ZachXBT says Figure RWA metrics cannot be fully verified on-chain, DefiLlama founder responds

Foresight News reported that on-chain detective ZachXBT tweeted about the incident where blockchain lending platform Figure publicly pressured DeFiLlama, stating that Figure attempted to exert public pressure on honest participants like DeFiLlama using its RWA metrics, which cannot be fully verified on-chain.

Subsequently, DefiLlama founder 0xngmi tweeted that DefiLlama discovered a significant 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 currency, and there is almost no on-chain transaction activity. They suspect that most of Figure's TVL may simply be a mirror of its internal database rather than actual tradable assets.

As part of due diligence, DefiLlama has discussed Figure's TVL data (claimed to be $12 billions) with the Figure team in a Telegram group chat, raising multiple questions regarding their systems and issuance. However, a person familiar with the entire process spread rumors on X (formerly Twitter) that DefiLlama refused to list Figure due to its follower count on X, and some even implied that DefiLlama charges listing fees, which is completely untrue. In fact, DefiLlama has never refused any project due to follower numbers, nor has it charged any fees, and continues to adhere to strict due diligence to ensure the authenticity and reliability of the data.