TVL (Total Value Locked)

Total Value Locked (TVL) is the aggregate value of all assets deposited in a DeFi protocol's smart contracts, measured at current prices.

TVL sums the assets sitting in a protocol's pools, vaults and lending markets, converted to a common unit at current prices. It is a rough proxy for scale and trust, though it can be inflated by double-counting or by price swings in the underlying tokens. Because TVL depends on both on-chain balances and prices, computing it combines two of our primitives: pool and contract balances from on-chain data, and spot prices to value them. Read it as a directional signal, not a precise figure.