An employee-management disagreement on DefiLlama around the launch of a company token led to a ‘hostile takeover’ situation for the decentralized finance analytics platform.

DefiLlama developer under the handle 0xngmi had taken to Twitter to explain the dispute on March 19. However, it was brushed aside as a ‘misunderstanding,’ a day later.

The conversation of a DefiLlama takeover started on Twitter after developer 0xngmi claimed that the team was forking the platform.

Live scenes from inside the DeFiLlama headquarters pic.twitter.com/MHj4vQjgVC

The developer alleged on Sunday that the platform’s new token does not represent the team. He said, “The person who controls both defillama’s twitter and domain has decided to launch a token despite everybody in the team not wanting it.”

The DefiLlama team is forking Defillama@Defillama is undergoing a hostile takeover

There is an ongoing attempt to launch a token that does not represent us. We don't want to be associated with it

Use https://t.co/G0h4uBo2mL and @llamadotfi instead!

As a result, the developer pushed for the platforms llama.fi and llamadotfi as a fresh start. LlamaX contributor Tendeeno explained that 0xngmi led the team and is the majority owner of the platform. However, disagreement with co-founder 0xLLam4 led to a decision around forking Defillama.

Tendeeno explained that 0xLLam4 believed that DefiLlama could immediately start a token to streamline its revenue despite opposition.

this is all so tiring

Let’s get this straight

– ngmi has put almost the same amount of funding into DefiLlama as Llam4

– Llam4 never paid DL employee salaries, ngmi did (until grants started covering)

– ngmi legally owns 70% of DL

– Llam4 has done practically 0 work on DL pic.twitter.com/uEze40pgTz

According to Tendeeno, “Fundamentally, the token wouldn’t have value as defillama is not a protocol and tokens *can not* legally be a form of equity.” He added, “tokens distract people via “y number go down” messages,” leading to larger disagreement.

Moreover, the co-founder allegedly declared that DefiLlama would launch the token “with or without” the consent of any individual, deepening the crisis.

Tendeeno emphasized that the token would embody the project’s “value and reputation.”

A day after the drama unfolded on social media, DefiLlama apologized for it while backtracking from the token launch.

The DeFi platform stated, “We would like to put what happened behind us. There is no LLAMA token currently planned, and any airdrop will be discussed with the community, as every important decision is.”

1/3 The DeFiLlama team would like to apologize for the events that unfolded yesterday, as a result of poor communication and a misunderstanding within the team.

In addition, the platform said that it would ensure that all Llama Corp divisions would keep working together to create transparent solutions. 0xngmi confirmed the internal resolution in the thread later on Monday.

He said, “Everything has been solved, fork as been cancelled, all work will continue on defillama.com.”

DeFiLlama is considered one of the largest DeFi TVL aggregators. It estimates that it has more than 10 million monthly users.

The platform assesses that the sector holds a total value locked of just under $50 billion. 

The post DefiLlama Drama Squashed as Team Reunites, Confirms No Token Release in the Pipeline appeared first on BeInCrypto.

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