DeFi 쉽게 이해하기 (2) — TVL and Exchange Volume

Steve Lee
5 min readJul 31, 2021


블록체인 기술의 적용을 이야기 할 때, 또는 가상화폐의 최신 트렌드를 이해하기 위해서 꼭 알아야 할 DeFi (Decentralized Finance) 를 쉽게 이해할 수 있기를 바라며 “DeFi 쉽게 이해하기” 시리즈를 시작해 봅니다.

DeFi 쉽게 이해하기 (1) 에서는 DeFi 가 무엇이고, 왜 중요하고, 어떤 종류가 있는지를 짚어 보았습니다. 이번 포스트에서는,

  • DeFi의 규모 (TVL 과 Exchange Volume)를 짚어보고,
  • 전통 금융과의 비교를 해보도록 하겠습니다.
  1. DeFi 의 규모가 얼마나 될까?
  • Decentralized Finance의 규모를 이야기 할때, 대표적으로 거론되는 2가지 지표가 있습니다. 1) Total Value Locked (TVL)와 2) Exchange Volume
  • Total Value Locked (TVL)란, DeFi 쉽게 이해하기(1)에서 짚어보았던, DeFi 컨셉을 사용하여 여러 금융 상품과 서비스를 제공하는 프로젝트들안에 묶인, 한마디로 예치되어 있는 달러 가치를 의미합니다.
  • Exchange Volume이란, 중앙화된 거래소 (centralized exchanges — Coinbase, Binance, FTX)이 아니라, 탈중앙화된 거래소 (decentralized exchanges — Uniswap)에서 거래되는 양을 의미합니다.

2. Total Value Locked (TVL)

  • DeFi 라는 이름안에 수많은 회사와 프로젝트들이 금융 상품들을 블록체인 위에 내놓고 있는데, 그렇다면 얼마나 사람들이 쓰고 있을까? 라는 질문을 하게 되죠. DeFi 의 규모를 아는데 가장 좋은 지표가 Total Value Locked (얼마나 많은 돈이 그 서비스/상품에 쓰여지고 있는가) 입니다.
Figure 1
  • Figure 1 에서 볼 수 있듯이, 2021년 1월1일에 16조 달러 였던 이 숫자는, 현재 7월말 68조 달러 입니다. 비트코인 가격이 전체 시장에 미치는 영향은 크지만, 이 숫자를 보게 되면, DeFi 시장은 계속해서 견고하게 커지고 있음을 알 수 있습니다.
  • TVL을 볼수 있는 많은 웹사이트가 있지만, 대표적으로 DeFi Pulse 를 뽑습니다. 여기서는, 전체 TVL 이외에도 DeFi project 들에 대한 정보를 얻을 수 있어 매우 유용합니다.

3. Decentralized Exchange (DEX) Volume

  • TVL과 더불어 Decentralized Finance 시장을 이해하기 위해서 자주 거론 되는것이 거래소 거래량입니다. 하지만, 여기서 언급되는 거래소는 중앙화된 거래소 (Centralized exchange — 예를 들어, Binacne, FTX, Coinbase)가 아니라, 탈중앙화된 거래소 (Decentralized exchange)입니다. “Decentralized” Finanace을 이야기 하고 있으니깐요.
  • 보통 크립토 시장의 열기를 표현할때, 각 중앙화된 거래소들의 거래량의 변화를 주시하는 것과 비슷한 개념으로 DeFi 시장의 열기를 측정하는데 탈중앙화된 거래소들의 거래량을 보시면 될 것 같습니다.
  • Figure 2, Figure 3는 이곳에서 참고 하였습니다. 월별 차트이므로, Figure 3을 보면, 7월달 (현재 7월31일)에는 나열된 탈중앙화거래소들 중에, Uniswap (핑크색)이 가장 큰 거래량 (38조 달러) 을 보이고 있는 것을 알 수 있습니다.
  • 전체 거래량은 5월달에 최고점을 찍은 이후로 열기가 식은 것으로 보이지만, 2021년초에 비하면 여전히 2배 이상의 거래량을 유지하고 있는 점을 유심히 볼 필요가 있습니다.
Figure 2
Figure 3

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Steve Lee

Investor@BlockTower Capital; Portfolio manager, trader@GoldmanSachs; Engineering@UIUC; Bridge crypto and non-crypto, East and West