What does TVL actually reflect?
The same assets may be counted more than once: deposit assets into Protocol A to receive a receipt token, then deposit that token into Protocol B, and both protocols count it toward their TVL.
TVL is calculated using the market prices of assets, so price changes alone can cause TVL to fluctuate, even when no funds flow in or out.
When managing positions, the most important thing to watch for is this: when you see TVL change, first distinguish whether it’s due to price movements or actual inflows and outflows of funds.
$ETH 2549.95（+1.81%）
The same assets may be counted more than once: deposit assets into Protocol A to receive a receipt token, then deposit that token into Protocol B, and both protocols count it toward their TVL.
TVL is calculated using the market prices of assets, so price changes alone can cause TVL to fluctuate, even when no funds flow in or out.
When managing positions, the most important thing to watch for is this: when you see TVL change, first distinguish whether it’s due to price movements or actual inflows and outflows of funds.
$ETH 2549.95（+1.81%）