Uploaded July 2025 | Updated September 2026, 10 hours ago

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Total value locked (TVL) is widely used to measure the size and popularity of decentralized finance (DeFi). However, TVL can be manipulated and inflated through “double counting” activities such as wrapping and leveraging. As existing methodologies addressing double counting are inconsistent and flawed, we propose a new framework, termed “total value redeemable (TVR)”, to assess the true underlying value of DeFi.

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