TechFlow news, September 13 — DeFiLlama co-founder 0xngmi posted a response addressing the controversy with RWA project Figure. 0xngmi stated that DeFiLlama's refusal to list Figure was not due to its Twitter follower count, but because疑疑 data was discovered during due diligence.
0xngmi explained that Figure claimed to have $12 billion in on-chain RWA assets, but during DeFiLlama's investigation, several oddities were found:
1. Figure holds only $5 million worth of BTC and $4 million worth of ETH within exchanges (with Bitcoin's 24-hour trading volume being merely $2,000);
2. Figure’s own stablecoin YLDS has a supply of only 20 million tokens, meaning all of its RWA transactions should theoretically be based on this;
3. Most transactions transferring RWA assets appear to be initiated by accounts other than those holding the assets;
4. The majority of Figure’s loan processes are completed via fiat currency, with almost no on-chain payments visible.
