DefiLlama went from free TVL dashboard to acquiring Bulletin for proprietary OTC data and shipping LlamaAI at $49/month — 0xngmi straight up said they had zero proprietary data before this deal. Tracking 6,400+ protocols across 469 chains while central banks cite your numbers, all on a free-data model, was never sustainable. Every DeFi infra project hits this wall eventually: stay a public good and slowly bleed out, or monetize and watch the forks roll in.

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