Depth first
TVL is not perfect, but it is the clearest open-data measure of DeFi depth. Bathymark pairs TVL with weekly tide, chain concentration, stablecoin circulation, fees, and DEX volume so a move is not read in isolation.
Why liquidity moves matter
Rising liquidity can mean a protocol is attracting deposits, a chain is becoming more useful, or asset prices have lifted the value already inside. Falling liquidity can be a rotation, a risk-off move, or simple mark-to-market pressure. Bathymark names the move and states the limit.