@erickpinos
Are you seeing the correct TVL on DefiLlama?
By default, borrows, liquid staking, and vaults are not shown in TVL calculations. This is because:
- Borrowed assets can be redeposited, so including them would double-count liquidity. Because you can recursively borrow and supply, counting both could inflate TVL.
- Liquid staking tokens are representations of value locked in validators, which usually is not considered as part of value locked in "DeFi" dapps on-chain.
- Vaults / yield strategies are also excluded because vaults redeposit into other protocols. Counting them would inflate TVL through multiple layers.
DefiLlama allows for easy toggling between different views to get a fuller picture of TVL.
Itemizing like this is important for assessing the utilization of a chain, as redepositing and restaking shows that people are actively leveraging capital efficiency and compounding yield opportunities.
For example, Nibiru's TVL can show from $2.98m to $4.21m depending on which activity you want to include.
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