DefiLlama is facing internal strife as team members face what could be an upcoming token release. This was a move that came at the behest of the sole founder, and shocked most of the core DefiLlama team. Now, the creator of one of the most influential defi dashboards is making a sudden change.
The result was the creation of Llama.fi, a dashboard that many people can understand. This is a new iteration of the core DefiLlama team that has no interest in releasing tokens.
DefiLlama & Token Perspective
The dialogue really stands out when 0xngmithe main face of DefiLlama, suddenly announced the ‘fork’ of the product on Sunday:
Team DefiLlama broke Defillama@Defilama they are experiencing a hostile takeover
There is an attempt to launch a token that does not represent us. We don’t want to be associated with it
Use https://t.co/G0h4uBo2mL and @lamadotfi to change!
— 0xngmi (flamazip arc) (@0xngmi) March 19, 2023
0xngmi also added an etherscan transaction to confirm the information was not the result of a Twitter hack.
Another Twitter thread from contributor Llama Tendeeno outlines what is widely believed in the crypto community to be the sequence of events thus far:
Will try my best to provide a TLDR on what’s going on at DeFiLlama in an unbiased way
remember, I’m just a small unpaid contributor, not on the official team, etc. I love llamas and want to see them succeed
So here’s my best effort:
— Tendeeno (@Tendeeno_) March 19, 2023
Crypto's marketcap has been growing recently as momentum from traditional banking uncertainty has had a push and pull effect with the perceived belief of crypto's ability to retain value. | Source: CRYPTOCAP:TOTAL on TradingView.com
Where Things Go From Here
It won’t be surprising if the new Llama.fi product finds the traction it needs to continue the positive momentum DefiLlama has been building. While the product is not profitable, it is the commitment and development of the smart people who have the best interests of the community members going forward. We can only image that will be brought to this new dashboard, which visually gives the same attraction. However, it can be challenging to build a long-term revenue driver – even if it provides a premium product; this is likely why the core team members have been deliberate about the route chosen for the revenue drive.
On the contrary, launching a token at this stage would be nonsense, especially given the decision of the core team members to create a new dashboard. However, reconciliation may be water under the bridge at this point.
There has been a lot of Defi drama lately as regulations, especially in (but certainly not limited to) the US, have come to the fore. Many governments have explored creating a ‘CBDC,’ or central bank digital currency. This has increased the importance and reliability of defi products.