DeFi analytics platform DefiLlama is under scrutiny for its methodology in reporting tokenholder revenue, which counts fee-funded buybacks and token burns as direct income to holders. Critics argue that while burns reduce circulating supply, they do not credit wallets with actual payouts, creating a misleading picture of what tokenholders receive. The concern highlights a broader gap in how DeFi protocols report value accrual to tokenholders. Direct payouts may go only to eligible stakers, meaning the average holder could see far less realized revenue than headline "fees" or "revenue" metrics suggest. The debate underscores the need for clearer distinctions between protocol-level revenue and individual wallet-level returns in on-chain analytics.