TVL di some perps. I always say TVL cannot be inflated and is the most realistic metric. This is also important for CEX as it is for DEX. There is also a strong correlation between token value and TVL; by observing the trend of TVL in perps after token launch, you can estimate FDV. The increase and decrease of TVL are meaningful. For example, #Lighter's TVL has remained stable for months while the token rose during a market downturn—this shows TVL dropped in most perps, such as Aster, where both TVL and token declined. After TGE, you may recall that Lighter’s TVL was declining; I had mentioned that the token would follow TVL. Once the TVL decline stabilized, $LIT began to rise—so we identified the bottom this way. Volume and OI can be easily inflated—they are being inflated because free volume generation is common everywhere—but you cannot fake TVL; it either exists or it doesn’t.