ZachXBT said the Figure RWA metrics cannot be fully verified on-chain, and the founder of DefiLlama later responded

On-chain detective ZachXBT tweeted the “incident that blockchain lending platform Figure publicly puts pressure on DeFiLlama” that Figure attempts to publicly put pressure on honest participants such as DeFiLlama through its RWA metrics that cannot be fully verified on-chain. DefiLlama founder 0xngmi tweeted that DefiLlama found that Figure's on-chain assets were seriously inconsistent with transaction volume: BTC and ETH reserves were very small, its own stablecoins were limited, most loans were still processed in fiat currencies, and on-chain transactions were almost non-existent, and suspected that most of its TVL might just be mirrors of internal databases, rather than real tradable assets. As part of the due diligence, DefiLlama has discussed their TVL data (claimed $12 billion) with the Figure team in a Telegram group chat and has raised several system and distribution-related issues. However, a person who knows the whole process spreads rumors on X (formerly Twitter) that DefiLlama refused to be on the list because of the number of followers on X platform, and some even suggested that DefiLlama charges the list, which is completely untrue. In fact, DefiLlama never rejected any project due to the number of fans, nor charged any fees, and insisted on strict due diligence to ensure the data is authentic and reliable.