Is DefiLlama an Accurate Blockchain Analysis Dashboard? 

• 1 DefiLlama is the largest, fully open-source and transparent DeFi aggregator for DeFi applications.
• 2 It was first launched in 2020 with anonymous ownership; however, in 2023, it faced some ownership-claiming issues.
• 3 It is one of the most valuable resources that provides data and insights to help users navigate the dynamic and complex DeFi landscape.

A crypto data website that takes all the publicly available blockchain data and breaks it down into easy-to-read charts, graphs, and tables that any user can read and understand is DefiLlama. The website is free and open-source. The leading site of DefiLlama does not require users to either sign up or connect to a crypto wallet.

It is the largest DeFi data aggregator. Moreover, it is an analytics dashboard for everything in decentralized finance that tracks value-locked (TVL) for projects like Ethereum, lending protocols, yield farming, staking pools, and various DEX.

It has proved to be one of the most accurate DeFi market data providers and research tools that individuals require up-to-date real-time data without paying for it. The DefiLlama platform also tracks information across major chains, such as Terra, Avalanche, and Cardano.

The DefiLlama platform was established in October 2020. The developers of this platform found the need for a centralized platform that can offer users a complete overview of the DeFi ecosystem.

Oxngmi is an anonymous contributor to DefiLlama development. In 2023, an identical site, “llama.fi” came into existence. Afterward, the leadership of the DefiLlama came under dispute. This site has now been redirected to the main DeFiLlama site. Additionally, a team member was reportedly found attempting to launch a LLAMA token without full leadership backing.

Tendeeno, a team member, has confirmed OxLlam4 as the original creator, and Oxngmin is the legal majority owner. He has also been considered responsible for developing the project since his joining. Other founding team members include Charlie Watkins and Ben Hauser.

Explaining the working of DefiLlama

The main role of the DefiLlama platform is to aggregate data from various blockchains to provide users with the most up-to-date and real-time DeFi market insight. On the official DefiLlama website, users can track cross-chain data from different DeFi chains, DeFi applications and forks, oracles, and even NFTs.

It sources its information from over 80 L1 blockchains, hundreds of apps, and direct sources like CoinGecko and Uniswap.

The website dashboard shows TVL and rankings that cover different activities in USD and TVL from blockchains and protocols. It provides the percentage changes in a day, a week, and a month. 

The user can scroll through the rankings based on the chain he/she chooses. The sidebar menu features individual sections to monitor and track yield farming protocols, airdrops, NFTs, etc.

Understanding Key Features of DefiLlama

The features of DefiLlama’s analytical dashboard include:

Comprehensive Data Availability

The website provides data on various DeFi projects, such as decentralized exchanges, lending platforms, yield farming projects, etc. Users can access information about token prices, trading volumes, liquidity pools, and stablecoin market capitalization, which can be filtered through blockchain or category.

Easy-to-use Interface

The platform’s user-friendly interface allows experienced DeFi enthusiasts and newcomers to access. They can navigate through data, compare thousands of projects, and get the insights they need to make informed decisions.

Tracking Portfolio

It allows users to connect their wallets to track their DeFi portfolios. It enables users to monitor the performance of their assets in one place.

Historical Data

The website also provides historical data in addition to real-time data. It supports users in analyzing trends and making data-driven decisions.

In general, it promotes transparency by providing accurate, real-time information to assess the security and credibility of DeFi projects. It builds a tool for traders and investors to identify market trends and opportunities. 

Furthermore, it can act as an educational resource for newcomers to the DeFi space. It helps understand the different projects and how they are placed within the ecosystem.

Conclusion: A Guide to Use DefiLlama

The website presents an intuitive dashboard that overviews the DeFi market. Users can make use of the search bar to look up specific DeFi projects or tokens, or it can also compare blockchains and yields.

It also includes separate sections on yields, pools, NFTs, bridges, governance, and more. It can navigate to specific categories to explore projects within that sector.

The sections include:

• TVL
• Market Cap
• Amount staked
• Amount Borrowed
• Total raised
• Treasury
• Revenue
• Fees
• Governance
• Revenue
• Fees
• Staking

To supplement the above information, the TVL chart also shows markers for significant events such as the start of rewards, version launches, migrations, and major attacks.

FAQs

Who is the competitor to DefilLama?

DefiLlama’s major competitors include CoinMarketCap and Binance.

What is the revenue model of DefiLlama?

It is an open-source and transparent TVL DeFi aggregator that does not generate any revenue as of now.

What is the data accuracy on DefiLlama?

The team is completely committed to providing accurate, real-time data and transparency to its users.