DefiLlama, a DeFi data tracker used to monitor decentralized finance protocols, is launching an off-chain attestation service for data that public blockchains can't show on their own.
DefiLlama's pseudonymous founder 0xngmi wrote in a June 25 X thread that the still-unlaunched service will attest information such as bank account balances and other offchain records audited by DefiLlama.
- It's not yet clear though, who will be able to use the service, how the attestation process will work or how much it will cost.
The move comes just a few days after MainStreet, a DeFi yield protocol behind the synthetic MSUSD stablecoin, lost Accountable, the proof-of-solvency partner whose feed markets used to check its backing data.
- Accountable said MainStreet "was unable to meet our verification standards," while MainStreet later said it remained fully backed and described the shutdown as an infrastructure and reporting issue.
- Amid the controversy, MSUSD quickly crashed, showing how quickly markets can react when an off-chain verification layer disappears.
Although 0xngmi didn't tie DefiLlama's new service to the MainStreet and Accountable drama, the episode shows the type of gap it may target, as users want independent checks on records that sit outside blockchains.
Crowded space
But the market already has adjacent proof-of-reserves and proof-of-solvency providers, including The Network Firm and Chainlink Proof of Reserve.
Replying to a user who asked what happens if DefiLlama gets something wrong, 0xngmi said the solution is to be clear about what is being verified and only attest things the team is confident in.
- The DefiLlama founder added that the platform can reject cases it doesn't want to verify because the new service is not core to its business, though it remains unclear what standards DefiLlama will use to accept or reject projects.