TVL can make a protocol look enormous.
But TVL alone doesn't tell you whether capital is productive.
I'd rather ask:
How much activity is that capital generating?
How much revenue?
How much user demand?
How sticky is the liquidity?
Capital sitting somewhere isn't the same as capital being economically productive.
$LINK $XMR $HYPE
But TVL alone doesn't tell you whether capital is productive.
I'd rather ask:
How much activity is that capital generating?
How much revenue?
How much user demand?
How sticky is the liquidity?
Capital sitting somewhere isn't the same as capital being economically productive.
$LINK $XMR $HYPE