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https://opensea.io/collection/zorbs-eth
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yashika
@yashika
the day people realise that when you swap token x → token z the actual path is often x→ y → z and both legs of that swap inflate TVL is the day they’ll see how few real users crypto actually has.
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yashika
@yashika
example: swap x → y = amount A swap y → z = amount B TVL = A + B (nearly double the actual swap value, since gas is dicounted) most “activity” is just internal routing
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yashika
@yashika
- TVL ≠ Swap Volume: TVL generally refers to liquidity locked, not volume transacted. BUT many metrics on dashboards/ DeFi ranking sites blend TVL and swap activity to signal (fake) “usage”
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yashika
@yashika
- gas fees doesn’t contribute to TVL but affects net value transferred, which means the actual user spend is even higher than what TVL or volume metrics show in some cases
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yashika
@yashika
it's tough to see how any / every metric we chase in the field can be gamed - total value locked, unique active wallets, etc "funded wallets >$10", a metric followed by @farcaster seems to be the only one helping rn. what metrics do y'all look at for protoocl success?
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