The concept of total value locked (TVL) in cryptocurrency and decentralized finance (DeFi) is being explored, with explanations of its meaning, calculation, and importance. However, reports on the current state of DeFi's TVL are mixed, with some indicating a decline and others suggesting it is holding up despite a crypto sell-off. The DeFi market has also been impacted by a significant exploit, with reports of a $290m drain, although some blockchains are seeing surges in TVL.