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What Is the Difference between TVL and Circulating Market Capitalization?

TVL is the value of assets deposited in the protocol; Market Cap is the total value of the tradable token supply.
Greeks.Live17.11.25

What Is the Difference between TVL and Circulating Market Capitalization?

TVL (Total Value Locked) measures the value of assets deposited within a protocol, indicating the protocol's usage and security. Circulating Market Capitalization measures the total dollar value of all tokens currently available for trading, calculated as circulating supply multiplied by the current token price.

TVL is a measure of protocol health and adoption, while Market Cap is a measure of the token's current public valuation. They are independent but related metrics used for comprehensive analysis.

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