The name "killifish" was chosen by hobbyists, mostly the US group, about 50 years ago. The prime contender, at that time, was "panchax."
It was done with minimal taxonomic concern, but was clearly exclusive to the egg-laying species of the Cyprinodonts. Many livebearers are very close relatives, but they are not killies, simply because they do not lay eggs.
Labelling the Het. formosa as the "Least Killy" was without either scientific or hobby approval. Nevertheless, it is a cute fish, and was thought to be the smallest vertibrate at one time (some gobies are quite a bit smaller).
The closest line-blurring between livebearers and killifish are those SAAs that are internally fertilized, but still lay their eggs for hatching, like Cynopoecilus melanotaenia. Livebearing species cannot live through drying up in droughts, so egg-laying provides a way around that. Internal fertilization may give the female more chance to hide the eggs, since the male isn't there to see them deposited.
Nature is wonderfully diverse, but killifish are egg-laying toothed carps, by definition.
Wright
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