The Liquidity Loyalty Problem

Surveying the state of liquidity across DeFi, from IDO to growth.

Total Value Locked (TVL) is simultaneously the most popular and most misinterpreted metric in DeFi. Total Capital Allocated (TCA) is perhaps the more accurate phrasing. TVL insinuates that value is “locked” in a protocol, loyal and unwavering. Unfortunately for many projects, this is not the case…