Why TVL Alone Misleads: Practical DeFi Analytics for Yield Seekers and Researchers
Surprising fact: Total Value Locked (TVL) is still the most-cited DeFi metric, yet it often explains less about economic health than researchers assume. TVL measures assets stewarded by a protocol, but it does not tell you about revenue generation, user concentration, or whether that capital is earning anything meaningful after fees, impermanent loss, or liquidation …
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