預かり資産（TVL / Total Value Locked）

DeFiプロトコルに預けられた資産の総額。

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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](/ja/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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🕸️ Open in Universe

🧒 5歳でもわかるように説明

銀行の「預金総額」のようなものです。みんながそのアプリにどれだけのお金を預けているかの合計で、TVLが高いほど、たくさんの人に信頼され、使われていることを意味します。

🤓 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](/ja/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.

🧒 5歳でもわかるように説明

🤓 Expert Deep Dive

📚 出典