What it is
A change in how the total on-chain liquidity is distributed across chains.
Why it matters
Capital is not loyal. Where it sits tells you which ecosystems are winning builders and users right now, and which are quietly emptying out.
How we read it
We track each chain's share of total TVL and surface the ones gaining or losing ground fastest, linked to the chain page and its depth curve.
What it cannot tell you
Bridged and double-counted liquidity can distort cross-chain comparisons. We use a single consistent source so the comparison is apples to apples, but it is still an estimate.