Building a transparent defi dashboard at @defillama. Would rather be right than make money
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We're hosting a DefiLlama event in Singapore for Token2049
Our previous event got oversubscribed by 5x, so get in now before we fill capacity
For 'Who invited you?' just write '0xngmi' so we know you're coming from my tweet
luma.com/685mx98g
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We just created a new metric for exchanges: realized perp slippage
1. We take a snapshot of the orderbook right before market orders execute
2. Calculate the slippage at which it should fill ($0.94 on Binance)
3. Compare against actual slippage on the fill (actually $1.63)
Which exchanges have your tokens? Which work in your country? What are the fees?
New on DefiLlama: Find My Exchange
50+ exchanges compared on costs, slippage, liquidity & volume. Advanced filters, token finder, and detailed per-exchange pages.
defillama.com/exchanges
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It's been a long journey getting here:
Numbers reported directly by projects tend to be wrong cause projects are incentivized to show high APYs to attract capital
So then you decide let's get data from onchain only by reading pricePerShare or equivalent. But there are pools with slippage on withdrawal for larger amounts, pools with low withdrawal liquidity, and pools where the number is just wrong cause of fees
Then we started depositing into pools directly to benchmark real yield, but we missed historical data, the APY could be faked if our address was targeted, and your deposits are so low that you might be able to exit any time but someone with 10m cant, so you can't tell if its liquid
By simulating withdrawal transactions from all depositors we completely eliminate any possibility of cheating, we know exactly how much everyone is earning, how much could be instantly withdrawn if there's a bank run, we even simulate multiple stage withdrawals so we know exactly how long the delays are in those cases.
I think this is the end game, we now have perfectly accurate data so you can trust our numbers (rn its only rolled out for pools with the verified badge, but rolling out to everything soon)
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Our biggest update in a while
Now for yield data we simulate onchain withdrawal transactions for all depositors in a pool, so we know:
- How much is instantly withdrawable at any time
- What's the real APY
- Delay length
Our yields are now the most accurate in the industry
Most APYs you see are projections. The number displayed is rarely what you earn.
That changes today with Verified APY by DefiLlama: the real yields earned by real depositors, measured onchain.
Live now for Pro subscribers: 260+ pools representing $99B in TVL across 47 protocols on 12 chains.
We executed 473,632 onchain withdrawal simulations. Daily measurements going back to May 2022. If your exit value grew 0.02% today, that’s your yield. No assumptions needed.
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0xngmi retweeted
DefiLlama is looking for a CPA to work with us on a project.
This is ideal for you if you:
- Have auditing experience
- Are deeply interested in DeFi
- Want to help define how financial audits and proof of solvency are done in crypto
If that sounds like you, reach out to me.
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The number of defi protocols distributing money to holders via dividends or buybacks has been going up only
We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:
1. Buyout of early investors:
The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any ENA within the last 9 months.
2. Alignment of Token & Equity:
The Ethena Foundation and Ethena Labs have reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity.
3. Revenue Buybacks:
Governance proposal now live for the implementation of the fee switch whereby net revenue accrued across all business lines under the Ethena brand will be used to programmatically buy back the ENA token.
The vote for revenue buyback fee switch implementation is now here, and has already been approved by the Risk Committee:
snapshot.box/#/s:ethenagover…
4. Removal of monthly VC unlocks:
The Ethena Foundation and lead investors have agreed to eliminate future overhang associated with monthly VC investor unlocks by releasing unvested tokens. All team tokens remain locked per the original vesting schedules.
Further details and documentation is provided in the blog linked below:
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0xngmi retweeted
Our new Universal Token Ratings dashboard is live: the industry's first continuously updated token rating standard, built with @Forgd_.
100+ tokens now carry a single 0-100 score and AAA-CCC grade, live on DefiLlama.
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Was wondering if HL is taking users from cexs like:
1. Binance user wants to trade rwa
2. Joins HL for RWA
3. Eventually moves all its crypto trading to HL
It’s not really happening, 80.9% of users who’s first trade was RWA stick to it and never trade crypto markets, only rwa
A few weeks ago, we asked whether @HyperliquidX's HIP-3 could bring in new RWA traders.
The answer was yes: 169K wallets, 31.7% of new Hyperliquid users between January and June '26, made their first trade on an RWA market.
But did they stick around?
defillama.com/research/spotl…
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We had been trying to take down a fake DefiLlama app on apple’s store for months, telling Apple about trademark violations, impersonation…
Then we loaded a small wallet, downloaded the app, got drained as expected and reported it to Apple.
App was taken down in days after that
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We've been working on a verification product and one issue I've found is that there's adverse selection in projects that want verification the most
In public markets this doesn't happen cause everyone needs to get audited, but when its voluntary it can create bad bias
Any dApp paying @AccountableData for a dashboard is wasting money.
The issue though is that Accountable has no major competitors, leaving projects to choose between Accountable or no verification service at all.
I hope DeFiLlama's upcoming verification solution will be better.
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Just use LlamaSearch
Hacker Uses Google Search Ad for Hyperliquid to Phish Users, Causing About $550,000 in Losses
According to DarcyAri, a hacker used a Google sponsored ad for “Hyperliquid” to lure users into a phishing site, resulting in a Google Search paid-ad phishing attack that has caused approximately $550,000 in asset losses. Security researchers urged users to carefully verify URLs and avoid accessing sites through “Sponsored” or “Ad” links in search results, recommending official channels or direct access via manually entered URLs or bookmarks.
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0xngmi retweeted
Introducing the DefiLlama App. LlamaAI is now in your pocket.
Create custom financial charts, dashboards, and analysis from a single prompt. App users get extra free queries.
iOS + Android out now (beware of fake apps):
defillama.com/app
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0xngmi retweeted
I’m excited to share that I’ve left @DefianceCapital and joined @Defillama as a Senior Research Analyst.
My time at Defiance was nothing short of exceptional. I’m incredibly grateful to @arthur0x for giving me the opportunity and teaching me so much about markets. I loved working with the team, and I’m proud to call many of them my good friends even after leaving. They were truly some of the best people to work with!
And with that - a lot of people have asked why I’m staying in crypto, especially with AI seemingly taking over everything.
The answer is that it has been a very intentional decision.
Over the past year, I’ve spent a lot of time looking beyond crypto into AI, equities, robotics, and other industries. I came away with a simple conclusion: there is still no industry quite like crypto.
For all its flaws - and I complain about them plenty - crypto remains the only place where I’ve consistently found an incredible mix of brilliant, ambitious, and genuinely fun people. Many of my closest friendships and people I admire professionally have come from this industry. I've yet to find another industry that attracts the same kind of people - crypto attracts a unique kind of builder and thinker.
And although people have written this industry off, I believe in the opposite. While asymmetry in the crypto markets may not exist for the time being, as an industry, it is quite clear that we are entering a new era.
As for why DeFiLlama: DeFiLlama has consistently remained committed to the principles that made crypto exciting in the first place - openness, credibility built through transparency and a commitment to the truth. They’ve earned enormous respect by sticking to their guns rather than chasing narratives, and I believe they’re one of the best stewards of the industry today.
Few teams have shaped crypto more than DeFiLlama and @0xngmi. I'm excited to join the team and work with them to contribute to their mission - and of course, I will continue to write on my Substack, sharing my market thoughts, all the while.
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Everyone missed this, but the blockchain started by Neal Stephenson shut down last week
He was the writer of Snowcrash and Cryptonomicon, last cycle we had famous scifi writers launching blockchain L1s smh
Dear Lamina1 Community,
After nearly four years of building, Translaminal Inc is ceasing operations. Unfortunately, we face financing challenges that we have been unable to resolve, and the company simply does not have the resources to continue.
This was certainly not the outcome we wanted, and we don’t take lightly the contributions and belief of all of you–the creators and builders who showed up for this platform. We still believe deeply in the future we proposed, one in which creators are empowered with greater control, alternative financing options, and more favorable economics that turn the status quo on its head. We still believe in a future in which fans meaningfully participate in the IPs they love and promote.
We carry with us the lessons we’ve learned from you and from a volatile and ever-changing market, and we will continue to fight for the future of entertainment we believe in. The work many of you did here, the ideas you shared with us, the projects, the relationships, and the proof points will outlast this chapter.
We're taking all the appropriate steps to close the company, and we’re working with the Director of the Foundation to properly wind it down.. Note that the Lamina1 chain and our subnet nodes were operated by Avacloud under contract with the Lamina1 Foundation. Because we cannot continue funding the Avacloud contract, the chain activity will halt, and any contracts, tokens, or dApps running on the chain will also become inaccessible. Stay tuned.
Again, trust we are deeply saddened by this outcome, as the core team has sacrificed so much over the years to realize this vision. We sincerely thank you for trusting our team with your time, your creativity, and your faith. We are truly grateful for every one of you and we hope to cross paths again.
Rebecca, Neal, & Team
CEO & Co-Founder, Lamina1
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