DefiLlama founder said: “Most of its loan processes are barely able to find on-chain payment transactions due to the pressure to question Figure data.

According to Bijie.com, on September 13, 0xngmi, anonymous founder of on-chain data analysis website DefiLlama, posted on the X platform that Figure hopes he avoids due diligence on the company and tries to put pressure on him through public and private defamation. 0xngmi notes that the value of DefiLlama is that users trust to provide good data, providing high-quality data that meets user expectations and helps them make informed decisions. Figure claims their on-chain RWA transaction volume has reached $12 billion, but DefiLlama’s investigation shows something strange: Figure holds only $5 million worth of BTC and $4 million worth of ETH on the exchange (of which Bitcoin has only $2,000.00 in 24 hours). 2. Figure's own stablecoin YLDS supplies only 20 million, and in theory all its RWA transactions should be based on this; 3. Figure's most transactions that transfer RWA assets seem to be conducted by accounts other than those holding these assets; 4. Figure's loan process is mainly completed through fiat currency, with almost no on-chain payments. 0xngmi added that DefiLlama is not sure how Figure’s $12 billion assets are traded with so few assets available for trading on the chain. Since most holders don't seem to transfer these assets with their own keys, it's questionable whether they are just mirroring their internal databases on the chain.