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

The website “toggled off” double-counting after CoinDesk uncovered one Solana developer’s effort to fool the all-important metric for popularity in DeFi.

AccessTimeIconAug 5, 2022 at 6:15 p.m. UTC
Updated May 11, 2023 at 4:21 p.m. UTC

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.

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  • 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.

    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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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Elizabeth Napolitano

    Elizabeth Napolitano was a news reporter at CoinDesk.


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