TVL stability (CoV over 90d)

Evidence summary #

90-day CoV = 0.247 (mean $268.0M, std $66.3M, 90-sample window per data cache tvl_cov_90d). Yellow band: 0.15–0.35. TVL peaked ~$483.8M in September 2025, declined to ~$153.7M by January 2026, recovered to ~$342M by May 2026. Volatility reflects early-stage protocol growth rather than security event.

Sources #

Methodology #

Compute the coefficient of variation (σ/μ) of daily TVL over the trailing 90 days as a proxy for operational stability.

See the full factor methodology and distribution across all protocols →