The internal leadership of the decentralized financial (DeFi) analytics firm DefiLlama is at odds with the direction the platform will go in the future.
While some DefiLlama staff and investors are in favor of releasing a coin that will be known as LLAMA, others are opposed to the concept.
Because of this, any plan to distribute LLAMA tokens through airdrops has been effectively shelved due to the Web3 protocol.
No Proposals for DefiLlama Token
The company expressed its regret (1) for the recent happenings in a series of tweets and pledged to conduct its business in an open and honest manner in the future to prevent instances of a similar nature.
“We would like to put what occurred in the past,” they said. The company has stated that the distribution of LLAMA tokens is not currently in the works and that any potential airdrops will be reviewed with the community before being implemented.
As a result of this, DefiLlama said that all divisions of the Llama corp would continue to operate under one canopy for the benefit of the corporation’s continued financial success in the future.
Significantly, a DefiLlama engineer who goes by the alias @Oxngmi has asserted that there is an aggressive attempt to take control of the DefiLlama protocol by means of a token launch.
It has been communicated by the DefiLlama creator Oxngmi that they do not wish to be affiliated with the token launch.
According to Oxngmi’s observations, “The individual who manages both defillama’s Twitter & domain has chosen to produce a token despite the fact that nobody else in the team wants it.”
Oxngmi indicated, by means of a signature verification on etherscan, that the team has forked the main DefiLlama page in order to prevent a token launch from taking place.
The DefiLlama DEX aggregator is particularly proud of its more than 63 thousand unique users and its total volume of around 5 billion dollars to date.
Following its launch earlier in the year, the DefiLlama protocol signaled that an upcoming token airdrop would be made available to contributors as well as users.
What's next for the aggregator?
Permits, Gnosis integration and trade history are in the pipeline with more much to come… and perhaps some nice surprises along the way for DeFiLlama contributors and users! 🪂
— DefiLlama.com (@DefiLlama) March 18, 2023
DefiLlama and the Prospects for the Web3 Industry
The success of the majority of Web3 protocols is closely tied to the tokens that are associated with them. As a result, DeFi systems that do not now use tokens might be encouraged to do so in order to improve their future financial prospects.
In spite of this, legislators all over the world plan to impose regulations on the tokenization sector in an effort to safeguard investors from fraudulent tokenomics. For instance, the United States SECÂ has suggested that all digital assets other than Bitcoin are unregistered securities. Bitcoin is the only exception to this rule.
A LLAMA token, if it is ever issued, may be directly pegged to the company’s financial profits and losses as a result of this action if it is ever launched.
In addition to this, the project would be required to provide regular updates to both investors and authorities regarding the current status of the project as well as the tokenomics.
In the midst of a widespread crisis in the banking industry throughout the world and the rise of decentralized financial projects comes the subject of project tokenization.
Importantly, traditional banks are having a difficult time competing with fintech start-ups in the banking and lending industry because of the increased efficiency of these companies.