DeFi TVL growth of $20B attributed to asset revaluation, not capital inflows
- —DeFi TVL on Ethereum +21.38% over 30 days, Solana +22.94%
- —Stablecoin market cap: Ethereum +0.68%, Solana +5.51%
- —ETH rose 32.80%, SOL 34.67% over 30 days
- —Asset price growth outpaced TVL growth by more than 11 percentage points
Why it matters: If TVL growth rests on revaluation rather than new deposits, it is vulnerable to a price reversal and does not confirm sustained liquidity inflows into DeFi.
Source: CryptoSlate