CASE-01 · 15 min
TVL rises, usage falls
Type of case study: Constructed scenario with invented figures. No real incident, no real protocol.
Scenario
A lending market shows a 40 % rise in TVL over four weeks. In the same period the number of interacting addresses falls by 15 %, and the base APY declines from 3.1 % to 1.4 %. An incentive program has been running for five weeks.
Data
- TVL, week 0
- USD 250m
- TVL, week 4
- USD 350m
- Active addresses, change
- −15 %
- Base APY
- 3.1 % → 1.4 %
- Reward APY
- 0.0 % → 6.2 %
Questions
Which explanations are consistent with these figures — and which additional data would distinguish between them?
How should a risk manager word this change in a report?
Analysis dimensions exercised
Sources
- EVD-2026-0008 — DeFiLlama: DeFiLlama yields endpoint (/pools)
Institutional perspectives
Bank · Asset management