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DefiLlama Founder Responds to Aave TVL Controversy: Looping Impact Excluded, Related Doubts Unfounded
DefiLlama founder 0xngmi addressed the Aave TVL controversy in a post on platform X. He stated that the current market view that Aave’s TVL is overstated due to looping is not accurate. When calculating TVL, borrowed assets are excluded, so looping operations do not inflate the TVL. For example, if a user deposits $1 million in ETH, it counts towards the TVL, while another user deposits $1 million in stETH and borrows $1 million in assets, it corresponds to ‘+$1 million -$1 million’, resulting in a final TVL of still $1 million. DefiLlama has proactively excluded instances of double counting. Previously, it was found that Ethena’s collateral assets deposited into Aave and subsequently looped by users had led to an inflated TVL, and thus, those deposits have been removed from Aave’s TVL. The community’s related doubts lack basis.