TVL-sorted cryptocurrency portfolios show no significant alpha relative to the crypto market factor, so TVL does not appear to be priced in crypto returns over 2023-2024.
Common risk factors in cryptocurrency
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The Surprising Irrelevance of Total-Value-Locked on Cryptocurrency Returns
TVL-sorted cryptocurrency portfolios show no significant alpha relative to the crypto market factor, so TVL does not appear to be priced in crypto returns over 2023-2024.