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Total Value (vs TVL)
Two numbers that often get treated as one
Total value measures all the tokenized assets of a given type, wherever they sit: in wallets, with custodians or inside protocols. TVL, or total value locked, is narrower. It counts only the assets deposited into a protocol's smart contracts, for example as collateral or liquidity. A tokenized Treasury fund held in an investor's wallet counts toward total value but not toward any protocol's TVL. Mixing the two figures makes assets that are simply being held look as if they are being used.
Total value shows how much exists onchain. TVL shows how much is deposited in protocols. Check which one a chart is measuring.