The credibility of Figure’s reported on-chain activity has come under scrutiny after DefiLlama flagged major inconsistencies in the company’s data.
The warning was issued by 0xngmi, the pseudonymous founder of the DeFi analytics platform, who shared findings that suggest Figure’s total value locked (TVL) may be heavily overstated.
According to DefiLlama’s review, Figure’s actual on-chain footprint does not resemble the $12 billion TVL it promotes. The analysis revealed that the firm holds only about $5 million in Bitcoin and $4 million in Ethereum across exchanges, while reported Bitcoin trading volumes reached just $2,000 in a 24-hour window. Meanwhile, the circulating supply of its stablecoin, YLDS, appears limited to only 20 million units.
Data Doesn’t Match the Narrative
DefiLlama’s team argued that the mismatch lies in how Figure accounts for its real-world assets (RWA). The majority of transfers, they say, are initiated by accounts other than the actual owners, and loans are primarily conducted in fiat rather than crypto. On-chain payments, often central to DeFi activity, were found to be virtually nonexistent.
This discrepancy raises questions about whether the reported $12 billion in RWA is simply a mirror of an internal database, rather than a reflection of genuine blockchain-based activity.
Dispute Over Rejection and Listing Fees
Tensions rose further after DefiLlama confronted Figure in a Telegram discussion. Some observers suggested that the project’s exclusion from the platform was politically motivated, even alleging that DefiLlama rejected Figure over follower counts or requested listing fees.
0xngmi dismissed these claims outright. “We have never charged projects for listings or rejected them based on social media presence,” he said, stressing that the platform’s mission is to maintain user trust by publishing reliable, verifiable data.
Trust at the Center of the Debate
DefiLlama has built its reputation on transparency in DeFi analytics, and the Figure controversy highlights the challenges of accurately measuring value in the fast-growing RWA sector. If the claims of inflated TVL are correct, it underscores how traditional finance-style reporting can clash with on-chain accountability.
For now, the $12 billion figure remains under heavy suspicion, with DefiLlama urging investors to treat it with caution until the data can be independently verified.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Reporter at Coindoo
Source: https://coindoo.com/defillama-questions-12b-tvl-claim-by-fintech-firm-figure/