Most DeFi TVL figures are only partially verifiable: 10.5% of 939 Ethereum protocols use external servers, and only 23.5% of 400 reconstructed protocols match published values within 5%.
Piercing the veil of tvl: Defi reappraised,
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Towards Verifiability of Total Value Locked (TVL) in Decentralized Finance
Most DeFi TVL figures are only partially verifiable: 10.5% of 939 Ethereum protocols use external servers, and only 23.5% of 400 reconstructed protocols match published values within 5%.