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Internal strife over "coin issuance" issue! DefiLlama has forked into Llama.Fi, AC: Unable to sustain without free funding

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Internal strife over "coin issuance" issue! DefiLlama has forked into Llama.Fi, AC: Unable to sustain without free funding

The anonymous founder of the on-chain data website DefiLlama, 0xngmi, announced on the 19th evening that the team could not reach a consensus on whether to "issue coins," so they decided to fork the original website and set up a new Twitter account. This move has sparked discussions within the community about internal issues at DefiLlama, and even attracted DeFi legendary developer Andre Cronje to speak out.

DeFillama Forks, Rebrands as Llama.Fi

The reason for such a drastic fork, according to 0xngmi, is because the domain and Twitter account of DeFillama are controlled by the person who wants to issue tokens, a move that is opposed by all team members.

"That's why we, the team behind the DeFillama project you've come to love and know over the past three years, have decided to fork DeFillama and start anew as Llama.Fi and llamadotfi," 0xngmi stated.

After forking DeFillama, the website was renamed Llama.Fi, and the official Twitter account was changed from the original DefiLlama.com to llamadotfi.

Defillama Insider, Co-Founder Insistent on Token Issuance

Following the incident, Tendeeno, a volunteer contributor to Defillama, took to Twitter to outline the whole situation from his perspective.

Tendeeno mentioned that Defillama is not the only project of the team, which also includes Llamanodes, Llamanews, and Llamafolio. Although these teams have many talented members, Defillama has been more successful than the other projects, holding over 95% of the value.

Although Defillama was founded by another co-founder, 0xLLam4, after its establishment, 0xngmi quickly took over all the project work, and now, the success of Defillama can be attributed to 90% to 0xngmi, who not only leads the entire team but is also a major shareholder in the project.

However, the reason Defillama has reached this point today is that it has not been profitable, despite the team's efforts in that direction, 0xLLam4 couldn't wait any longer.

However, the Defillama team does not agree with this approach. Fundamentally, since DefiLlama is not a protocol, the tokens not only have no value but also cannot legally represent equity. Additionally, after the project issues tokens, people will start looking at the project from a different perspective, shifting the focus away from the project's functionality.

Therefore, with 0xLLam4 controlling the domain and Twitter of Defillama and pushing forward with the token issuance-related code already completed against the team's wishes, 0xngmi announced the fork project on Twitter to prevent the team's efforts over the years from being tarnished.

Furthermore, Tendeeno also compared the contributions of the two co-founders to the team in a listed manner:

  1. 0xngmi injected almost the same amount of funds into Defillama as 0xLLam4.
  2. 0xLLam4 has never paid any salaries to employees, but 0xngmi has.
  3. 0xngmi owns 70% of Defillama's shares.
  4. 0xLLam4 has hardly completed any work on Defillama.

AC: Defillama Will Soon Raise Funds or Issue Tokens

In addition to Tendeeno providing internal perspectives in the community, DeFi legend developer Andre Cronje expressed a completely different view.

Andre Cronje stated that when you don't have to pay bills, it's easy to fall into ideology. He mentioned that Charlie 0xLLam4 has paid all expenses for Defillama over the past few years, which is not insignificant. He believes that issuing tokens is not a disgusting act; it's just to stop the bleeding and make the project more sustainable.

"Let's see how long the project will last without 'free aid.' They Defillama will soon start fundraising, adding ads, or issuing tokens," Andre Cronje said.