The following is a guest post and analysis from Vincent Maliepaard, Marketing Director at Sentora.
Stablecoins have become a meaningful settlement layer, lending markets continue to expand, and tokenized real-world assets keep growing. Visa said global stablecoin transaction volume rose from more than $3.5 trillion in 2023 to more than $5.5 trillion in 2024. That is not the profile of a niche experiment. It is the profile of infrastructure finding real demand.
The problem is that DeFi still measures itself with a bootstrap metric.
TVL is a misaligned scoreboard
For most of the last cycle, Total Value Locked became the default scoreboard. TVL was useful early because it was simple. It showed that users were willing to move capital onchain. It helped the market track adoption during a phase when the main question was whether people would trust decentralized infrastructure at all. But once the goal shifts from growth to durability, TVL starts to hide as much as it reveals. It measures how
We współpracy z: https://cryptoslate.com/defi-needs-a-metric-for-protected-capital/
