TVLs on some perpetuals. I always say TVL cannot be inflated and is the most realistic metric. This is also important for CEXs within the DEX space. There’s a strong correlation between a token’s value and its TVL—you can estimate FDV by observing the trend of TVL in perpetuals after a token launch. Changes in TVL are meaningful. For example, #Lighter’s TVL has remained flat for months while the token price rose—this shows that when the market’s TVL declined across most perpetuals, like on Aster, both TVL and the token dropped. As you may recall, after Lighter’s TGE, its TVL was falling—I had said the token would follow TVL movements. Once the TVL decline stabilized, $LIT began to rise, meaning we identified the bottom that way. Volume and OI can easily be inflated—they often are, since many platforms offer free volume generation. But you can’t fake TVL; it’s either there or it isn’t.