DefiLlama founder: Under pressure for investigating and questioning Figure's claimed RWA data
anonymous founder of the on-chain data analysis website DefiLlama, 0xngmi, posted on X platform, stating that Figure wanted him not to conduct due diligence on the company and tried to exert pressure through public and private defamation. 0xngmi pointed out that the value of DefiLlama lies in user trust, which can provide good data, and that high-quality data that meets user expectations and helps them make the right decisions is crucial. Figure claims that their on-chain RWA scale has reached 12 billion US dollars, but DefiLlama found some strange things during the investigation:
1. Figure only holds BTC worth 5 million US dollars and ETH worth 4 million US dollars on the exchange (with a 24-hour trading volume of only 2,000 US dollars for Bitcoin);
2. Figure's stablecoin YLDS has a supply of only 20 million coins, theoretically all RWA transactions should be based on this;
3. Most of the transactions transferring RWA assets by Figure seem to be conducted by accounts other than those holding these assets;
4. Most of Figure's loan processes are completed through fiat currency, with hardly any on-chain payments found.
Therefore, DefiLlama is unsure how the 12 billion US dollars in assets are being traded with so few assets available for trading on-chain, as most holders do not seem to have transferred these assets with their own keys, and whether they have simply mirrored their internal database on-chain.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Risk aversion outweighs inflation concerns, US and European government bonds rise across the board, US Treasury yields plunge more than 10 basis points intraday
Investors concerned about rising inflation are shifting their focus to the potential impact of high borrowing costs on economic growth. Some commentators have linked the recent decline in U.S. Treasury yields to surging financing costs for AI-related companies, suggesting that pressure in the technology stocks and AI infrastructure sectors is driving funds toward safe-haven assets such as government bonds.
Google Quantum Computing Achieves Breakthrough: Error Rate Reduced by 40 Times, Overcoming Key Resource Bottleneck
Google has validated a technology called "motaic cultivation" on its Willow processor, reducing quantum error rates by about 40 times and achieving a T-state logical fidelity of 99.99%, setting a new record in the field. If this breakthrough can be successfully scaled, it will greatly reduce the hardware requirements for building fault-tolerant quantum systems, which holds significant implications for the commercialization of quantum computing.
Goldman Data: Hedge Funds Sell AI Stocks at Second-Fastest Pace in a Year
Crypto prices
More
