Data Definitions
TVL
For protocols: Value of all coins held in smart contracts of the protocol
For chains: Sum of TVL of the protocols in that chain
In traditional finance terms, TVL is similar to Assets Under Management (AUM). It represents the total value of assets that users deposit into a protocol. This is similar to how a fund or bank might report the total value of client deposits or managed assets.
Fees
Total fees paid by users when using the protocol.
Fees are equivalent to what would traditionally be considered Revenue in most off-chain businesses. They reflect the total amount paid by users for using the service, regardless of where those fees end up. This is the top-line number that shows how much the protocol is facilitating in economic activity.
Revenue
Subset of fees that the protocol collects for itself, usually going to the protocol treasury, the team or distributed among token holders. This doesn't include any fees distributed to Liquidity Providers.
Revenue , in the way defined here, is closer to Gross Income in traditional accounting. It's the portion of fees that the protocol keeps for itself after paying out costs to actors like liquidity providers. This is what goes to the team, the treasury, or tokenholders.
Holders Revenue
Subset of revenue that is distributed to tokenholders by means of buyback and burn, burning fees or direct distribution to stakers. Holders Revenue can also be called Tokenholder Revenue.
Holders Revenue is similar to Dividends and Buybacks in traditional finance terms. It's the part of protocol revenue that is returned to tokenholders through staking rewards, fee burns, or direct payouts. Like dividends, this shows how much value the protocol is distributing back to its investors.
USD Inflows
A protocol's TVL might go down even if more assets are deposited in the scenario where the prices of assets comprising TVL go down, so just looking at the TVL chart is not the best way to see if a protocol is receiving deposits or money is exiting, as that info gets mixed with price movements.
USD Inflows is a metric that fixes that by representing the net asset inflows into a protocol's TVL.
It's calculated by taking the balance difference for each asset between two consecutive days, multiplying that difference by asset price and then summing that for all assets.
If a protocol has all of its TVL in ETH and one day ETH price drops 20% while there are no new deposits or withdrawals, TVL will drop by 20% while USD inflows will be $0.
Total Staked (Staked)
Staked represents the value of governance coins that are staked in the protocol's staking system.
Expenses
Expenses here represent operational costs for salaries, audits... throughout the year. We collect this data mainly from annual protocol reports on their forums, so it's always referencing old data and will not be up-to-date in realtime like other DefiLlama data.
Total Raised
Total Raised includes the sum of all money raised by the protocol, including VC funding rounds, public sales and ICOs.
Active Addresses
Number of unique addresses that have interacted with the protocol directly. Interactions are counted as transactions sent directly against the protocol, thus transactions that go through an aggregator or some other middleman contract are not counted here.
The reasoning for this is that this is meant to help measure stickiness/loyalty of users, and users that are interacting with the protocol through another product aren't likely to be sticky.
Treasury
Treasury represents the value of coins held in ownership by the protocol. By default this excludes coins created by the protocol itself.
In traditional finance, terms, the Treasury is the protocol's Total Assets. This is what the protocol controls directly, and is often used to fund operations, growth initiatives, or serve as a reserve.
Token Volume
Sum of value in all swaps to or from that token across all Centralized and Decentralized exchanges.
Data for this metric is imported directly from CoinGecko.
Token Liquidity
Sum of value locked in DEX pools that include that token across all DEXs for which DefiLlama tracks pool data.
Fully Diluted Valuation (FDV)
Fully Diluted Valuation is calculated by taking the expected maximum supply of the token and multiplying it by the price. It's mainly used to calculate the hypothetical marketcap of the token if all the tokens were unlocked and circulating.
Data for this metric is imported directly from CoinGecko.
Outstanding Fully Diluted Valuation (oFDV)
Outstanding Fully Diluted Valuation is calculated by multiplying the outstanding supply by the price. Outstanding supply is the total supply minus the supply that is not yet allocated to anything (e.g. coins in treasury or reserve). Outstanding FDV is intended to be a more accurate measurement of the market cap of coins that are already allocated.
DEX Volume
Volume traded on the DEX. This metric is only applicable to protocols that are exchanges, and it's just the sum of value of all trades that went through the DEX on a given day.
Events
This is a manually curated list of events that impacted the protocol. The reason why we display this is just to help the user understand the reason behind changes in the protocol metrics.
Example: When there's a hack that causes a sudden drop in TVL we add an event at that date explaining that a hack was the reason why TVL dropped.
Median APY
Median APY across DeFi pools tracked by DefiLlama on a given protocol. This is calculated by finding all pools for that protocol, then sorting them by APY and finding the median weighted by TVL.
Total Borrowed (Borrowed)
Total funds borrowed from DeFi lending protocols. Borrowed funds can also be thought of as total loans issued by a lending protocol. Borrowed is excluded from TVL by default to account for looping strategies which can artificially inflate TVL.
Stablecoins Market Cap
The total market cap of all stablecoins on a chain.
Stablecoin market cap represents the total value of stablecoins on a chain, a proxy measure for liquidity and trust, as well as a measure of stablecoin adoption. This metric is only available for chains.
App Fees
App Fees represents the sum of Fees on all protocols on a chain (excluding stablecoins, liquid staking apps and gas fees). App Fees is a measure of economic activity on a chain and can be used to evaluate how active an ecosystem is.
App Revenue
App Revenue represents the sum of Revenue on all protocols on a chain (excluding stablecoins, liquid staking apps and gas fees). App Revenue is a measure of economic activity on a chain and can be used to evaluate how active an ecosystem is.
REV
REV (Real Economic Value) is the sum of chain fees and MEV tips.
Token Incentives
Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.