An employee-management disagreement on DefiLlama around the launch of a company token led to a ‘hostile takeover’ situation for the decentralized finance analytics platform.
DefiLlama developer under the handle 0xngmi had taken to Twitter to explain the dispute on March 19. However, it was brushed aside as a ‘misunderstanding,’ a day later.
Alleged DefiLlama Developer Takeover
The conversation of a DefiLlama takeover started on Twitter after developer 0xngmi claimed that the team was forking the platform.
The developer alleged on Sunday that the platform’s new token does not represent the team. He said, “The person who controls both defillama’s twitter and domain has decided to launch a token despite everybody in the team not wanting it.”
As a result, the developer pushed for the platforms llama.fi and llamadotfi as a fresh start. LlamaX contributor Tendeeno explained that 0xngmi led the team and is the majority owner of the platform. However, disagreement with co-founder 0xLLam4 led to a decision around forking Defillama.
Tendeeno explained that 0xLLam4 believed that DefiLlama could immediately start a token to streamline its revenue despite opposition.
According to Tendeeno, “Fundamentally, the token wouldn’t have value as defillama is not a protocol and tokens *can not* legally be a form of equity.” He added, “tokens distract people via “y number go down” messages,” leading to larger disagreement.
Moreover, the co-founder allegedly declared that DefiLlama would launch the token “with or without” the consent of any individual, deepening the crisis.
Tendeeno emphasized that the token would embody the project’s “value and reputation.”
Platform Pins the Drama on ‘Poor Communication’
A day after the drama unfolded on social media, DefiLlama apologized for it while backtracking from the token launch.
The DeFi platform stated, “We would like to put what happened behind us. There is no LLAMA token currently planned, and any airdrop will be discussed with the community, as every important decision is.”
In addition, the platform said that it would ensure that all Llama Corp divisions would keep working together to create transparent solutions. 0xngmi confirmed the internal resolution in the thread later on Monday.
He said, “Everything has been solved, fork as been cancelled, all work will continue on defillama.com.”
DeFiLlama is considered one of the largest DeFi TVL aggregators. It estimates that it has more than 10 million monthly users.
The platform assesses that the sector holds a total value locked of just under $50 billion.
Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
Leave a Reply