2026-01-15 20:22:37

The ranking system of DeFiLlama has a blind spot. Using TVL (Total Value Locked) as a measure is suitable for lending protocols, but it doesn't work well for derivatives DEXs.

What is the key metric in the derivatives market? Trading volume. That is the true indicator of activity.

Looking at the 30-day derivatives trading volume data of Oracle service providers makes this clear—

Stork performs the strongest, with a trading volume of $63.1 billion. Pyth follows closely behind, with a trading volume of $35.4 billion. Although Chainlink has a broad ecosystem, its derivatives trading volume is only $5.6 billion.

What does this gap indicate? There are significant differences in market suitability among different Oracles. Using traditional TVL metrics to evaluate the Oracle choices of derivatives protocols can easily underestimate platforms with high-frequency trading, low collateral lock-up, but explosive trading volumes. The evaluation logic for the derivatives market needs to be recalibrated.

PYTH-2.97%

LINK-2.21%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

15 Likes

Reward
15
9
Repost
Share

Comment

Add a comment

OnchainSniper

· 01-18 20:13

It's been obvious for a long time that the TVL metric is useless for derivatives; trading volume is the real key.

Why can Stork outperform Chainlink so much? 63.1 billion versus 5.6 billion, the gap is huge.

View OriginalReply0

CommunityLurker

· 01-18 16:38

TVL as an indicator really doesn't work well for derivatives; trading volume is the key... Stork directly outperformed Chainlink in this round.

View OriginalReply0

TommyTeacher1

· 01-17 21:51

I've long been annoyed by DeFiLlama's ranking logic, using data as a slaughtering tool, huh?

View OriginalReply0

SocialAnxietyStaker

· 01-16 15:08

That TVL metric really needs to be discarded; trading volume is the true king when it comes to derivatives.

View OriginalReply0

TideReceder

· 01-15 20:51

TVL this system is indeed an old antique; using this metric to evaluate derivatives is like measuring live commerce with TV ratings.

View OriginalReply0

RugResistant

· 01-15 20:45

Hmm, the TVL metric definitely needs to be updated; derivatives gameplay is completely different.

View OriginalReply0

WealthCoffee

· 01-15 20:40

The TVL system indeed needs to be changed; derivatives simply don't fit this logic.

View OriginalReply0

LayerZeroHero

· 01-15 20:39

Stork's dark horse really came out of nowhere, directly surpassing Chainlink by ten times with 63.1 billion, and those TVL metrics definitely need to be retired.

View OriginalReply0

VCsSuckMyLiquidity

· 01-15 20:36

Stork has directly crushed Chainlink this time, pretty interesting... Trading volume is the real king, it's about time to change the TVL metric.

View OriginalReply0