{"id":"https://openalex.org/W7084112614","doi":"https://doi.org/10.1109/icbc64466.2025.11114539","title":"Towards Verifiability of Total Value Locked (TVL) in Decentralized Finance","display_name":"Towards Verifiability of Total Value Locked (TVL) in Decentralized Finance","publication_year":2025,"publication_date":"2025-06-02","ids":{"openalex":"https://openalex.org/W7084112614","doi":"https://doi.org/10.1109/icbc64466.2025.11114539"},"language":"en","primary_location":{"id":"doi:10.1109/icbc64466.2025.11114539","is_oa":false,"landing_page_url":"https://doi.org/10.1109/icbc64466.2025.11114539","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2025 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":null,"display_name":"Pietro Saggese","orcid":null},"institutions":[{"id":"https://openalex.org/I127077003","display_name":"IMT School for Advanced Studies Lucca","ror":"https://ror.org/035gh3a49","country_code":"IT","type":"education","lineage":["https://openalex.org/I127077003"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Pietro Saggese","raw_affiliation_strings":["IMT School for Advanced Studies Lucca,Lucca,Italy"],"affiliations":[{"raw_affiliation_string":"IMT School for Advanced Studies Lucca,Lucca,Italy","institution_ids":["https://openalex.org/I127077003"]}]},{"author_position":"middle","author":{"id":null,"display_name":"Michael Fr\u00f6wis","orcid":null},"institutions":[{"id":"https://openalex.org/I145847075","display_name":"TU Wien","ror":"https://ror.org/04d836q62","country_code":"AT","type":"education","lineage":["https://openalex.org/I145847075"]}],"countries":["AT"],"is_corresponding":false,"raw_author_name":"Michael Fr\u00f6wis","raw_affiliation_strings":["Iknaio Cryptoasset Analytics,Vienna,Austria"],"affiliations":[{"raw_affiliation_string":"Iknaio Cryptoasset Analytics,Vienna,Austria","institution_ids":["https://openalex.org/I145847075"]}]},{"author_position":"middle","author":{"id":null,"display_name":"Stefan Kitzler","orcid":null},"institutions":[{"id":"https://openalex.org/I4210112164","display_name":"Complexity Science Hub Vienna","ror":"https://ror.org/023dz9m50","country_code":"AT","type":"nonprofit","lineage":["https://openalex.org/I4210112164"]}],"countries":["AT"],"is_corresponding":false,"raw_author_name":"Stefan Kitzler","raw_affiliation_strings":["Complexity Science Hub,Vienna,Austria"],"affiliations":[{"raw_affiliation_string":"Complexity Science Hub,Vienna,Austria","institution_ids":["https://openalex.org/I4210112164"]}]},{"author_position":"middle","author":{"id":null,"display_name":"Bernhard Haslhofer","orcid":null},"institutions":[{"id":"https://openalex.org/I4210112164","display_name":"Complexity Science Hub Vienna","ror":"https://ror.org/023dz9m50","country_code":"AT","type":"nonprofit","lineage":["https://openalex.org/I4210112164"]}],"countries":["AT"],"is_corresponding":false,"raw_author_name":"Bernhard Haslhofer","raw_affiliation_strings":["Complexity Science Hub,Vienna,Austria"],"affiliations":[{"raw_affiliation_string":"Complexity Science Hub,Vienna,Austria","institution_ids":["https://openalex.org/I4210112164"]}]},{"author_position":"last","author":{"id":null,"display_name":"Raphael Auer","orcid":null},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Raphael Auer","raw_affiliation_strings":["Bank for International Settlements,Basel,Switzerland"],"affiliations":[{"raw_affiliation_string":"Bank for International Settlements,Basel,Switzerland","institution_ids":["https://openalex.org/I52989892"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I127077003"],"apc_list":null,"apc_paid":null,"fwci":19.052,"has_fulltext":false,"cited_by_count":5,"citation_normalized_percentile":{"value":0.98923424,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":98},"biblio":{"volume":null,"issue":null,"first_page":"1","last_page":"9"},"is_retracted":false,"is_paratext":false,"is_xpac":true,"primary_topic":{"id":"https://openalex.org/T14185","display_name":"Research, Science, and Academia","score":0.22589999437332153,"subfield":{"id":"https://openalex.org/subfields/1802","display_name":"Information Systems and Management"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T14185","display_name":"Research, Science, and Academia","score":0.22589999437332153,"subfield":{"id":"https://openalex.org/subfields/1802","display_name":"Information Systems and Management"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13726","display_name":"International Science and Diplomacy","score":0.0560000017285347,"subfield":{"id":"https://openalex.org/subfields/3320","display_name":"Political Science and International Relations"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13930","display_name":"Diverse Education and Engineering Focus","score":0.04230000078678131,"subfield":{"id":"https://openalex.org/subfields/3304","display_name":"Education"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/standardization","display_name":"Standardization","score":0.6676999926567078},{"id":"https://openalex.org/keywords/value","display_name":"Value (mathematics)","score":0.6241000294685364},{"id":"https://openalex.org/keywords/metric","display_name":"Metric (unit)","score":0.580299973487854},{"id":"https://openalex.org/keywords/balance","display_name":"Balance (ability)","score":0.576200008392334},{"id":"https://openalex.org/keywords/aggregate","display_name":"Aggregate (composite)","score":0.5723000168800354},{"id":"https://openalex.org/keywords/measure","display_name":"Measure (data warehouse)","score":0.5640000104904175}],"concepts":[{"id":"https://openalex.org/C188087704","wikidata":"https://www.wikidata.org/wiki/Q369577","display_name":"Standardization","level":2,"score":0.6676999926567078},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.6299999952316284},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.6241000294685364},{"id":"https://openalex.org/C176217482","wikidata":"https://www.wikidata.org/wiki/Q860554","display_name":"Metric (unit)","level":2,"score":0.580299973487854},{"id":"https://openalex.org/C168031717","wikidata":"https://www.wikidata.org/wiki/Q1530280","display_name":"Balance (ability)","level":2,"score":0.576200008392334},{"id":"https://openalex.org/C4679612","wikidata":"https://www.wikidata.org/wiki/Q866298","display_name":"Aggregate (composite)","level":2,"score":0.5723000168800354},{"id":"https://openalex.org/C2780009758","wikidata":"https://www.wikidata.org/wiki/Q6804172","display_name":"Measure (data warehouse)","level":2,"score":0.5640000104904175},{"id":"https://openalex.org/C2992968740","wikidata":"https://www.wikidata.org/wiki/Q868257","display_name":"Value for money","level":2,"score":0.319599986076355},{"id":"https://openalex.org/C2778715306","wikidata":"https://www.wikidata.org/wiki/Q4849970","display_name":"Balance of interests","level":2,"score":0.3089999854564667},{"id":"https://openalex.org/C2776436953","wikidata":"https://www.wikidata.org/wiki/Q5163215","display_name":"Consistency (knowledge bases)","level":2,"score":0.2782999873161316},{"id":"https://openalex.org/C2778058735","wikidata":"https://www.wikidata.org/wiki/Q4692253","display_name":"Aggregate data","level":2,"score":0.27149999141693115},{"id":"https://openalex.org/C42475967","wikidata":"https://www.wikidata.org/wiki/Q194292","display_name":"Operations research","level":1,"score":0.27140000462532043}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1109/icbc64466.2025.11114539","is_oa":false,"landing_page_url":"https://doi.org/10.1109/icbc64466.2025.11114539","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"2025 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.5423245429992676}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":24,"referenced_works":["https://openalex.org/W2980163331","https://openalex.org/W2988653659","https://openalex.org/W3045348795","https://openalex.org/W3094839250","https://openalex.org/W3135174589","https://openalex.org/W3137707325","https://openalex.org/W3149974531","https://openalex.org/W3169240245","https://openalex.org/W3169557768","https://openalex.org/W3187114867","https://openalex.org/W3197281628","https://openalex.org/W4200586074","https://openalex.org/W4285090152","https://openalex.org/W4303647478","https://openalex.org/W4310231995","https://openalex.org/W4367333161","https://openalex.org/W4378878757","https://openalex.org/W4384648686","https://openalex.org/W4385080392","https://openalex.org/W4385455367","https://openalex.org/W4387043610","https://openalex.org/W4391101704","https://openalex.org/W4402636419","https://openalex.org/W4407601737"],"related_works":[],"abstract_inverted_index":{"Total":[0,137],"Value":[1,138],"Locked":[2],"(TVL)":[3],"aims":[4],"to":[5,52,75,104,129],"measure":[6],"the":[7,23,72,88,95,144],"aggregate":[8],"value":[9],"of":[10,94,175],"cryptoassets":[11],"deposited":[12],"in":[13,68,87],"Decentralized":[14],"Finance":[15],"(DeFi)":[16],"protocols.":[17,124,176],"Although":[18],"blockchain":[19],"data":[20,154],"is":[21,26,28],"public,":[22],"way":[24],"TVL":[25,38,145,194],"computed":[27],"not":[29],"well":[30],"understood.":[31],"In":[32],"practice,":[33],"its":[34],"calculation":[35],"on":[36,41,63,98,122,152,162],"major":[37],"aggregators":[39],"relies":[40],"self-reports":[42],"from":[43],"community":[44],"members":[45],"and":[46,82,115,131,155,192],"lacks":[47],"standardization,":[48],"making":[49],"it":[50],"difficult":[51],"verify":[53],"published":[54,171],"figures":[55,172],"independently.":[56],"We":[57,70,90,133],"thus":[58,134],"conduct":[59],"a":[60,141,188],"systematic":[61],"study":[62,71,161],"939":[64],"DeFi":[65],"projects":[66],"deployed":[67],"Ethereum.":[69],"methodologies":[73],"used":[74],"compute":[76],"TVL,":[77],"examine":[78],"factors":[79],"hindering":[80],"verifiability,":[81],"ultimately":[83],"propose":[84],"standardization":[85],"attempts":[86],"field.":[89],"find":[91],"that":[92,146,166,185],"10.5%":[93],"protocols":[96,164],"rely":[97],"external":[99],"servers;":[100],"68":[101],"methods":[102],"alternative":[103],"standard":[105,156],"balance":[106,118,157],"queries":[107,119],"exist,":[108],"although":[109],"their":[110],"use":[111],"decreased":[112],"over":[113],"time;":[114],"240":[116],"equal":[117],"are":[120],"repeated":[121],"multiple":[123],"These":[125],"findings":[126],"indicate":[127],"limits":[128],"verifiability":[130],"transparency.":[132],"introduce":[135],"\"verifiable":[136],"Locked\"":[139],"(vTVL),":[140],"metric":[142],"measuring":[143],"can":[147],"be":[148],"verified":[149],"relying":[150],"solely":[151],"on-chain":[153],"queries.":[158],"A":[159],"case":[160],"400":[163],"shows":[165],"our":[167],"estimations":[168],"align":[169],"with":[170],"for":[173],"46.5%":[174],"Informed":[177],"by":[178],"these":[179],"findings,":[180],"we":[181],"discuss":[182],"design":[183],"guidelines":[184],"could":[186],"facilitate":[187],"more":[189],"verifiable,":[190],"standardized,":[191],"explainable":[193],"computation.":[195]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":4}],"updated_date":"2026-04-15T08:11:43.952461","created_date":"2025-10-10T00:00:00"}
