What does “Total Value Locked” actually tell you — and where it misleads
Is TVL a thermometer for DeFi health, or a one-dimensional headline that disguises crucial differences between protocols? Start with that provocation: Total Value Locked (TVL) is a useful signal, but treated alone it can lead investors and researchers to systematic mistakes. This commentary unpacks the mechanism that produces TVL, the decisions baked into its measurement, […]
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