TVL Explained: Separating Deposits, Leverage and Real Demand
An increase in dollar TVL can reflect asset prices, accounting coverage or repeated claims, so the underlying balances must be reconciled before judging growth.
An increase in dollar TVL can reflect asset prices, accounting coverage or repeated claims, so the underlying balances must be reconciled before judging growth.
Low transaction fees reveal little about who can interrupt a rollup or change its rules, making recovery rights and usable exit time central to the analysis.
The cost of transaction ordering becomes clearer when quotes, settlement, fees and refunds are measured together without blaming every shortfall on MEV.
A structured review connects the asset a user receives to the parties with control, the source of returns and the conditions required to recover capital.