Read DeFi like a pro
1. Chains page
Shows TVL per blockchain. A chain losing 50% TVL in 30 days is a red flag (users are leaving). A chain gaining 100%+ is where devs are going.
2. Protocols page
Sort by 30-day TVL change. Consistent growers (Uniswap, Aave) are infrastructure; rapid growers are often yield farm incentives (revert when subsidy ends).
3. Stablecoins section
Total stablecoin supply is crypto's 'dry powder'. Growing supply = money flowing in. Shrinking = money leaving.
4. Yields page
Aggregates yield opportunities across protocols. Caveat: does NOT filter for sustainability. 100% APY yields are usually emission-driven and unsustainable.
The TVL trap
TVL is gameable via recursive lending, mercenary farms, and leverage. Always check:
- Is TVL growing in native token units or just $ terms?
- How concentrated is TVL? One whale = fragile