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metric dictionary 2026-07-11.3
Units, denominators, valuation methods, and limits travel with the metric so a nominal TVL change cannot quietly become a deposit-flow claim elsewhere.
The semantic contract
Every public consumer should use the same metric identifier and limitation. A value may be sourced correctly and still be described incorrectly, so the dictionary governs both calculation and language.
11 versioned definitions are currently public. Price-adjusted depth remains withheld whenever asset composition is incomplete.
| Metric | Unit and denominator | Valuation | Meaning | Limit | Version |
|---|---|---|---|---|---|
| Bathymark Waterline (waterline) | index points, 0 to 100, denominator: weighted component scores whose weights sum to 100% | deterministic composite | A composite read of reported market depth, breadth, demand, leverage, and cash-layer stress. | It is not a price forecast, and its TVL inputs are nominal USD values unless a price-adjusted series is explicitly present. | 2.0.0 |
| Protocol TVL (protocol_tvl_usd) | USD | nominal usd | The source-reported USD value of assets attributed to a protocol at an observation time. | A change can reflect token-price repricing, deposits, withdrawals, source mapping, or a combination. It is not automatically fresh capital. | 1.1.0 |
| Chain TVL (chain_tvl_usd) | USD | nominal usd | The source-reported USD value of DeFi assets attributed to a chain at an observation time. | It is a nominal depth series. It cannot separate deposits from token-price repricing without asset-level composition and price-adjusted history. | 1.1.0 |
| Price-adjusted depth change (price_adjusted_depth_change_usd) | USD, denominator: starting period asset composition valued at comparison-period prices | price adjusted usd | An estimate of deposits and withdrawals after holding asset-price effects constant. | Withheld when asset composition or matched price history is incomplete. A nominal TVL change must never be substituted. | 1.0.0 |
| Stablecoin circulating USD market value (stablecoin_circulating_usd_market_value) | USD | current market value usd | The list endpoint's current USD market value of circulating tokens. DeFiLlama's server multiplies raw circulating token units by the current USD token price for every peg type. | It is not token count, reserve value, redemption capacity, or immediately deployable cash. Do not apply reference-currency FX to it again. Historical token units remain a separate series. | 3.0.0 |
| Stablecoin token-unit history (stablecoin_token_units) | token units | token units | The source-reported historical number of circulating token units for one instrument. | It is not current USD market value and must not be spliced with the list endpoint's circulating USD market value. Token units do not prove backing or redemption capacity. | 1.0.0 |
| Reference drift (stablecoin_reference_drift) | basis points, denominator: the instrument's current USD reference target | market price | The market price's distance from a fixed reference target after currency normalization. | Not applicable to accumulating-NAV or custom-reference instruments whose unit price is designed to change. Fixed-price rebasing instruments remain eligible. | 2.0.0 |
| DEX volume (dex_volume_24h_usd) | USD per 24 hours, denominator: 24-hour observation window | nominal usd | Trading turnover routed through a decentralized exchange during the window. | Volume is activity, not liquidity depth or net capital inflow. | 1.0.0 |
| Protocol fees (protocol_fees_24h_usd) | USD per 24 hours, denominator: 24-hour observation window | nominal usd | Fees attributed to a protocol during the observation window. | Fees show paid usage, not deposits, profitability, or tokenholder revenue by themselves. | 1.0.0 |
| Open interest (open_interest_usd) | USD | nominal usd | The notional value of open derivatives positions at the observation time. | Open interest is leverage outstanding, not directional conviction or spot demand by itself. | 1.0.0 |
| ETF primary-market flow (etf_primary_flow_usd) | USD per exchange session, denominator: one exact adjacent exchange session | reported primary flow | Reported subscriptions less redemptions, or a separately labelled shares-times-NAV estimate when permitted. | It is not exchange trading volume and does not prove the issuer bought or sold crypto for cash that day. | 1.0.0 |
Source classes and confidence ceilings remain documented in the main methodology. Information, not financial advice.