TVL (Total Value Locked)
Total value of crypto locked in DeFi protocols.
TVL: DeFi barometer. Smart contract deposits (Aave lending, Uniswap swaps, Lido staking). Global DeFi TVL: $250B (2025). Top: Lido ($40B), Aave ($15B), Uniswap ($5B). TVL correlates with DeFi token prices. MCap/TVL: <1 = cheap.
In plain words
Total value of crypto locked in DeFi protocols, such as lending deposits, swap pools, and staking. It tells you how big a protocol is. Global DeFi TVL today is ~$250B. TVL rising with token price is strong confirmation, whereas TVL falling with rising price is a warning.
Example
Global DeFi TVL: $250B (2025) vs $250B peak 2021. Lido (liquid staking): $40B. Aave (lending): $15B. Hyperliquid (perp DEX): $5B (growing 2025). Top 10 protocols = 70% TVL.
Also known as: TVL, total value locked