Total Value Locked is the most cited metric in DeFi — and one of the most manipulated. We break down what it actually tells you, what it hides, and how to cross-reference it against on-chain data for a real picture of protocol health before you commit a single dollar.
Education, not advice. This article is for informational purposes only and is not financial advice. DeFi involves high risk — never invest more than you can afford to lose.
