DEFI TVL TVL Wrapped ETH Value Locked on Ethereum
DeFi
The total USD value of ETH that has been wrapped into the WETH token standard on Ethereum Shown here for wstETH.
Why it matters
To measure how much native ETH has been converted into its ERC-20-compatible form for use across DeFi protocols.
How it is built
Summing the USD value of ETH held in the WETH smart contract on Ethereum, based on the total WETH supply and the current ETH price.
What to watch
A rising WETH supply reflects growing demand for ETH within DeFi applications that require ERC-20 compatibility, since WETH is a prerequisite for most token swaps and lending markets.
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