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.

Cách tính toán

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

Chỗ dễ gây hiểu lầm

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.

So sánh với cổ phiếu, và lý do so sánh đó không phù hợp

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.

Đọc giá trị cao hoặc thấp

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.