Everyone’s staring at TVL like it’s the scoreboard. But they’re watching the wrong game..

But here’s the part no one says out loud:👇
TVL doesn’t measure trust. It measures risk appetite.
The big money isn’t chasing ‘innovation’.
It’s rotating to familiarity.
Liquidity follows liquidity. Narratives follow flows.
But fundamentals? They’re still catching up.
We’ve seen this before.
TVL pumped Terra to $20B.
TVL propped up Celsius.
TVL didn’t stop ANYTHING.
Because TVL doesn’t tell you who’s behind the contract.
It doesn’t tell you what’s enforceable when it breaks.
It doesn’t tell you what happens when the music stops.
If you’re a founder, understand this:
Capital doesn’t just want upside, it wants safety valves.
So let the market rotate.
Let the liquidity chase the next hot chain, because in the end, TVL doesn’t protect investors.
Accountability does.