DEX Volume / TVL Turnover

Turnover puts a day of trading flow over the stock of capital sitting in the pools that served it. A value of one means the pools handled trading equal to their own size in a day. It is used to compare how intensively deposited liquidity is being used, and it feeds the fee-per-dollar-of-liquidity comparisons elsewhere in this catalog.

计算方式

DEX volume over the last 24 hours / total value locked at the snapshot time

易产生误导之处

Automated market makers with concentrated liquidity, where providers choose a narrow price range instead of the full curve, support far more volume per dollar deposited than full-range designs, so the ratio is not comparable between the two and rewards the design rather than the operator. Wash trading inflates the numerator while idle, single-sided or non-trading deposits inflate the denominator, and both errors are common at once. Stablecoin pools turn over many times a day at very thin fee tiers, so a high ratio can coincide with negligible fee income. The two inputs are measured differently: a point-in-time balance snapshot divided into a full day of flow.

与股权的类比，以及为何该类比不成立

Asset turnover. The analogy fails because the assets are not the protocol's own and are not deployed by management; they belong to third parties who can withdraw them at any block.

如何解读高值或低值

A high value means the deposited liquidity is being traded against many times relative to its size, and a low value means it is turning over slowly. Compare only across protocols using the same liquidity design.