Valor Total Bloqueado (TVL)
El valor total en dólares de todos los activos depositados en los contratos inteligentes de un protocolo DeFi.
TVL is often considered the 'AUM' (Assets Under Management) equivalent for DeFi. It is calculated by summing the market value of all tokens locked in a protocol's contracts. A high TVL generally indicates a deep [liquidity pool](/es/terms/liquidity-pool), which reduces slippage for traders and increases the protocol's stability. However, TVL is a 'noisy' metric; it fluctuates based on both the quantity of tokens (inflows/outflows) and the market price of those tokens. To truly judge a protocol's growth, analysts often look at TVL in 'native' units (e.g., total ETH locked) or 'USD Inflows' to isolate market volatility from actual capital commitment.
graph LR
Center["Valor Total Bloqueado (TVL)"]:::main
Pre_defi["defi"]:::pre --> Center
click Pre_defi "/terms/defi"
Pre_smart_contract["smart-contract"]:::pre --> Center
click Pre_smart_contract "/terms/smart-contract"
Pre_liquidity_pool["liquidity-pool"]:::pre --> Center
click Pre_liquidity_pool "/terms/liquidity-pool"
Rel_market_cap["market-cap"]:::related -.-> Center
click Rel_market_cap "/terms/market-cap"
Rel_stablecoin["stablecoin"]:::related -.-> Center
click Rel_stablecoin "/terms/stablecoin"
Rel_yield_farming["yield-farming"]:::related -.-> Center
click Rel_yield_farming "/terms/yield-farming"
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🧒 Explícalo como si tuviera 5 años
Es como contar todo el dinero que hay guardado en las cajas fuertes de un banco. Cuanto más dinero hay, más grande y confiable parece el banco.
🤓 Expert Deep Dive
El 'Double Counting' es el mayor reto técnico del TVL, especialmente con el auge de los LST (Liquid [Staking](/es/terms/liquid-staking) Tokens). Se recomienda usar ratios como MCap/TVL para valorar la eficiencia del capital.