DefiLlama is facing internal dispute as team members are facing what could be an impending token release. It’s a move that is apparently the behest of a lone co-founder, and to the dismay of most of the core DefiLlama team. Now, the creators of one of defi’s most impactful dashboards have made a sudden change.
The result is the creation of Llama.fi, a dashboard that many might find familiar. It’s the new iteration from the core DefiLlama team that has no interest in releasing a token.
DefiLlama & The Token Perspective
The dialogue really came to light when 0xngmi, the leading face of DefiLlama, suddenly announced the ‘fork’ of the product on Sunday:
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
— 0xngmi (llamazip 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 Llama contributor Tendeeno outlines what’s largely believed throughout the crypto community to be the sequence of events to date:
Going to try my best to give a TLDR on whats happening at DeFiLlama in an unbiased way
remember, i’m just a small unpaid contributor, not on any official team, etc. I just like the llamas and want to see them succeed
So here’s my best attempt:
— 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 wouldn’t be surprising to see the new Llama.fi product find the traction it needs to continue the positive momentum that DefiLlama was building. While the product was not generating a profit, it’s commitment and development from smart builders who had the best interests of community members at the forefront. We can only image that will carry over into this new dashboard, which visually provides the same appeal. It may prove to be a challenge, however, to build a long-term revenue driver – despite providing premium product; this is likely why core team members have been deliberate about the routes chosen to drive revenue.
Conversely, launching a token at this stage would be nonsensical, particularly given these decisions from core team members to create the new dashboard. However, reconciliation could very well be water under the bridge at this point, too.
Defi drama has been abundant lately as regulations, particularly in (but certainly not limited to) the U.S., have been at the forefront. Many governments have been exploring the creation of a ‘CBDC,’ or central bank digital currency. This has intensified the importance and reliability of defi products.