The situation surrounding Figure has drawn attention to its total value locked (TVL) claims of $12 billion. DefiLlama has presented arguments suggesting these figures may be significantly overinflated.
Data Mismatch and Real Assets
An analysis conducted by DefiLlama revealed that Figure's actual on-chain footprint does not correspond to the claimed $12 billion TVL. The firm holds approximately $5 million in Bitcoin and $4 million in Ethereum across exchanges, with Bitcoin trading volumes reaching only $2,000 in a 24-hour period. Additionally, the circulating supply of its stablecoin YLDS appears limited to just 20 million units.
Dispute Over Rejection and Listing Fees
Following discussions in Telegram with representatives from Figure, some analysts suggested that the project's exclusion from the platform was politically motivated, alleging that DefiLlama rejected Figure based on follower counts or requested listing fees. DefiLlama’s founder, 0xngmi, outright dismissed these claims, stating that the platform has never charged projects for listings or made decisions based on social media presence.
Trust and Transparency in DeFi Analytics
DefiLlama has built its reputation on transparency in DeFi analytics, making the Figure controversy particularly significant. If the claims of inflated TVL are confirmed, it underscores how traditional financial reporting can clash with on-chain accountability. For now, the $12 billion figure remains heavily scrutinized, with DefiLlama urging investors to treat it with caution until data can be independently verified.
The situation surrounding Figure raises important questions about transparency and accountability in DeFi. The future of the company and its $12 billion TVL claims will be closely monitored by the community.
