TVL vs TVS - L2Beat

"If your L2 shuts down, can you get your money out? That’s the question." - Hubert Kotlinski, Head of Go-To-Market L2BEAT TVL can be gamed. TVS can’t. In this sharp talk, L2Beat’s Hubert breaks down why “total value locked” often gives a false sense of security—and why “total value secured” is a better metric. From bridge risk to L2 shutdowns, he shows how TVS captures trust assumptions that really matter. With real-world examples like DYDX and Reel, this is a wake-up call for anyone tracking onchain value. --- 00:00 Why TVL Creates Confusion 00:32 L2Beat’s Broader Scope 01:07 Wallets, Leverage, and Misleading Numbers 01:43 TVS vs TVL Example Scenarios 02:19 Asset Types and Their Assumptions 02:50 Canonical vs Native vs External 03:58 Real-World Risk Examples 05:10 DYDX Safe Exit 06:19 Reel and Stuck Funds 06:52 Why Trust Assumptions Matter 07:29 Closing Advice and Resources --- Explore Upcoming Events 👇 ➣ Stable Summit III: Devconnect • Website: https://www.stablesummit.xyz/ • Email: info@stablesummit.xyz • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/devconnect2025?typeform-source=www.stablesummit.xyz ➣ Stablecoin Summit: Singapore by XREX & Unitas • Website: https://stablecoinsummit.com/ • Email: team@stablecoinssummit.com • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/stblcoin3?typeform-source=stablecoinsummit.com ➣ Blockchain Oracle Summit: Devconnect • Website: https://blockchainoraclesummit.io/ • Email: info@partyactionpeople.com • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/BOS25apply ➣ Listen to the Stable School Podcast Link: https://stableschool.org/podcast ➣ Follow Stable Summit on X Link: https://x.com/stable_summit — About: By Stake Capital Group and Party Action People, and presented by Curve Finance, Stable Summit has been gathering leaders in stablecoins almost quarterly since 2023. Our content is curated through hours of one-on-one research with the leading minds in the stablecoin space. Each program is a highlight reel of what leaders in stables are curious about in real time. Our audience consistently features the full spectrum of the stablecoin ecosystem, from DeFi protocols to institutions, from stablecoin issuers to central banks, and every llama in between.