Total Value Locked — TVL — is the number every DeFi headline quotes and almost nobody explains. When a report says DeFi holds about $83 billion, or that Lido leads with about $22.4 billion and Aave follows with about $16.7 billion (DeFiLlama, November 4, 2026), it is quoting TVL. Beginners naturally read it as "how big DeFi is" or "how much money people trust these protocols with."...
