yesterday (March 19th) due to misunderstandings within the project,” the company wrote on Twitter. As rumors and disputes erupted, 0xngmi called on followers to use llama.fi. The llama.fi domain name has now redirected users back to the old defillama website, showing that the conflict within DefiLlama has been somewhat resolved.

Members of the project on Discord appeared relieved when developers reassured the community. Earlier, the dispute between the project’s two leaders had caused some to voice concerns about the website being hacked or attacked.

“It’s great to see you guys have figured out a way to keep the project team,” said a user named 0xSerdar.

The announcement was posted on one of DefiLlama’s Telegram channels, claiming that 0xngmi had committed “fraud” and was trying to take over the company’s IP address, which was later deleted. After the incident, DefiLlama promised not to let similar issues happen again.

DefiLlama stated that they will take steps to operate in a more transparent manner and ensure that such incidents do not occur again. They also mentioned that the company will continue to collaborate towards developing open and transparent solutions.

#Defillama #Defi #BTC #crypto2023 #azcoinnews

This article was republished from azcoinnews.com