Section
Data
2 articles
How the sector's numbers are made. Total value locked and protocol fees are quoted everywhere, usually without the definitions behind them, and each measures less than its name suggests. These pieces take one figure at a time and set out what it counts, what it double-counts, what it cannot see, and how to read a change in it. They are the explanatory layer for the tables under /data/, which show the numbers themselves with their date and source; the pieces on exchange reserves and stablecoin supply serve the same tables from the Exchanges and Explainers sections. A figure quoted here carries the date it was true.
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What protocol fees and revenue tell you
Fees are the top line, revenue what the protocol kept, holder revenue what reached the token. Three different numbers that the word revenue can blur.
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What TVL measures, and what it does not
Total value locked is deposits at today's prices, counted again at every layer. What moves it, what it double-counts, and the one comparison it is good for.