TVL /Mcap
Ratio of locked value to market cap, measuring DeFi adoption strength.
TVL = Total Value Locked.
This is the total value that has been locked in the protocol divided by the project’s current market capitalization. It is to be expected that a large project will have a higher TVL than a small project. Comparing these two metrics allows anomalies to be identified.
A high TVL/Mcap ratio indicates high usage of the project’s decentralized finance features and above-average investor confidence.
Source: defillama.com
This metric is part of the Liquidity category