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Dapps are digital applications that run on a P2P network of computers rather than a single server, typically utilizing smart contracts to ensure transparency and uptime. In 2026, Dapps have achieved mass-market appeal through Account Abstraction, allowing for a "Web2-like" user experience with the security of Web3. This tag covers the entire ecosystem of decentralized software—from social media and productivity tools to governance platforms and identity management.

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Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
Why BlockchainFX Could Be the Next $1 Crypto as Tron and Hedera Lose Investor Hype

Why BlockchainFX Could Be the Next $1 Crypto as Tron and Hedera Lose Investor Hype

The post Why BlockchainFX Could Be the Next $1 Crypto as Tron and Hedera Lose Investor Hype appeared on BitcoinEthereumNews.com. Crypto News 15 September 2025 | 13:35 Imagine turning pocket change into a fortune because you spotted the next $1 crypto before the rest of the market. That’s the window BlockchainFX (BFX) is offering right now. Priced at just $0.023 with $7.3 million raised from 9,174 early investors, it’s building the kind of momentum that once catapulted Solana and BNB to legendary heights. Meanwhile, Tron (TRX) and Hedera (HBAR) are struggling to reignite excitement — leaving BlockchainFX to capture the spotlight as the presale investors don’t want to miss. BlockchainFX: A Presale Already Outpacing Expectations BlockchainFX is no longer a quiet newcomer. Its presale has exploded past $7.3 million raised, with a growing investor base proving demand is real. At its current price of $0.023, the upside is staggering: a confirmed launch at $0.05 doubles early allocations instantly, while long-term forecasts target $5 per token, opening the door to 500x returns. Unlike Tron or Hedera, which rely on slow network adoption, BlockchainFX is already live. The app processes millions in daily trading volume across crypto, forex, stocks, and commodities. Thousands of users are on board before the token even lists, offering rare social proof that presale hype is translating into usage. Earnings are built into the token’s design. Holders can stake for up to 90% APY, while daily USDT rewards — sometimes exceeding $25,000 for top investors — give it the feel of a paycheck rather than a gamble. Add in a referral program that pays 10% on every new buy and leaderboard prizes, and investors aren’t just waiting for appreciation — they’re generating income from day one. Security measures such as audits and KYC have already been checked off, but the real driver is scarcity. Each stage pushes the presale price higher, and early buyers still have the advantage…

Author: BitcoinEthereumNews

2025/09/15

Whales Pour into Bitcoin Hyper Presale, Sending It to $16M in its Bid to Supercharge Bitcoin

Whales Pour into Bitcoin Hyper Presale, Sending It to $16M in its Bid to Supercharge Bitcoin

The Bitcoin Hyper ($HYPER) presale continues to heat up, with whales buying $64K worth of $HYPER tokens over the past weekend. This saw the project raise over $16M on its ongoing fundraiser. As a Layer 2 project, Bitcoin Hyper ($HYPER) has the potential to transform the Bitcoin ecosystem and make transactions faster and cheaper, while […]

Author: Bitcoinist

2025/09/15

Solana Price Prediction: Could SOL Reach New Highs In 2025 As Layer Brett Tops The Crypto Trending Charts

Solana Price Prediction: Could SOL Reach New Highs In 2025 As Layer Brett Tops The Crypto Trending Charts

Solana price prediction chart has been making waves in the crypto space; however, a new token has been making headlines recently. Layer Brett ($LBRETT) crypto presale has already surpassed $3.5 million, with the token priced at $0.058, offering an early entry into an Ethereum Layer 2 memecoin. Is it poised to redefine the landscape? Its […] The post Solana Price Prediction: Could SOL Reach New Highs In 2025 As Layer Brett Tops The Crypto Trending Charts appeared first on Live Bitcoin News.

Author: LiveBitcoinNews

2025/09/15

ATT Global Taps For Metas To Advance Web3 Ecosystem

ATT Global Taps For Metas To Advance Web3 Ecosystem

The post ATT Global Taps For Metas To Advance Web3 Ecosystem appeared on BitcoinEthereumNews.com. ATT Global, a Web3 digital advertising platform merging DePIN and RWAs, has partnered with For Metas, a cutting-edge entertainment ecosystem. The partnership focuses on merging the decentralized advertising capabilities and infrastructure with the decentralized immersive entertainment network. As disclosed by ATT Global in its official social media announcement, the partnership is anticipated to drive unparalleled integration between digital consumer engagement, e-commerce, and blockchain technology. Hence, the move fortifies the position of both the platforms in the development of a scalable, interactive, and secure Web3 environment. The partnership between ATT Global and For Metas takes into account the combination of the next-gen decentralized advertisement infrastructure and captivating entertainment network. In this respect, ATT Global has gained substantial traction as a leading player in integrating the blockchain-led infrastructures with real-world assets (RWAs). Its DA-AIOT-P apparatus is devoted to revolutionizing the digital advertising landscape by linking e-commerce traffic with physical assets. This creates a relatively data-led and dynamic ecosystem. Apart from that, For Metas has become a versatile Web3 app platform, delivering wide-ranging entertainment solutions for the consumers. Taking into account decentralized social apps and blockchain-gaming, For Metas offers secure, incentivized, and immersive digital experiences. Keeping this in view, the partnership with ATT Global attempts to fortify the entertainment portfolio of For Metas while also enhancing cross-platform engagement. Unlocking Unique Opportunities for Users, Enterprises, and Developers According to ATT Global, the mutual initiative targets digital. Consumers, enterprises, and developers. Thus, the consumers get access to reward-driven, engaging, and secure entities to merge entertainment and decentralized innovation. Additionally, developers leverage the cutting-edge infrastructure and a broader dApp access while the enterprises unveil unique channels for consumer engagement and advertising. Overall, this endeavor is poised to create an inclusive ecosystem that permits each stakeholder, including businesses and gamers, to thrive in the growing digital economy.…

Author: BitcoinEthereumNews

2025/09/15

Trillion-dollar market demand: Can the Bitcoin on-chain economy become the next hot narrative?

Trillion-dollar market demand: Can the Bitcoin on-chain economy become the next hot narrative?

By Felix, PANews Since its creation in 2009, Bitcoin, the first decentralized digital currency, has evolved from a niche experiment into a significant global store of value and settlement network, and has now grown into an asset class valued at approximately $2 trillion. Despite Bitcoin's numerous achievements, new investors eager for higher returns may not be able to achieve the same high returns as early investors at the current high Bitcoin price. Beyond passive asset appreciation, earning income from Bitcoin has become a major market demand. Data shows that over 98% of Bitcoin is currently idle. Unleashing its potential and transforming Bitcoin from a centralized store of value to a distributed internet infrastructure used by billions of people is crucial for its development to reach new heights. Perhaps inspired by the emergence of DeFi on Ethereum, the idea of building DeFi on Bitcoin emerged. Starting with tokenized Bitcoin, Bitcoin has gradually transformed from a static asset to programmable capital. Since the emergence of WBTC in 2019, the market has spawned 50 versions of tokenized Bitcoin across over 20 blockchains. After six years of infrastructure development (from WBTC to transparent, permissionless solutions), the technology has made tremendous strides, including cross-chain protocols, custody solutions, and regulatory frameworks. The current value of tokenized Bitcoin on-chain has reached $40.18 billion. The first "Bitcoin On-Chain Economic Report" was released, and capital is consolidating around three major competitive advantages. As more and more Bitcoin holders switch to other blockchain networks to unlock new features and realize returns, the development of the on-chain Bitcoin economy is gradually moving beyond its "grassroots" experimental stage. However, research on the Bitcoin on-chain economy has yet to form a systematic and organized form. Zeus Network, a Bitcoin infrastructure builder, recently released its inaugural "On-Chain Bitcoin Economy Report." The report comprehensively analyzes the Bitcoin on-chain economy, highlighting the growing importance of blockchain platforms adopting differentiated development strategies based on their respective strengths, leading to a gradual emergence of a survival of the fittest. The "On-Chain Bitcoin Economic Report" shows that the top four blockchains (Base, Ethereum, Stacks, and Solana) will increase by more than 26,000 BTC in 2025, while the bottom five blockchains will lose a total of more than 8,000 BTC. Source: 2025 On - Chain Bitcoin Economy Report ( Zeus Network ) The report mentioned that Bitcoin Capital is currently consolidating around three major competitive advantages: native Bitcoin integration (Stacks), mature user base access (Base), and superior DeFi performance (Solana). Among them, Base, driven by the advantage of Coinbase's user base, achieved a growth rate of 99.83%, providing convenient bridge access to millions of users and a way for institutional clients to deploy Bitcoin. Its outstanding performance shows that mature platforms have significant competitive advantages compared to pure technical solutions. Stacks followed closely behind with a growth rate of 79.65%, indicating a strong market preference for Bitcoin-aligned infrastructure that maintains a closer connection to the base layer while supporting programmability. The head platform effect is also gradually emerging. Compared with the more mature platforms mentioned above, weak participants such as Tron (-541%) and Merlin (-80%) have fallen sharply, which may indicate that the market is consolidating around mature solutions. Notably, Solana achieved a 76.56% growth rate, highlighting the performance advantages of blockchain. Bitcoin holders prioritize practical advantages such as speed, low costs, and robust DeFi functionality when choosing where to effectively deploy their assets. Currently, the Bitcoin tokenization options on the Solana platform have increased from 2 (WBTC and tBTC) in August 2024 to 8 in August 2025, forming a comprehensive ecosystem consisting of 21 projects, covering 4 DEXs (APOLLO, HawkFi, Jupiter and Meteora), 12 DeFi protocols (including btcSOL, Drift, Kamino, Orca and Raydium, etc.), 4 infrastructure projects (Portal/Wormhole, Zeus Network, Threshold) and 1 DAO (MonkeDAO). Among them, APOLLO, as the first Bitcoin on-chain exchange on the Solana platform, plays an important role in expanding the influence of native Bitcoin on Solana. Exchange APOLLO and the re-staking model btcSOL expand user base and application scope Zeus Network, the permissionless Bitcoin infrastructure protocol on the Solana platform, is committed to accelerating the development of Bitcoin's on-chain economy and applications. It not only launched zBTC, the first permissionless Bitcoin on Solana, but also released a series of dApp products, expanding zBTC's user base and application scope. Its role on the Solana platform is becoming increasingly prominent. In March 2025, Zeus Network released APOLLO Mainnet v1, the first Bitcoin on-chain exchange on Solana, designed to provide a seamless, permissionless way to trade and manage assets. As the flagship dApp of the Zeus Network, APOLLO allows Bitcoin holders to trade, exchange, and earn various Bitcoin variants on-chain, unlike centralized platforms, without intermediaries or restrictions. By introducing zBTC, an asset pegged 1:1 to Bitcoin, APOLLO seamlessly integrates Bitcoin liquidity into the Solana ecosystem, providing retail, developer, and institutional investors with a trustless, decentralized solution to unlock Bitcoin's full potential in DeFi. Notably, APOLLO also launched the Earn feature in August, providing users with a way to earn income. On APOLLO Earn, users can choose from lending, liquidity pools, or staking strategies, each integrated with protocols currently supporting zBTC. Going forward, APOLLO will continue to collaborate with DeFi protocols to update Earn and introduce new strategies, providing users with more diverse Bitcoin income options. Following the launch of APOLLO, Zeus Network's second dApp, btcSOL, a restaking model, launched in July, providing Solana users with a convenient, permissionless way to access BTCFi. btcSOL allows holders of SOL or LST-SOL (Solana's liquidity staking token) to stake their tokens and accumulate BTC. The system automatically converts the staked tokens into btcSOL restaking tokens based on a price index, generating on-chain returns that are automatically converted to zBTC. Additionally, btcSOL has partnered with Marinade Finance, a liquidity staking platform on Solana. 5.5% of users' staked SOL will be continuously converted into zBTC, allowing users to steadily increase their Bitcoin exposure without any additional steps. btcSOL v1.5, released on September 9th, also added jupSOL and kySOL. Currently, users can accumulate zBTC (Solana's native Bitcoin) by staking SOL, mSOL, JupSOL, and kySOL. Despite the fierce competition in the Bitcoin tokenization market, Zeus Network has found a differentiated market position through unique design choices and functional positioning. With its technological advantages, strong team and partner network, and the support of the Solana ecosystem, it has the potential to occupy a significant market share in this field. However, like all blockchain projects, Zeus Network faces certain risks and challenges, such as the risk of security vulnerabilities, regulatory uncertainty, market acceptance, and partial dependence on the continued growth and success of the Solana ecosystem. In the future, Zeus Network plans to achieve multi-chain expansion and integrate more blockchain networks in addition to Bitcoin and Solana. In addition, it plans to cultivate a thriving developer community by releasing programming libraries and developer tools, and gradually achieve decentralized governance. Conclusion Bitcoin's transformation into a yield-generating asset is no longer a question of "if," but "when." Not only are institutions creating their own branded, wrapped Bitcoins, but the emergence of permissionless infrastructure also allows any community, protocol, or collective to create a transparent, verifiable representation of Bitcoin tailored to their specific needs. Zeus Network, by innovatively addressing the cross-chain communication issues between Bitcoin and Solana, offers a promising solution for unlocking Bitcoin's enormous potential value. Related Reading: Permissionless Bitcoin on Solana: Zeus Network Launches APOLLO Platform and zBTC

Author: PANews

2025/09/15

Next 1000x Cryptos to Buy as Institutions Hold 12% of All Bitcoin

Next 1000x Cryptos to Buy as Institutions Hold 12% of All Bitcoin

The post Next 1000x Cryptos to Buy as Institutions Hold 12% of All Bitcoin appeared on BitcoinEthereumNews.com. Crypto News 15 September 2025 | 10:39 Watch out for the next 1000x crypto as institutions now hold around 12.3% of the total Bitcoin supply, which pushes the coin’s value further. Funds and public companies now hold nearly 1/8 of the total Bitcoin supply, according to the latest data released by Bitcoin macroeconomic strategy provider Ecoinometrics. The number, which roughly translates to about 2.5M of the total supply of 21M $BTC, reflects the rapid Bitcoin strategy expansion in the last year. For instance, Strategy remains the leading holder, with its 638,460 $BTC. Since Bitcoin’s launch in 2009, crypto king has increased by 188,260,209%. While few coins could ever replicate its success, there are still a few with the potential to be the next 1000x crypto. We’ll cover some of the most promising ones here, including Bitcoin Hyper ($HYPER) and Best Wallet Token ($BEST). Strategy, Metaplanet Lead Bitcoin Acquisition In an X post on Saturday, Ecoinometrics revealed that public companies and funds now hold 12.3% of all Bitcoin. With the coin’s supply capped at 21M, this translates to roughly 2.5M $BTC held by these institutions. Michael Saylor’s Strategy holds about 25% of institutionally-held Bitcoins with its 638,460 $BTC holdings. This year alone, the company has amassed a whopping 192,060 $BTC, thanks to its DCA strategy and HODLing mindset. Another notable institution is Japan’s Metaplanet, which holds 20,136 $BTC at the moment, overtaking Riot Platforms as the number six in the list of top Bitcoin treasury companies. Growing institutional adoption has helped push Bitcoin’s price upwards, which reached a new ATH last month at $124K. This is a considerable growth considering its price was only $0.10 15 years ago, translating to a growth of about 1,240,000x. This kind of exponential growth might be difficult to replicate, but there are still many promising…

Author: BitcoinEthereumNews

2025/09/15

As Public Companies Now Hold 12.3% of Total Bitcoin Supply, Check Out Presales That Could be the Next 1000x Crypto

As Public Companies Now Hold 12.3% of Total Bitcoin Supply, Check Out Presales That Could be the Next 1000x Crypto

Funds and public companies now hold nearly 1/8 of the total Bitcoin supply, according to the latest data released by […] The post As Public Companies Now Hold 12.3% of Total Bitcoin Supply, Check Out Presales That Could be the Next 1000x Crypto appeared first on Coindoo.

Author: Coindoo

2025/09/15

Pivotal Move: Forward Industries Unlocking the Solana DeFi Ecosystem

Pivotal Move: Forward Industries Unlocking the Solana DeFi Ecosystem

BitcoinWorld Pivotal Move: Forward Industries Unlocking the Solana DeFi Ecosystem A fascinating development is unfolding in the crypto world, signaling a potential game-changer for the Solana DeFi ecosystem. Nasdaq-listed Forward Industries (FORD) has revealed its intentions to invest directly in the burgeoning Solana-based decentralized finance sector. This isn’t just a rumor; it’s a confirmed strategic move that has caught the attention of both traditional finance and crypto enthusiasts alike. Why is Forward Industries Investing in the Solana DeFi Ecosystem? The news initially surfaced through a report by The Block, later solidified by Forward Industries’ CEO, Kyle Samani. The confirmation came in a direct reply to a post on X from Ansem, a prominent anonymous crypto analyst with nearly half a million followers. Ansem had provocatively suggested that an investment from a firm like Forward Industries would provide a much-needed boost to Solana’s DeFi sector, which he noted was lagging behind Ethereum’s. Samani, who is also the founder of the influential crypto investment firm Multicoin Capital, didn’t mince words. He stated unequivocally that this is precisely what the company plans to do. This endorsement from a figure deeply entrenched in both traditional and crypto finance adds significant weight to the announcement, highlighting a strategic alignment that could redefine perceptions of the Solana DeFi ecosystem. What Does This Mean for Solana DeFi? This investment is more than just capital injection; it’s a powerful vote of confidence from a publicly traded company. Here’s why it’s a big deal: Increased Legitimacy: A Nasdaq-listed company entering the space can attract other institutional investors, lending further credibility to the Solana DeFi ecosystem. Capital Inflow: New capital can fuel innovation, development, and expansion of existing DeFi protocols on Solana. Bridging TradFi and Crypto: It serves as a bridge, potentially encouraging more traditional financial entities to explore the benefits and opportunities within decentralized finance. Addressing Perceived Weaknesses: As Ansem pointed out, Solana’s DeFi has room to grow compared to Ethereum. This investment could be the catalyst needed to accelerate that growth. The move by Forward Industries underscores a growing trend of traditional businesses recognizing the disruptive potential of blockchain technology and decentralized finance. It’s a clear signal that the digital asset space is maturing and attracting serious players. Forward Industries’ Strategic Financial Backing It’s important to note that this isn’t Forward Industries’ first foray into significant capital raises. On September 8, the company successfully raised an impressive $1.65 billion in a private investment round. This round was led by a consortium of heavyweight firms, including Galaxy Digital, Jump Crypto, and Multicoin Capital. The involvement of such prominent names, particularly Multicoin Capital with Kyle Samani at its helm, paints a picture of a well-orchestrated strategy to tap into high-growth areas within the crypto landscape. This prior fundraising provides Forward Industries with the financial muscle to execute its ambitious plans within the Solana DeFi ecosystem. The alignment of these major players suggests a shared vision for Solana’s potential, focusing on its speed, scalability, and lower transaction costs compared to some of its competitors. What’s Next for the Solana DeFi Ecosystem? The coming months will be crucial for observing the impact of this investment. We can anticipate several potential developments: Innovation Surge: Increased funding could lead to new protocols, dApps, and services launching on Solana. Enhanced User Experience: More capital might be directed towards improving user interfaces and overall accessibility within the ecosystem. Increased Liquidity: Greater institutional involvement often translates to deeper liquidity pools, benefiting all users of Solana DeFi. Market Competition: This could intensify competition among various blockchain ecosystems, pushing all players to innovate further. Ultimately, Forward Industries’ strategic pivot is a significant moment for Solana. It highlights the growing confidence in Solana’s underlying technology and its capacity to host a robust and scalable decentralized finance future. This investment could indeed be the catalyst that propels the Solana DeFi ecosystem into a new era of growth and adoption. To learn more about the latest crypto market trends, explore our article on key developments shaping Solana institutional adoption. Frequently Asked Questions (FAQs) Q1: What is Forward Industries (FORD)? Forward Industries (FORD) is a Nasdaq-listed company that has recently announced plans to invest in the Solana-based decentralized finance (DeFi) ecosystem. Historically, the company has been involved in diverse sectors, but this move marks a significant strategic shift into the digital asset space. Q2: Why is Forward Industries investing in the Solana DeFi ecosystem? The investment is driven by a belief in Solana’s potential for growth in decentralized finance. CEO Kyle Samani, also a founder of Multicoin Capital, confirmed the plan, aligning with analyst views that such an investment could significantly boost Solana’s DeFi sector, addressing its relative weakness compared to Ethereum. Q3: Who confirmed Forward Industries’ investment plans? The investment plan was confirmed by Kyle Samani, CEO of Forward Industries and founder of Multicoin Capital, in a reply to a post on X from crypto analyst Ansem. The Block also reported on these plans. Q4: What is the significance of this investment for the Solana DeFi ecosystem? This investment is significant because it brings institutional capital and legitimacy from a publicly traded company into the Solana DeFi space. It can fuel innovation, increase liquidity, and attract more traditional finance players, potentially accelerating Solana’s growth and competitive standing against other blockchain ecosystems. Q5: Has Forward Industries raised significant capital recently? Yes, on September 8, Forward Industries successfully raised $1.65 billion in a private investment round. This round was led by prominent firms including Galaxy Digital, Jump Crypto, and Multicoin Capital, providing the company with substantial resources for its strategic initiatives, including its move into the Solana DeFi ecosystem. If you found this insight into Forward Industries’ strategic move into the Solana DeFi ecosystem valuable, consider sharing it with your network! Your support helps us bring more crucial crypto market news to a wider audience. Share on social media and join the conversation! This post Pivotal Move: Forward Industries Unlocking the Solana DeFi Ecosystem first appeared on BitcoinWorld.

Author: Coinstats

2025/09/15

Shiba Inu & Dogecoin Holders Made Over 100x Returns; Where Can The Same Gains Be Made Today

Shiba Inu & Dogecoin Holders Made Over 100x Returns; Where Can The Same Gains Be Made Today

Shiba Inu and Dogecoin created crypto legends—delivering 100x returns and changing lives in the process. But those stories are written. The question now is: where can the same kind of gains be made today? With the market hunting for the next breakout, attention is turning to newer, faster-moving tokens. And for a growing number of […] The post Shiba Inu & Dogecoin Holders Made Over 100x Returns; Where Can The Same Gains Be Made Today appeared first on Live Bitcoin News.

Author: LiveBitcoinNews

2025/09/15

Figure and DefiLlama’s “RWA Data Falsification” Dispute: What Qualifies as an “On-Chain Asset”?

Figure and DefiLlama’s “RWA Data Falsification” Dispute: What Qualifies as an “On-Chain Asset”?

By Ethan, Odaily Planet Daily In the DeFi world, TVL is a crucial metric—it serves as both a symbol of protocol strength and a barometer of user trust. However, a controversy surrounding the fabrication of $12 billion in Reliable Validation Area (RWA) assets quickly eroded user trust. On September 10, Figure co-founder Mike Cagney took the lead in firing on the X platform, publicly accusing the on-chain data platform DefiLlama of refusing to display its RWA TVL simply because of "insufficient number of fans on social platforms" and questioning the fairness of its "decentralization standard." A few days later, DefiLlama co-founder 0xngmi published a long article titled "The Problem in RWA Metrics" in response, revealing the data anomalies behind Figure's claimed $12 billion scale, pointing out that its on-chain data is unverifiable, the assets lack a real transfer path, and there is even suspicion of evading due diligence. As a result, a full-scale battle for trust over "on-chain verifiability" and "off-chain mapping logic" broke out. Timeline of events: Figure initiated the attack, and DefiLlama responded strongly. The controversy was sparked by a tweet from Figure co-founder Mike Cagney. On September 10th, he announced on the X platform that Figure's home equity line of credit (HELOCs) had been successfully listed on CoinGecko. He also accused DefiLlama of refusing to display Figure's $13 billion TVL on the Provenance Chain. He directly criticized DefiLlama's "censorship logic," even claiming that they denied its inclusion on the list due to "X's insufficient number of followers." (Odaily Note: Mike Cagney's reference to $13 billion here is inconsistent with the $12 billion figure reported in 0xngmi's response later in the article.) About an hour after this statement was made, Provenance Blockchain CEO Anthony Moro (who, judging by the context, appears to have intervened without fully understanding the background) commented on the same thread, expressing strong distrust of the industry data platform DefiLlama: Later, Figure co-founder Mike Cagney added that he understood the development costs of integrating the new L1, but also said that Coingecko and DefiLlama had never asked Figure for fees or tokens to clarify their implication of "paying to be on the list." On September 12, Jon Ma, co-founder and CEO of L1 data dashboard Artemis (also seemingly without full knowledge of the details of the dispute), publicly extended an olive branch. During this period, public opinion clearly favored Figure - many onlookers pointed the finger at DefiLlama's "credibility and neutrality." It wasn't until September 13th that DefiLlama co-founder 0xngmi published a lengthy article titled "The Problem in RWA Metrics," systematically disclosing his due diligence findings and four questions, that the narrative began to reverse. Opinion leaders like ZachXBT then reposted the article in support, emphasizing that "these metrics are not 100% verifiable on-chain," and DefiLlama's position gained wider support. DefiLlama's findings: Data mismatch In the long article "The Problem in RWA Metrics", 0xngmi announced the results of the DefiLlama team's due diligence on Figure, listing multiple anomalies one by one: The scale of assets on the chain is seriously inconsistent with the declared scale Figure claims that the scale of RWA issued on its chain has reached 12 billion US dollars, but the actual assets that can be verified on the chain are only about 5 million US dollars of BTC and 4 million US dollars of ETH. Among them, the 24-hour trading volume of BTC is even only 2,000 US dollars. Insufficient stablecoin supply The total supply of Figure's own stablecoin YLDS is only 20 million. In theory, all RWA transactions should be based on this, but the supply is far from enough to support a transaction volume of US$12 billion. Suspicious asset transfer patterns Most RWA asset transfers are not initiated by the actual asset holders, but rather through other accounts. Many addresses themselves have almost no on-chain interactions and are suspected to be just database mirrors. Lack of on-chain payment traces The vast majority of Figure's loan processes are still completed using fiat currency, and there are almost no corresponding payment and repayment records on the chain. 0xngmi added: “We’re unsure how Figure’s $12 billion in assets are actually being traded. Most holders don’t appear to be using their own keys to transfer these assets — are they simply mirroring their internal databases onto the chain?” Community Statement: DefiLlama Receives Overwhelming Support As the controversy spread, community opinion almost overwhelmingly supported DefiLlama, but in the process, some voices from different perspectives also emerged. ZachXBT (Chain Detective): They bluntly stated that Figure’s actions were “blatant pressure” and made it clear: “No, your company is trying to use indicators that are not 100% verifiable on the chain to publicly pressure participants like DefiLlama who have been proven to be honest.” Conor Grogan (Coinbase Board Member): He directed his criticism at those institutional figures who were lobbied by Figure and who privately questioned DefiLlama when the controversy was still murky. He wrote: "I have received numerous private inquiries from individuals from large cryptocurrency institutions and venture capital firms to contact DefiLlama and our partners. Every one of these people needs to be called out and asked how they can work in this industry if they can't even verify things themselves." Conor's remarks echoed the thoughts of many people: if even basic on-chain verification cannot be completed independently, then the credibility of these institutions in the RWA and DeFi sectors will be greatly reduced. Ian Kane (Head of Partnerships, Midnight Network): A more technical suggestion was made, suggesting that DefiLlama could add a new metric, "active TVL," in addition to the existing TVL tracking, to show the actual transfer rate of RWA over a given period. He gave an example: "For example, two DApps each minted $100 billion in TVL (a total of $200 billion). DApp 1 has $100 billion sitting idle, with perhaps only 2% of its funds flowing, generating $2 billion in active locked value. DApp 2, on the other hand, has 30% of its funds flowing, generating $30 billion in active locked value (15 times that of DApp 1)." In his opinion, such a dimension can not only show the total scale, but also avoid "stagnant or show-off TVL." At the same time, ZachXBT also noticed that Figure co-founder Mike Cagney kept forwarding some "support comments" that were suspected to be automatically generated by AI, and publicly pointed this out, further arousing disgust with Figure's public opinion manipulation. Conclusion: The price of trust has just begun to show The dispute between Figure and DefiLlama may seem like a ranking issue, but it actually hits the core weakness of the RWA track - what exactly is considered an "on-chain asset." The core contradiction of this turmoil is actually on-chain fundamentalism vs. off-chain mapping logic. DefiLlama insists on only counting TVL that can be verified on the chain, adhering to open source adapter logic, and refusing to accept asset data that fails to meet transparency requirements. Figure's model: While assets may exist in the real world, the business logic relies heavily on traditional financial systems, with the on-chain portion merely being a database echo. In other words, users cannot use on-chain transactions to prove the transfer of assets, which conflicts with the "verifiability" standard of DeFi natives. The so-called $12 billion is equal to 0 if it cannot be verified on the chain. In an industry where transparency and verifiability are the bottom line, any attempt to bypass on-chain verification and use database numbers to impersonate on-chain TVL will ultimately undermine user and market trust. This controversy may just be the beginning. Similar issues will continue to arise as more RWA protocols emerge. The industry urgently needs to establish clear and unified verification standards, otherwise "virtual TVL" will continue to expand, becoming the next landmine that erodes trust.

Author: PANews

2025/09/15

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