Hostile Takeover Fears: DefiLlama Co-Founder Exposes Internal Rift over Token Launch – What’s Going On?

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Fredrik Vold

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Fredrik Vold

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October 23, 2023 07:24 EDT

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A hostile takeover could by underway for decentralized finance (DeFi) resource DefiLlama, as an internal rift among key team members has been exposed.

The internal rift is related to the launch of a token for DefiLlama called LLAMA, which is to be launched by DefiLlama’s top management without the support of key employees, several anonymous Twitter users have alleged.

The news of the fork and token launch was first shared on Twitter by the anonymous DefiLlama developer 0xngmi, who said the new token “does not represent us.” He also suggested in the same twitter thread that the fork was a result of a single person’s actions:

Later in the thread, 0xngmi said the team of developers that built DefiLlama has now decided to leave the original project and move to a newly forked project.

“DO NOT TRUST ANY COMMUNICATION OR TOKEN FROM @Defillama or Defillama.com,” he wrote, noting that those two channels are now controlled by the person who wants to launch a token.

The anonymous developer explained that users from now on instead should use llama.fi, with the Twitter handle @llamadotfi. This is the new platform forked off from DefiLlama by the developers “who have built the site you all know and love,” he wrote.

Supporting 0xngmi, the Twitter user Tendeeno who claimed to be a developer on related projects under the Llama brand, said 0xngmi is “at least 90% responsible for the success [DefiLlama] is today.”

He also explained that the co-founder of DefiLlama had said that the LLAMA token would launch “with or without the approval of a single member of the DL team,” and said this is the reason it is seen as “a hostile takeover.”

this is all so tiring

Let’s get this straight

– ngmi has put almost the same amount of funding into DefiLlama as Llam4

– Llam4 never paid DL employee salaries, ngmi did (until grants started covering)

– ngmi legally owns 70% of DL

– Llam4 has done practically 0 work on DL pic.twitter.com/uEze40pgTz

— Tendeeno (@Tendeeno_) March 19, 2023

DefiLlama is a platform for tracking DeFi metrics, including prices of tokens, trading volumes, and the total value locked (TVL) on various DeFi protocols. The platform is part of the Llama Corp. developer collective, and claims to have more than 10 million monthly users.