What is TVL?

TVL is the amount of assets locked in the protocol. The higher the TVL, the more users trust the platform with their money. But here's the paradox: the token price doesn't always reflect the protocol's true economics. This is where the opportunity arises—finding coins with a high TVL and a low market cap. These are called undervalued coins by TVL.

How to tell if a coin is undervalued

• MC/TVL — Market capitalization is divided by TVL. The lower the TVL, the greater the chance that the token is undervalued.
• Revenue yield — how much the protocol earns in fees. High yield = real cash flow.
• Locked value per token — how many TVL dollars are there per token.
• Tokenomics — If millions of tokens are unlocked soon, the price may not hold.
• TVL quality — it matters which assets are locked: stablecoins, ETH, or native tokens.

Who's on the List: 10 Coins with High TVL

GHOST — a governance token for the flagship lending protocol on Ethereum and other networks. Grants voting rights and participation in fee distribution. One of the most robust TVLs in DeFi, with institutional integration.

Token Terminal “Aave’s lending volume surged past $600M this week, yet its MC/TVL ratio remains below 0.5 — a clear signal of undervaluation if fee flows stabilize.”Source: Analytics Insight — Biggest TVL Growth in 2025

LDO (Lido DAO) — the governance token of the largest staking protocol for ETH, SOL, and others. Allows participation in governance, with TVL generated by the volume of locked ETH.

ENA (Ethena) — a governance token for the USDe synthetic asset protocol and stablecoin. It participates in farming and staking. TVL is growing thanks to incentives and DeFi integration.

PENDLE — a token for the future yield tokenization protocol. It allows assets to be split into principal and yield, allowing them to be traded. It is used for management and farming, with TVL generated from yielding assets.

BAL (Balancer) — an AMM governance token with flexible pools and customizable token weights. Participates in governance and commission distribution. TVL is maintained through complex strategies and institutional pools.

UNI (Uniswap) — the governance token of the largest DEX platform. Grants voting rights but does not directly participate in revenue. TVL is stable due to trading volumes and integration.

JST (JUST) — a Tron ecosystem token used in the JUST protocol for lending and issuing USDJ. It allows users to lock TRX, receive loans, and participate in farming and governance. TVL is maintained by demand for USDJ and activity on the JustLend lending platform.

COMP (Compound)— a governance token for one of the first DeFi lending protocols. It is used for voting, and TVL is generated by assets in loan pools.

CRV (Curve DAO Token)— a governance token for the AMM platform for stablecoins. It participates in voting and incentives. TVL is maintained by stable assets and high trading efficiency.

Bitrue Blog “Curve’s TVL held steady at $2.9B despite market turbulence. The protocol’s fee generation remains consistent, but CRV token continues to lag — fundamentals outpace price.”

CAKE (PancakeSwap)— a DEX token on BSC, aimed at retail users. It is used for farming, staking, and governance. TVL is supported by the ecosystem and rewards programs.

Coins are immediately highlighted Balancer (BAL) And Pendle (PENDLE)- low market rank, but high TVL.

How to use this data in practice?

1. Compare MC/TVL— if capitalization is 2–3 times lower than TVL, this is a signal.
2. Look at the profitability— projects with real commissions (AAVE, UNI, GMX) are not just numbers, they are money.
3. Check tokenomics— If 20% of tokens are unlocked in a month, be careful.
4. Analyze TVL quality— stablecoins = stability, volatile tokens = risk.
5. Follow the trends— TVL growth with stable BTC is a good sign.

Token Terminal “Aave’s lending volume surged past $600M this week, yet its MC/TVL ratio remains below 0.5 — a clear signal of undervaluation if fee flows stabilize.” Source: Analytics Insight — Biggest TVL Growth in 2025

Bitrue Blog “Curve’s TVL held steady at $2.9B despite market turbulence. The protocol’s fee generation remains consistent, but CRV token continues to lag — fundamentals outpace price.”

What to expect in 2026?

In 2026, institutional interest in protocols with transparent returns is expected to increase, especially amid the growth of crypto-related ETF products. This will lead to market segmentation: projects with real fee flows and sustainable economics will be valued higher than those simply hyped up. The new wave of DeFi will likely be built on the principles of sustainability, security, and provable returns, creating a favorable environment for those who understand TVL not as a number, but as a signal.

When working with TVL indicators, it's important to consider not only growth potential but also vulnerabilities that could devalue even the most promising projects. Regulatory pressure remains a key risk, particularly in the DeFi and stablecoin segments, where government intervention could dramatically reduce liquidity and trust. And, of course, tokenomics mustn't be forgotten: mass token unlocks can lead to price pressure, even if fundamentals remain strong.

FAQ

1. What are the top 10 undervalued coins by TVL? A list of coins with a high TVL and a token price below their real economic value.

2. How does this affect the market? Draws attention to projects with real activity and profitability.

3. How to use this data? Compare MC/TVL, analyze tokenomics, and track TVL trends.

4. What tools to use? DeFiLlama, Dune, Glassnode, TokenUnlocks.

5. What are the risks? Regulation, bugs, unlocking, TVL manipulation.

6. What do analysts say? Focus on fee-yield and sustainable tokenomics.

7. Newbie mistakes? They ignore the quality of TVL and future token emission.

8. Connection with ETFs and DeFi? Protocols with high TVL are candidates for institutional adoption.

9. Is it possible to make money? Yes, with proper analysis and risk management.

10. Forecast for 2026? Growth of projects with real revenue, decline of "empty" tokens.

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The cryptocurrency market operates 24/7/365 without interruptions. Before investing, always do your own research and evaluate risks. Nothing from the aforementioned in this article constitutes financial advice or investment recommendation. Content provided «as is», all claims are verified with third-parties and relevant in-house and external experts. Use of this content for AI training purposes is strictly prohibited.