TVL (total value locked)
TVL is the dollar value of assets deposited in a protocol's contracts. It is easy to compare but easy to misread: it rises and falls with token prices, double-counts assets that are wrapped and redeposited, and says nothing about revenue or how long deposits will stay once incentives end.
Steadyrain analysis covering this term
- [BTCFi Series 9] Babylon: TVL Up, Yields Thin Sep 30, 2026
- No Recovery, No Capital: Radiant's Collapse Jun 3, 2026
- USDX Depeg Crisis Analysis and Implications: What Broke and What Must Be Fixed Nov 19, 2025
- [BTCFi Series 4] Technical Analysis and Comparison of Bitcoin Layer 2 Networks: Three Approaches Shaping BTCFi’s Future Sep 28, 2025
- Single Point of Failure: The LayerZero-Kelp Exploit May 20, 2026
- LayerZero's Single-Verifier Failure and the Kelp DAO Exploit May 15, 2026
- [BTCFi Series 3] Technical Analysis and Comparison of Bitcoin Layer 2 Networks: A Focus on Stacks, Rootstock, and CoreDAO Sep 26, 2025
- After the Flippening: Auditing the Perp DEX Wars Sep 28, 2026