Taking the sounding

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Live validated snapshot

Chain liquidity sounding

Etherlink

Etherlink nominal depth is draining across the latest 7.2 observed days. Token-price effects remain in the TVL reading.

Reported nominal TVL$15.58M-0.8% across 7.2 observed days

Depth rank: #60
Protocols mapped: 17
Stablecoin layer: 122.2%

Source: DeFiLlama open chain roster
Captured: 2026-08-11T05:47:03.707Z
Unit: Nominal USD TVL
Does not prove: Deposits, exits, or unique users

What this page answers

Etherlink reports $15.58M in nominal DeFi TVL. The roster maps 17 protocols to this chain. It ranks #60 by Bathymark depth. Its weekly nominal TVL change is -0.8% across 7.2 observed days, and its 30-day change is -5.7% across 30.2 observed days. Token-price effects are not removed.

Chain TVL change context What TVL means Data source and limits

depth over timepeak $83.34M

Depth rank: #60
Protocols read: 17
Stablecoin USD market value: $19.04M

State: Reported depth is draining
Confidence: moderateThe chain level is source-backed. Confidence is capped because token-price effects are not removed from TVL.
Snapshot captured: 2026-08-11 05:47 UTC

Three strongest drivers

Reported nominal TVL$15.58MCurrent chain level from the validated DeFiLlama chain roster.
Seven-day nominal change-0.8%$15.71M to $15.58M across 7 observed days.
Stablecoin cash layer$19.04MOpen-data stablecoin circulating USD market value reported on this chain, shown separately from TVL and token units.

Open the 30-second readChange, history, comparison, and implication

What changed

Reported nominal USD TVL changed by -$132.1K over seven days.

$15.71M to $15.58M across 7 observed days. The reconciled 30-day change is -5.7%.

Is it unusual

Current nominal TVL sits at the 38th percentile of the stored chain history.

Daily nominal-TVL change volatility is 41.52%. Price effects remain inside that history.

How it compares

Etherlink ranks #60 of 461 validated chains by nominal USD TVL.

The validated chain median is $338.1K. This is a level comparison, not a quality verdict.

Why it matters

Reported depth is weakening, so the chain has less visible USD-denominated capacity than one week earlier.

This is market-structure context, not a forecast or a trade recommendation.

Open the evidence trailCounterevidence, invalidation, sources, and method

What argues against this reading

Token-price repricing can explain some or all of the nominal USD TVL change.

Bathymark does not label this series fresh capital, deposits, or withdrawals.

Stablecoin circulating USD market value is $19.04M, a separate stock that can confirm or contradict the TVL level.

Spiko leads the visible protocol roster, but the slim endpoint does not expose its exact Etherlink allocation.

What would change the call

The draining call changes if the reconciled seven-day nominal USD TVL change is 0% or higher.

Measured byFirst and last validated DeFiLlama chain TVL values across a seven-day window under the same method version.

Next review

Next daily chain-depth review

Exact sources

DeFiLlama Historical Chain TVL APIhttps://api.llama.fi/v2/historicalChainTvl/EtherlinkSource observation: 2026-08-11 00:00 UTCSupports: Nominal USD chain TVL history and reconciled period changes.Limit: The chain TVL history passed schema, completeness, and freshness checks.
DeFiLlama Chains APIhttps://api.llama.fi/v2/chainsSupports: Current nominal chain TVL and peer ranking.Limit: The chain roster passed schema, completeness, and freshness checks.
DeFiLlama Protocols APIhttps://api.llama.fi/protocolsSupports: Protocol presence, category, and total global TVL for the chain roster.Limit: Protocol TVL is a source-reported nominal USD value, not executable token liquidity or proof of custody, solvency, safety, or redeemability.
DeFiLlama Stablecoin Chains APIhttps://stablecoins.llama.fi/stablecoinchainsSupports: Open-data circulating USD market value across all reported stablecoin peg buckets on each chain.Limit: The per-chain stablecoin roster passed schema, completeness, and freshness checks.

Formula

7d nominal TVL change = (last nominal USD TVL - first nominal USD TVL) / first nominal USD TVL * 100

The displayed period change is accepted only when it reconciles with the first and last source values. Price effects are not removed.

Open formula note

Snapshot receipt

Snapshot captured: 2026-08-11 05:47 UTC
Ingested: 2026-08-11 05:47 UTC
Method version: chain-depth-2026-07-11.1Current level, historical context, peer rank, and corroborating evidence remain separate fields.

Missing inputs

Price-adjusted deposits and withdrawals

Protocol roster map

Categories among protocols that list Etherlink. This uses each protocol's total global TVL as roster weight because the slim open list does not expose per-chain protocol allocation. CEX reserve rows are omitted from this chain roster.

RWA3 rows

Dexs7 rows

Risk Curators2 rows

Lending2 rows

Prediction Market1 row

Launchpad1 row

Onchain Capital Allocator1 row

Stablecoin USD market value is 122.2% of chain TVL. The largest listed protocol's global TVL is 15292.1% of this chain's TVL, so treat the roster as context, not allocation.

This chain, measured

The Almanac's instruments, read for Etherlink alone. Open any one for the full method, history, and what it can and cannot mean.

Share of all DeFi

0.02%rank #60 of 461

Etherlink holds 0.02% of all on-chain liquidity, the #60 deepest chain. Dominance is how much of the ocean sits here.

Stablecoins here

$19.04Msource-reported stablecoin value on chain

$19.04M in source-reported stablecoin circulating USD market value is attributed to Etherlink. It is not a reserve balance, token-unit count, or measure of immediately spendable dollars.

30-day tide

Range: Etherlink TVLJun 13, 2026 to Aug 11, 2026
Observations: 60
First: $17,084,800
Latest: $15,581,673

-5.6%draining

Etherlink's reported USD TVL moved -5.6% over the last month. Token-price effects are not removed, so this is not labelled deposit flow.

Stablecoin value vs nominal TVL

1.2×two source-reported value measures

Etherlink's source-reported stablecoin circulating USD market value is 1.2× its nominal DeFi TVL. This ratio does not make either measure token-unit supply, deposits, reserves, or executable liquidity.

Roster concentration

57%Spiko leads roster

Spiko is 57% of the listed non-CEX roster by global protocol TVL. This is context, not a per-chain allocation.

Largest protocols by reported TVL on Etherlink

Protocols that list Etherlink, ranked by each protocol's total reported total TVL. The open list does not expose chain-specific allocation for every protocol, so this is a non-CEX roster read, not a per-chain TVL split.

Protocol	Category	TVL	7d
Spiko	RWA	$2.38B	+6.8%
Curve DEX	Dexs	$1.41B	+10.9%
RockawayX	Risk Curators	$188.76M	+3.3%
Midas RWA	RWA	$133.89M	+16.0%
UltraYield Curator	Risk Curators	$46.71M	-2.1%
Gearbox	Lending	$18.22M	+2.1%
Uranium.io	RWA	$7.44M	+0.3%
Liquidity House	Prediction Market	$1.1M	-6.8%
Hanji Protocol	Dexs	$1.06M	-0.2%
Symmetric	Dexs	$32.5K	-3.4%
Organic Growth	Launchpad	$18.2K	-2.3%
IguanaDEX V3	Dexs	$11.8K	-0.3%
Superloop	Onchain Capital Allocator	$9.2K	+0.1%
Superlend	Lending	$6.7K	-0.0%
TachySwap	Dexs	$227.28	-2.1%

Bathymark reads this chain from DeFiLlama's open chain and protocol datasets. TVL can rise or fall because asset prices moved, so the branded tide is a nominal USD depth-proxy reading, not measured flow or a forecast.

How to read Etherlink liquidity

7-day and 30-day nominal TVL tide

The short tide is -0.8% across 7.2 observed days. The 30-day tide is -5.7% across 30.2 observed days. Read those as nominal USD movement in the depth proxy. Token-price effects are not removed.

Protocol concentration

Bathymark reads 15 large protocols and 7 categories on Etherlink. Concentration matters because one venue can make a chain look deeper than it is, even when the venue also operates elsewhere.

Stablecoin cash layer

$19.04M of stablecoin circulating USD market value is visible on Etherlink in the current open-data read. This is not token count or reserve value.

What it cannot mean

Rising TVL cannot prove new users arrived. Falling TVL cannot prove abandonment. The number describes depth, then the cause has to be checked.

Questions this page answers

What is Etherlink TVL in this snapshot?

Etherlink reports $15.58M in nominal DeFi TVL on Bathymark's current open-data reading. That is a USD-valued depth proxy, not measured exit liquidity.

Is Etherlink nominal TVL rising or falling?

Etherlink is draining in the weekly window, with a nominal TVL tide of -0.8% across 7.2 observed days and a 30-day nominal tide of -5.7% across 30.2 observed days. Token-price effects are not removed.

Which protocols hold the most liquidity on Etherlink?

Spiko, Curve DEX, RockawayX are among the deepest protocols Bathymark reads on Etherlink.

What does liquidity depth mean for Etherlink?

Bathymark uses reported USD TVL as an open depth proxy for the ecosystem. It is not an order-book or exit-liquidity measure, and it can move because deposits, withdrawals, token prices, incentives, or source mapping changed.

Measurement receipt

What this number is, and is not

Bathymark reads source-reported USD TVL as a chain-depth proxy. The value can move because assets repriced, deposits changed, withdrawals changed, incentives moved, or the source mapping changed.

Source: DeFiLlama chain, protocol, and stablecoin datasets
Snapshot: 2026-08-11T05:47:03.707Z
Freshness: Live validated snapshot
History: Current validated history captured 2026-08-11T05:47:18.548Z
Caveat: Nominal USD change, price effects are not removed

Read the method Inspect source policy

Connected to Etherlink

Every surface that reads this chain from another angle, so a question that starts here never dead-ends.

Taking the sounding

Live validated snapshot

Chain liquidity sounding

Etherlink

Etherlink nominal depth is draining across the latest 7.2 observed days. Token-price effects remain in the TVL reading.

Reported nominal TVL$15.58M-0.8% across 7.2 observed days

Depth rank: #60
Protocols mapped: 17
Stablecoin layer: 122.2%

Source: DeFiLlama open chain roster
Captured: 2026-08-11T05:47:03.707Z
Unit: Nominal USD TVL
Does not prove: Deposits, exits, or unique users

What this page answers

Chain TVL change context What TVL means Data source and limits

depth over timepeak $83.34M

Depth rank: #60
Protocols read: 17
Stablecoin USD market value: $19.04M

State: Reported depth is draining
Confidence: moderateThe chain level is source-backed. Confidence is capped because token-price effects are not removed from TVL.
Snapshot captured: 2026-08-11 05:47 UTC

Three strongest drivers

Reported nominal TVL$15.58MCurrent chain level from the validated DeFiLlama chain roster.
Seven-day nominal change-0.8%$15.71M to $15.58M across 7 observed days.
Stablecoin cash layer$19.04MOpen-data stablecoin circulating USD market value reported on this chain, shown separately from TVL and token units.

Open the 30-second readChange, history, comparison, and implication

What changed

Reported nominal USD TVL changed by -$132.1K over seven days.

$15.71M to $15.58M across 7 observed days. The reconciled 30-day change is -5.7%.

Is it unusual

Current nominal TVL sits at the 38th percentile of the stored chain history.

Daily nominal-TVL change volatility is 41.52%. Price effects remain inside that history.

How it compares

Etherlink ranks #60 of 461 validated chains by nominal USD TVL.

The validated chain median is $338.1K. This is a level comparison, not a quality verdict.

Why it matters

Reported depth is weakening, so the chain has less visible USD-denominated capacity than one week earlier.

This is market-structure context, not a forecast or a trade recommendation.

Open the evidence trailCounterevidence, invalidation, sources, and method

What argues against this reading

Token-price repricing can explain some or all of the nominal USD TVL change.

Bathymark does not label this series fresh capital, deposits, or withdrawals.

Stablecoin circulating USD market value is $19.04M, a separate stock that can confirm or contradict the TVL level.

Spiko leads the visible protocol roster, but the slim endpoint does not expose its exact Etherlink allocation.

What would change the call

The draining call changes if the reconciled seven-day nominal USD TVL change is 0% or higher.

Measured byFirst and last validated DeFiLlama chain TVL values across a seven-day window under the same method version.

Next review

Next daily chain-depth review

Exact sources

DeFiLlama Historical Chain TVL APIhttps://api.llama.fi/v2/historicalChainTvl/EtherlinkSource observation: 2026-08-11 00:00 UTCSupports: Nominal USD chain TVL history and reconciled period changes.Limit: The chain TVL history passed schema, completeness, and freshness checks.
DeFiLlama Chains APIhttps://api.llama.fi/v2/chainsSupports: Current nominal chain TVL and peer ranking.Limit: The chain roster passed schema, completeness, and freshness checks.
DeFiLlama Protocols APIhttps://api.llama.fi/protocolsSupports: Protocol presence, category, and total global TVL for the chain roster.Limit: Protocol TVL is a source-reported nominal USD value, not executable token liquidity or proof of custody, solvency, safety, or redeemability.
DeFiLlama Stablecoin Chains APIhttps://stablecoins.llama.fi/stablecoinchainsSupports: Open-data circulating USD market value across all reported stablecoin peg buckets on each chain.Limit: The per-chain stablecoin roster passed schema, completeness, and freshness checks.

Formula

7d nominal TVL change = (last nominal USD TVL - first nominal USD TVL) / first nominal USD TVL * 100

The displayed period change is accepted only when it reconciles with the first and last source values. Price effects are not removed.

Open formula note

Snapshot receipt

Snapshot captured: 2026-08-11 05:47 UTC
Ingested: 2026-08-11 05:47 UTC
Method version: chain-depth-2026-07-11.1Current level, historical context, peer rank, and corroborating evidence remain separate fields.

Missing inputs

Price-adjusted deposits and withdrawals

Protocol roster map

RWA3 rows

Dexs7 rows

Risk Curators2 rows

Lending2 rows

Prediction Market1 row

Launchpad1 row

Onchain Capital Allocator1 row

Stablecoin USD market value is 122.2% of chain TVL. The largest listed protocol's global TVL is 15292.1% of this chain's TVL, so treat the roster as context, not allocation.

This chain, measured

The Almanac's instruments, read for Etherlink alone. Open any one for the full method, history, and what it can and cannot mean.

Share of all DeFi

0.02%rank #60 of 461

Etherlink holds 0.02% of all on-chain liquidity, the #60 deepest chain. Dominance is how much of the ocean sits here.

Stablecoins here

$19.04Msource-reported stablecoin value on chain

$19.04M in source-reported stablecoin circulating USD market value is attributed to Etherlink. It is not a reserve balance, token-unit count, or measure of immediately spendable dollars.

30-day tide

Range: Etherlink TVLJun 13, 2026 to Aug 11, 2026
Observations: 60
First: $17,084,800
Latest: $15,581,673

-5.6%draining

Etherlink's reported USD TVL moved -5.6% over the last month. Token-price effects are not removed, so this is not labelled deposit flow.

Stablecoin value vs nominal TVL

1.2×two source-reported value measures

Roster concentration

57%Spiko leads roster

Spiko is 57% of the listed non-CEX roster by global protocol TVL. This is context, not a per-chain allocation.

Largest protocols by reported TVL on Etherlink

Protocol	Category	TVL	7d
Spiko	RWA	$2.38B	+6.8%
Curve DEX	Dexs	$1.41B	+10.9%
RockawayX	Risk Curators	$188.76M	+3.3%
Midas RWA	RWA	$133.89M	+16.0%
UltraYield Curator	Risk Curators	$46.71M	-2.1%
Gearbox	Lending	$18.22M	+2.1%
Uranium.io	RWA	$7.44M	+0.3%
Liquidity House	Prediction Market	$1.1M	-6.8%
Hanji Protocol	Dexs	$1.06M	-0.2%
Symmetric	Dexs	$32.5K	-3.4%
Organic Growth	Launchpad	$18.2K	-2.3%
IguanaDEX V3	Dexs	$11.8K	-0.3%
Superloop	Onchain Capital Allocator	$9.2K	+0.1%
Superlend	Lending	$6.7K	-0.0%
TachySwap	Dexs	$227.28	-2.1%

How to read Etherlink liquidity

7-day and 30-day nominal TVL tide

The short tide is -0.8% across 7.2 observed days. The 30-day tide is -5.7% across 30.2 observed days. Read those as nominal USD movement in the depth proxy. Token-price effects are not removed.

Protocol concentration

Bathymark reads 15 large protocols and 7 categories on Etherlink. Concentration matters because one venue can make a chain look deeper than it is, even when the venue also operates elsewhere.

Stablecoin cash layer

$19.04M of stablecoin circulating USD market value is visible on Etherlink in the current open-data read. This is not token count or reserve value.

What it cannot mean

Rising TVL cannot prove new users arrived. Falling TVL cannot prove abandonment. The number describes depth, then the cause has to be checked.

Questions this page answers

What is Etherlink TVL in this snapshot?

Etherlink reports $15.58M in nominal DeFi TVL on Bathymark's current open-data reading. That is a USD-valued depth proxy, not measured exit liquidity.

Is Etherlink nominal TVL rising or falling?

Which protocols hold the most liquidity on Etherlink?

Spiko, Curve DEX, RockawayX are among the deepest protocols Bathymark reads on Etherlink.

What does liquidity depth mean for Etherlink?

Measurement receipt

What this number is, and is not

Bathymark reads source-reported USD TVL as a chain-depth proxy. The value can move because assets repriced, deposits changed, withdrawals changed, incentives moved, or the source mapping changed.

Source: DeFiLlama chain, protocol, and stablecoin datasets
Snapshot: 2026-08-11T05:47:03.707Z
Freshness: Live validated snapshot
History: Current validated history captured 2026-08-11T05:47:18.548Z
Caveat: Nominal USD change, price effects are not removed

Read the method Inspect source policy

Connected to Etherlink

Every surface that reads this chain from another angle, so a question that starts here never dead-ends.