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Data Provider DeFiLlama De-emphasizes Double-Counted Crypto Deposits After Saber Revelation


www.coindesk.com 05 August 2022 18:30, UTC
Reading time: ~2 m

Crypto data website DeFiLlama has changed the way it presents a key decentralized finance (DeFi) metric in response to a recent CoinDesk article.

On Thursday, DeFiLlama switched off its default display of protocols’ double-counted crypto assets, lowering some blockchains’ “total value locked” (TVL)  – an all-important metric of popularity in “decentralized finance” (DeFi) – by billions of dollars.

The change comes after CoinDesk exposed one developer’s efforts to double count billions of dollars across a web of interlocking DeFi protocols within the Saber ecosystem, pumping up Solana’s TVL during that blockchain’s bull run last year.

Read more: Master of Anons: How a Crypto Developer Faked a DeFi Ecosystem

Now, DeFiLlama users must manually activate the double-counted value. Blockchain TVLs on DeFiLlama appeared lower by default Friday: Solana's peak TVL from November 2021 displayed $12 billion; before the toggle change, it defaulted to $15 billion.

DeFiLlama “will spend the next few days reviewing all protocols again to check again against double counting,” its pseudonymous developer 0xngmi told CoinDesk Thursday in a Twitter message.


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