DefiLlama Founder Challenges Figure’s $12B On-Chain RWA Claim Over Data Discrepancies

Figure’s Nasdaq listing draws criticism as blockchain data shows only $30M in reserves versus $12B claimed issuance, raising concerns about inflated TVL reporting and the need for verifiable auditing standards.

172d ago

Fact Check

Multiple sources directly corroborate the statement. Phemex News explicitly mentions the '$12 billion in on-chain RWA' claim from Figure and how DefiLlama's founder found it 'questionable'. Chaincatcher also reports on the dispute and a response from DefiLlama's co-founder. The claim is further supported by a primary source, a tweet from Figure's CEO Mike Cagney, who directly addresses DefiLlama about a dispute over '$13B TVL & on-chain facts', confirming a public disagreement.

Summary

Following its September 11 Nasdaq debut with an IPO price of $25 and a market cap exceeding $6.8 billion, Figure faced allegations from DefiLlama founder 0xngmi over discrepancies in its reported $12 billion on-chain RWA issuance. While Figure claims significant activity, verifiable blockchain data shows only about $30 million in reserves and minimal transaction volume. This raises concerns about inflated TVL metrics and highlights the challenge of validating off-chain-linked RWA compared to purely on-chain DeFi assets. Blockchain investigator ZachXBT supported DefiLlama’s stance, calling for greater transparency and standardized verification methods.

Terms & Concepts

Real-World Assets (RWA): Blockchain-based tokenization of physical or traditional financial assets, enabling them to be traded or managed on-chain.
On-Chain Data: Information recorded and verifiable directly on a blockchain, providing transparency and immutability.
TVL (Total Value Locked): The total value of assets deposited in a blockchain protocol, commonly used to measure the scale of DeFi platforms.