Valeur Totale Verrouillée (TVL)
La valeur totale en dollars de tous les actifs déposés dans les smart contracts d'un protocole 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](/fr/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["Valeur Totale Verrouillée (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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🧒 Explique-moi comme si j'avais 5 ans
C'est comme mesurer la somme totale d'argent stockée dans les coffres d'une banque numérique pour savoir à quel point elle est importante.
🤓 Expert Deep Dive
Le risque de double comptage lié à la composabilité (Money Legos) peut gonfler artificiellement la TVL. L'analyse des flux de trésorerie (USD Inflows) est plus précise pour mesurer la croissance réelle.