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What is TVL? Why must DeFi investors understand this metric?
Have you ever wondered how big the DeFi ecosystem really is? The answer lies in one metric: TVL (Total Value Locked).
In simple terms, TVL is the total amount of funds that all users have staked in DeFi protocols. Whether it’s from mining, lending, liquidity mining… as long as you lock your coins in a DeFi contract to earn returns, that money counts.
How exaggerated is it? The Total Value Locked (TVL) in global Decentralized Finance (DeFi) has reached $169 billion, with Ethereum dominating the market. Compared to $40 million two years ago, it has grown more than 400 times.
How to calculate TVL?
Assuming you are on a DeFi platform:
The TVL of this platform is 3000 USD. That's right, it's that simple.
Why is this metric crucial?
1. Measure if the token is cheap
Platforms like Aave, Uniswap, and PancakeSwap have all issued tokens. You can determine whether a token is overvalued by using market capitalization ÷ Total Value Locked (similar to the price-to-book ratio in stocks):
The lower the ratio, the better, which means more real value support.
2. See how crazy the market sentiment is
Dividing the total market capitalization of the entire DeFi market by the Total Value Locked (TVL) shows how crazy investors are. Right now, this ratio is 0.70, which is very healthy. Only when this number exceeds 3-4 should we be wary of a bubble.
3. Filter Reliable Platforms
A small platform promises sky-high returns? Chances are it’s a scam. The safest approach: only use platforms with a TVL exceeding 1 billion USD and that have passed security audits such as those by CertiK.
Summary in one sentence: TVL is the “health check report” of the DeFi world. Want to make money with DeFi? First, understand this number.