TVL (total value locked)
TVL
The total dollar value of assets deposited in a protocol — the headline scale metric in DeFi.
TVL is loose — it can be inflated by recursion, double-counted across LSTs, or denominated in volatile collateral. StableLens tracks TVL but separately reports Exit liquidity and stablecoin-only TVL where they diverge meaningfully from headline numbers.
Related terms
- Exit liquidityHow much capital can leave a position at a defined slippage tolerance over a defined window.
- Market capFor stablecoins, equivalent to circulating supply × $1 — ie. the amount of issuer liability outstanding.
- DefiLlamaThe dominant DeFi data aggregator — TVL, yields, stablecoin supply, and protocol metadata.