TVL stability (CoV over 90d)

Evidence summary #

CoV estimated high based on rapid TVL growth trajectory. TVL grew from ~$50M in early 2025 to ~$1.89B by April 2026. The trailing 90-day window likely captures moderate growth from ~$1.5B to ~$1.89B. Institutional concentration (Janus Henderson JTRSY/JAAA, Sky/Spark) means large single-entity movements could spike CoV. Quantitative confirmation requires DeFiLlama API pull.

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 →