TVL (預かり資産合計額)
DeFiプロトコルのスマートコントラクトに預け入れられた全資産の合計米ドル価値です。
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](/ja/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["TVL (預かり資産合計額)"]:::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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🧒 5歳でもわかるように説明
銀行の金庫の中に全部でいくらお金が入っているか、という数字のようなものです。この数字が大きいほど、その銀行は大きくて安心だと思われます。
🤓 Expert Deep Dive
資産の価格変動によってTVLが上下するため、純粋な資金流入を測るには「USD Inflows」などの指標と組み合わせる必要があります。「二重計上（Double Counting）」問題にも注意が必要です。