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What TVL Means in DeFi

3 min read · updated 14 November 2026

Total value locked (TVL) measures the crypto deposited in DeFi apps. Learn how it is counted, why it moves with prices and how to compare chains.

Total value locked, or TVL, is the dollar value of all crypto deposited in decentralised finance (DeFi) apps: lending markets, trading pools, staking contracts and similar services. The DeFi page shows TVL overall and by blockchain, using data from DefiLlama.

How it is counted

DefiLlama reads the balances held in each app's smart contracts and values them at current prices. Adding up all apps on a chain gives that chain's TVL. Adding up all chains gives the total.

Why TVL moves with prices

Because deposits are valued in dollars, TVL rises when crypto prices rise even if nobody adds new money. A 20% drop in ether can push Ethereum's TVL down sharply without a single withdrawal. Compare TVL changes with price changes before drawing conclusions.

Comparing chains

A chain's share of total TVL shows where DeFi users keep their money. Ethereum has led for years, but the share changes as new chains gain users. Fast growth in TVL on a chain often follows new incentives or popular new apps.

Limits

  • The same deposit can be counted more than once when tokens are reused across apps.
  • TVL says nothing about how safe an app is.
  • Different data providers use different rules, so numbers vary between sites.

This guide is general information, not financial advice.