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DefiLlama argues over token launch

March 20, 2023
8:24 AM

Employees of the analytical platform DeFiLlama argue for launching a token. The co-founder of the company, 0xngmi, forked a version of the blockchain data platform after he accused the founders of launching the token without support.

“There is an ongoing attempt to launch a token that does not represent us. We don’t want to be associated with this,” 0xngmi said on Twitter.

A community member named Tendeeno, who identified himself as a minor contributor and is not part of any official team, gave his opinion on this situation.

“DL was founded by 0xLLam4 and 0xngmi came to help build it. Very quickly, ngmi took over all the work on the project and is at least 90% responsible for the success it has today. The problem is that DL has historically not been profitable. It was being worked on, but another co-founder (llam4) said we couldn’t wait any longer. They decided that launching the DL would be the solution, but the team was always against it. Essentially, the coin will have no value as DefiLlama is not a protocol and tokens cannot legally be a form of capital,” he wrote.

Going to try my best to give a TLDR on whats happening at DeFiLlama in an unbiased way

remember, i’m just a small unpaid contributor, not on any official team, etc. I just like the llamas and want to see them succeed

So here’s my best attempt:

— Tendeeno (@Tendeeno_) March 19, 2023

The main problem is that 0xLLam4 controls Twitter and the domain. This means that they can announce the creation of the coin at any time. Therefore, the DL team decided that the only way to avoid being associated with the inevitable launch of the token was to fork DL under a new name and create a new twitter and domain.

0xngmi is one of the main contributors to the DefiLlama app. Several leading developers shared his words about the transition to a new platform after the decision to issue a token was made. DefiLllama’s parent company, Llama Corp., denied the hostile takeover, suggesting that 0xngmi’s actions are independent.

Llama Corp. will continue to work with DefiLlama, as it has been for the past three years. We hope to resolve the situation in a private and amicable way,” the company said in a statement.

Source: Cryptocurrency

David

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