Vault
A smart contract that accepts deposits and runs a defined strategy with them automatically, issuing shares that track each depositor's stake.
Yield vaults pool deposits, execute a strategy such as supplying a lending market and reinvesting rewards, and account for each depositor with a share whose redemption value rises as the strategy earns. Collateral vaults are a different use of the word, describing the contract that holds a borrower's collateral against tokens minted from it. Vaults typically charge a management or performance fee and are controlled by an administrative key or governance process that can change the strategy, pause deposits, or upgrade the code. Unlike a regulated fund, there is no manager with fiduciary duties, no prospectus, and no independent custodian, so a depositor's protection is the code and whatever the controlling parties choose to do.
Trong thực tế
An auto-compounding vault harvests reward tokens on a schedule, swaps them back into the deposited asset, and reinvests, saving each depositor from doing this individually.
Hiểu lầm phổ biến
A vault is not a managed fund with legal obligations to depositors; it is code plus, in most cases, administrative keys able to change what the code does.
Con số mà dữ liệu này ánh xạ tới
The dollar value of assets currently deposited in a protocol's or a chain's smart contracts.
Giới hạn: TVL rises and falls with the price of the deposited assets even when nobody deposits or withdraws anything, so a large part of any move is a price index rather than a flow. Double counting is routine: a deposit that mints a receipt token which is then deposited elsewhere is counted in both places,…