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Total Value Locked: A Proxy for Investor Interest

This report on Total Value Locked (TVL) takes a closer look at one of the key metrics with which to monitor the health of the decentralized finance industry. We examine its strengths and weaknesses, as well as what it can tell us about individual platforms and industry evolution.
Noelle Acheson
Noelle Acheson is host of the CoinDesk "Markets Daily" podcast, and author of the Crypto is Macro Now newsletter on Substack. She is also former head of research at CoinDesk and sister company Genesis Trading. Follow her on Twitter at @NoelleInMadrid.
