Valor Total Bloqueado (TVL)
Activos totales en DeFi.
Total Value Locked (TVL) is the primary metric used to measure the health and adoption of Decentralized Finance (DeFi) protocols. It represents the sum of all assets—staking, lending, or [liquidity pools](/es/terms/liquidity-pools)—currently held in a specific protocol's smart contracts. While often compared to AUM (Assets Under Management) in traditional finance, TVL is unique because the custody remains non-custodial (programmatic).
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🧒 Explícalo como si tuviera 5 años
Total de depósitos en el banco digital.
🤓 Expert Deep Dive
While TVL is the standard 'vanity metric' for DeFi, it suffers from three critical nuances that experts must watch:
- The Double-Counting Dilemma: TVL often counts the same dollar multiple times. For example, if you stake ETH in Lido (TVL #1), receive stETH, deposit that stETH into Aave (TVL #2) to borrow USDC, and deposit USDC into Uniswap (TVL #3), the ecosystem records 3x the actual capital.
- Mercenary vs. Sticky Capital: Not all TVL is equal. TVL driven by temporary high APY ([liquidity mining](/es/terms/liquidity-mining)) is 'mercenary' and vanishes the moment rewards drop. 'Sticky' TVL (e.g., MakerDAO CDPs) is far more valuable for long-term valuation.
- Mcap/TVL Ratio: This is a popular valuation metric. A ratio < 1.0 (where Market Cap is less than TVL) is historically considered 'undervalued' for governance tokens, suggesting the protocol controls more capital than its own equity is worth.