{"id":1501,"date":"2020-09-21T15:06:03","date_gmt":"2020-09-21T15:06:03","guid":{"rendered":"https:\/\/de.fi\/blog\/?p=1501"},"modified":"2023-06-29T22:46:29","modified_gmt":"2023-06-29T22:46:29","slug":"what-is-total-value-locked-tvl-583d85ad8ba2","status":"publish","type":"post","link":"https:\/\/de.fi\/blog\/what-is-total-value-locked-tvl-583d85ad8ba2","title":{"rendered":"What is TVL (Total Value Locked) in DeFi?"},"content":{"rendered":"<blockquote>\n<h1 id=\"the-tvl-of-decentralized-finance-or-defi-shows-how-much-dollar-value-of-crypto-assets-are-locked-in-defi-marketplaces-\">The TVL of Decentralized Finance or \u201cDeFi\u201d shows how much dollar value of crypto assets are locked in DeFi marketplaces.<\/h1>\n<\/blockquote>\n<p><strong>Read the detailed explanation below!<\/strong><\/p>\n<h2 id=\"table-of-content\">Table of content<\/h2>\n<blockquote><p>What is DeFi TVL meaning?<br \/>\nWhat is the TVL of the DeFi project?<br \/>\nTVL of some key DeFi projects<br \/>\nWhere to get the DeFi TVL data?<br \/>\nDeFi Pulse<br \/>\nDeFi Llama<br \/>\nTVL by DeFi chains<br \/>\nEthereum TVL<br \/>\nBinance TVL<br \/>\nSolana TVL<br \/>\nTVL vs Market Cap<br \/>\nBut Wait- What is Double Dipping?<\/p><\/blockquote>\n<h2 id=\"what-does-defi-tvl-mean-\">What does DeFi TVL mean?<\/h2>\n<p>The TVL term means the total value in $US Dollar of all assets deposited into the project\u2019s smart contracts. TVL is commonly calculated in US dollars but could be converted to other currency.<\/p>\n<p>Although not perfect, the metric is used to measure the overall \u2018health\u2019 of the DeFi and cryptocurrency markets.<\/p>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/1nQbPIh0-x7XK4Z7OduLSlA.png\" alt=\"\" \/><\/p>\n<p>Watch a quick walkthrough!<br \/>\n<iframe class=\"youtube-video\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/ncDsY5THOdQ\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2 id=\"what-is-the-tvl-of-a-defi-project-\">What is the TVL of a DeFi project?<\/h2>\n<p>Usually, you can find the TVL for a specific project by visiting its website.<\/p>\n<h3 id=\"tvl-of-some-key-defi-projects\">TVL of some key DeFi projects<\/h3>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/0lie9Y_PAhdjgW1xj.jpg\" alt=\"\" \/><\/p>\n<h2 id=\"where-to-get-the-defi-tvl-data-\">Where to get the DeFi TVL data?<\/h2>\n<h3 id=\"defi-pulse\">DeFi Pulse<\/h3>\n<p>You can track TVL on such websites like <a href=\"https:\/\/defipulse.com\/\">DeFi Pulse.<\/a> Total Value Locked as a standard was set by DeFi Pulse.<\/p>\n<p>However, note that DeFi Pulse does not include most funds locked into <a href=\"https:\/\/de.fi\/explore\">DeFi yield farming<\/a> products because DeFi Pulse monitors each protocol\u2019s underlying smart contracts on the<strong> Ethereum blockchain only<\/strong>.<\/p>\n<p>Every hour, the charts are refreshed by pulling the total balance of Ether (ETH) and ERC-20 tokens held by these smart contracts. TVL(USD) is calculated by taking these balances and multiplying them by their price in USD. The open-source project adapters that power DeFi Pulse metrics are <a href=\"https:\/\/github.com\/ConcourseOpen\/DeFi-Pulse-Adapters\">here<\/a>.<\/p>\n<h3 id=\"defi-llama\">DeFi Llama<\/h3>\n<p><a href=\"https:\/\/defillama.com\/\">DeFi Llama<\/a> calculates the TVL by almost all of the DeFi chains, rather than sometimes which is only calculated on Ethereum.<\/p>\n<p>You can check the TVL amount of the separate chains. Naturally, the more value is locked, the more yield farming may be going on. Because money moves to the where it earns the highest yield.<\/p>\n<p>The difference in calculations of DeFi Pulse and DeFi Llama (as with any other data aggregators) stem from the different data providers and different rules of the projects including.<\/p>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/03aaEqt0sv2o6Ej64.png\" alt=\"\" \/><\/p>\n<h2 id=\"tvl-by-defi-chains\">TVL by DeFi chains<\/h2>\n<p>On the macro level, TVL can be considered as the total cost of all assets deposited and held on the Ethereum blockchain smart contracts (or any other blockchain).<\/p>\n<p>To compare the TVL of different chains you can go to DeFi Llama \u2014 it is aggregating TVL by almost all of the blockchains.<\/p>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/1qnpvpP26_N4PNYTleYi89w.png\" alt=\"\" \/><\/p>\n<p>Below you can find the TVL of 5 main chains sorted by the largest-&gt;smallest TVL.<\/p>\n<h3 id=\"ethereum-tvl\">Ethereum TVL<\/h3>\n<p>At the moment of writing, Ethereum TVL reached $117B. The projects with the largest TVL on ETH Mainnet are Curve, InstadApp, and Aave.<\/p>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/0sCDtUEgKqhI7nsVM.png\" alt=\"\" \/><\/p>\n<p>Ethereum Total Value Locked it the largest out of all the chains \u2014 in comparison, there\u2019s a large dominance of ETH.<\/p>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/1sj2dtWz65gB-W6ki0OT24g.png\" alt=\"\" \/><\/p>\n<p><a href=\"https:\/\/de.fi\/explore\">Check the best pools for Yield Farming \u279d<\/a><\/p>\n<h3 id=\"binance-tvl\">Binance TVL<\/h3>\n<p>Binance TVL is the second largest TVL after Ethereum Network.<\/p>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/0XPy61R2FD-JzvZNZ.png\" alt=\"\" \/><\/p>\n<p>Projects with the biggest TVL on Binance are PancakeSwap, Venus, and Tranchess.<\/p>\n<p>PancakeSwap liquidity pools are integrated on our platform \u2014 you can stake and provide liquidity on PancakeSwap by using <a href=\"https:\/\/de.fi\/\">De.Fi<\/a>.<\/p>\n<p><a href=\"https:\/\/de.fi\/blog\/the-ultimate-guide-for-yield-farming-with-binance-chain-dbc23beb6df4\">Check the Yield Farming guide on Binance \u279d<\/a><\/p>\n<h3 id=\"solana-tvl\">Solana TVL<\/h3>\n<p>Solana is the third project by the Total Value Locked. It appeared recently and at the time of writing its TVL is $8.8B.<\/p>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/0y5wuAfIftkItFu_x.png\" alt=\"\" \/><\/p>\n<p><a href=\"https:\/\/de.fi\/blog\/the-ultimate-yield-farming-guide-for-solana-network-infographics-985936db4392\">Check out our Yield Farming guide on Solana \u279d<\/a><\/p>\n<p>The project with the largest number of chains integrated is SushiSwap.<\/p>\n<p><img decoding=\"async\" class=\"legacymediumimages\" src=\"https:\/\/de.fi\/blog\/wp-content\/uploads\/2023\/06\/0d6lvmKu0LgjNPv_Y.png\" alt=\"\" \/><\/p>\n<p>All of the chains above are integrated on our <a href=\"https:\/\/de.fi\/\">DeFi crypto wallet tracker<\/a>.<\/p>\n<h2 id=\"tvl-vs-market-cap\">TVL vs Market Cap<\/h2>\n<p>Per the definition from <em>Coinmarketcap<\/em>: \u201cIn order to get the current market cap, you need to multiply the circulating supply by the current price\u201d while TVL is calculated by multiplying the amount of funds that are locked as collateral in the ecosystem by the current price of the assets.<\/p>\n<p>To put in simply:<\/p>\n<p><strong>Market cap<\/strong> = Circulating supply x price of the token (specifically native tokens)<\/p>\n<p><strong>TVL <\/strong>= Funds staked or deposited x price of the assets (not necessarily the native tokens)<\/p>\n<h2 id=\"but-wait-what-is-double-compound-\">But Wait &#8211; What is Double Compound?<\/h2>\n<p>Honestly, it\u2019s a term we just coined. But it represents a very important concept that can be confusing for people new to DeFi. This is the concept of wrapped or synthetic\/ derivative tokens. For example if I want to use $500 of my Bitcoin on the Ethereum network as collateral.<\/p>\n<p>In the entire cryptocurrency market ecosystem it will really count as $1,000. $500 worth of Bitcoin on the Bitcoin blockchain and $500 of Wrapped Bitcoin on the Ethereum ecosystem. The same can happen when you exchange stable coins like USDC into Compound (or other lending platforms) for cUSDC (Compound\u2019s derivative stablecoin redeemable 1:1 for USDC.)<\/p>\n<p>The intricacies of synthetics and derivatives is outside the scope of this article but we just wanted you to know that sometimes tokens get counted twice. But that\u2019s ok. If you understand that sometimes TVL counts tokens twice, you\u2019re good! When we calculate TVL we include them both. It\u2019s not perfect but it\u2019s the best we\u2019ve got so far!<\/p>\n<p>Enjoyed this? Jump in the conversation for more up to date information!<\/p>\n<p><strong>Join us on <a href=\"https:\/\/twitter.com\/DeDotFi\">Twitter<\/a> and <a href=\"https:\/\/t.me\/DeDotFi\">Telegram!<\/a><\/strong><\/p>\n<p>Want to learn more?<\/p>\n<h2 id=\"check-our-other-resources-to-stay-safe-and-explore-defi-\">Check our other resources to stay safe and explore DeFi:<\/h2>\n<p><a href=\"https:\/\/de.fi\/blog\/prepare-next-crypto-bull-run\">Preparing for the Next Crypto Bull Run<\/a><br \/>\n<a href=\"https:\/\/de.fi\/blog\/the-ultimate-crypto-airdrop-guide-a891d86c8d9d\">Upcoming Crypto Airdrops for 2023<\/a><br \/>\n<a href=\"https:\/\/de.fi\/request-audit\">Smart Contract Audit Services<\/a><br \/>\n<a href=\"https:\/\/de.fi\/rekt-database\">Crypto Hack &amp; Scam Database<\/a><br \/>\n<a href=\"https:\/\/de.fi\/scanner\">Free Smart Contract Audit<\/a><br \/>\n<a href=\"https:\/\/de.fi\/shield\">Revoke Crypto Wallet Permissions Tool<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The TVL term means the total value in $US Dollar of all assets deposited into the project\u2019s smart contracts. TVL is commonly calculated in US dollars but could be converted to other currency.<\/p>\n","protected":false},"author":3,"featured_media":1502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[6,5,31,19],"class_list":["post-1501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-blockchain","tag-cryptocurrency","tag-what-is","tag-yield-farming"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is TVL (Total Value Locked) in DeFi? - Blockchain 101<\/title>\n<meta name=\"description\" content=\"The TVL term means the total value in US dollars of all assets deposited into a project\u2019s smart contracts. \u2713 Learn more now with the De.Fi blog.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/de.fi\/blog\/what-is-total-value-locked-tvl-583d85ad8ba2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is TVL (Total Value Locked) in DeFi? 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