weekly tvl leaderboard. may 16.

gainers. opentrade (rwa, avalanche / plume mainnet) +$4.28b / +2698.7% / $159m tvl. spark savings (yield, ethereum / arbitrum) +$1.15b / +42.3% / $2.7b tvl. spark liquidity layer (onchain capital allocator, ethereum / base) +$1.12b / +44.2% / $2.5b tvl. ethena usdtb (rwa, ethereum) +$771.4m / +71.7% / $1.1b tvl. portal (bridge, ethereum / binance) +$470.8m / +19.2% / $2.4b tvl.

losers. binance cex (cex, ethereum / bitcoin) -$1.53b / -1.0% / $157.5b tvl. lido (liquid staking, ethereum / solana) -$802.2m / -4.1% / $19.5b tvl. htx (cex, tron / bitcoin) -$673.5m / -13.5% / $5.0b tvl. ssv network (staking pool, ethereum) -$585.1m / -3.6% / $16.4b tvl. okx (cex, ethereum / bitcoin) -$432.0m / -1.7% / $25.2b tvl.

falsifiable line. opentrade’s 2698% jump is the weirdest. a $4.28b inflow into a $159m tvl protocol means either a single whale moved a massive rwa tokenized position on-chain, or the data feed double-counted a bridge transaction. for the trend to reverse, the tokenized asset would need to be redeemed back to trad-fi or the bridge credited to the wrong vault.

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— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.

Originally published on FalsifyLab Substack.