Ethereum TVL Tops FDV as Institutional Demand Grows
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Ethereum's total value locked (TVL) reached about $260 billion, exceeding ETH's fully diluted valuation (FDV) of roughly $210 billion and indicating DeFi and protocol value outpacing the token market cap. Institutional demand and on-chain security are strengthening adoption: $70 million flowed into ETH ETFs on July 8 and roughly $76 billion of ETH is staked, making attacks on finality cost tens of billions.
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- ETH’s fully diluted valuation is roughly $210 billion, while TVL is at about $260 billion.
- On July 8, $70 million poured into ETH ETFs, the biggest daily inflow in about a month.
- $76 billion in ETH is staked, and taking down ETH’s finality would cost tens of billions.
The real value being built on Ethereum is outpacing the price of ETH itself. Researcher and analyst Leon Waidmann shared Token Terminal data showing that Ethereum hit an interesting record with its fully diluted valuation (FDV) at approximately $210 billion and total value locked (TVL) at about $260 billion.
The total value of assets used by Ethereum protocols has surpassed the theoretical value of all ETH that will ever be created. This is notable because TVL has almost always been below Ethereum’s FDV before, even in past bull runs.
According to Waidmann, it means that either the Ethereum eco…
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