TVL, volume, and fees measure different things. Here is how to read them together.
h.Hyperpro Editorial3 min read · Explainer
Original AI-assisted editorial illustration · Hyperpro
Total value locked measures the value of assets deposited in a protocol under a particular methodology. It can change because users deposit or withdraw, but also because the prices of those assets move. A higher dollar figure does not by itself prove that more assets or users arrived.
Volume measures activity; fees measure what that activity pays. Neither is automatically revenue for token holders. Check whether a metric is gross or net, whether incentives are included, and whether the same assets are counted more than once across connected protocols.
