Real money: prices or deposits
What it measures
- Value locked is quantity times price. When it grows, either the tokens got more expensive or people deposited more.
- This measure splits the 30-day change in value locked into those two parts: the price effect and net deposits.
- The two parts add up to the published change.
How to read it
- Price effect: the quantities held 30 days earlier, times the change in each token’s price.
- Net deposits: the change in quantities at today’s prices, deposits minus withdrawals.
- Both parts are shares of the value locked 30 days earlier. Net deposits of −10% means that withdrawals, at today’s prices, were worth 10% of the starting value: it is not the change in the number of tokens deposited.
- Stablecoins count at a fixed price. Tokens that accrue yield rise in price on their own: that part lands in the price effect.
- The starting day is the one with the median value locked among the five days around 30 days earlier, so one odd day cannot inflate the result.
- When one token is replaced by another the two effects cancel out: those cases are marked, not read as a flow.
A real example
8 Oct 2026
SOL deposited in Marinade Liquid Staking fell 2.4% in 30 days; value locked +9.6%
