加密协议的分歧：TVL 和市值脱节引发担忧

锁定总价值 (TVL) 和市值之间存在显着差异的三个协议是 Lido DAO、Renzo 和 Marinade。尽管 Lido DAO 在所有协议中拥有最高的 TVL，但其市值却明显较低。 Renzo 和 Marinade 也表现出类似的模式，TVL 高但市值低。虽然 TVL 通常被视为协议价值和安全性的衡量标准，但这些协议的案例表明，市值可能并不总是与 TVL 一致。

Divergence and Disparity: A Tale of Three Crypto Protocols

分歧与差异：三种加密协议的故事

In the dynamic realm of cryptocurrencies, the relationship between a protocol's Total Value Locked (TVL) and its market capitalization presents an intriguing paradox. While TVL often serves as a proxy for security and value, recent trends have unveiled a notable divergence between these metrics for certain protocols. This discrepancy raises questions about the true valuation of these projects and the factors that drive their price movements.

在加密货币的动态领域中，协议的总锁定价值（TVL）与其市值之间的关系呈现出一个有趣的悖论。虽然 TVL 通常充当安全性和价值的代理，但最近的趋势揭示了某些协议的这些指标之间存在显着差异。这种差异引发了人们对这些项目的真实估值以及推动其价格变动的因素的质疑。

Lido DAO: A Cautionary Tale of Broken Support

Lido DAO：支持破裂的警示故事

Lido DAO, the behemoth of liquid staking, reigns supreme in terms of TVL with a colossal $27 billion under its belt. However, its market capitalization of $1.4 billion paints a starkly different picture. This disparity translates to a TVL/market cap ratio of over 19, an anomaly among the top-tier protocols.

Lido DAO 是流动质押领域的巨头，在 TVL 方面占据主导地位，其总资产达 270 亿美元。然而，其 14 亿美元的市值却描绘出截然不同的景象。这种差异意味着 TVL/市值比率超过 19，这在顶级协议中是异常现象。

Lido's price action has mirrored this disconnect. After reaching an all-time high of $4.04 in January, LDO has embarked on a downward trajectory, breaking below a long-term ascending support trend line that had stood firm for nearly 700 days. This bearish breakdown has cast a long shadow over Lido's future prospects, raising concerns about its ability to sustain its growth.

丽都的价格走势反映了这种脱节。在 1 月份触及 4.04 美元的历史高点后，LDO 开始走下坡路，跌破了近 700 天坚守的长期上升支撑趋势线。这种看跌的崩溃给丽都的未来前景蒙上了长长的阴影，引发了人们对其维持增长能力的担忧。

Renzo: Plummeting to Uncharted Depths

伦佐：坠入未知深度

Renzo, a protocol specializing in liquid restaking, has witnessed a similar fate. Its native token, REZ, has fallen precipitously since its launch in April, hitting a new all-time low of $0.110 on May 14. This decline has occurred despite Renzo's TVL reaching $3 billion, resulting in a TVL/market cap ratio of 23.

Renzo 是一个专门从事液体重新抵押的协议，也经历了类似的命运。其原生代币 REZ 自 4 月份推出以来急剧下跌，并于 5 月 14 日创下 0.110 美元的历史新低。尽管 Renzo 的 TVL 达到 30 亿美元，但 TVL/市值比率仍出现了 23 倍的下跌。

REZ's price action has been trapped within a descending parallel channel, indicating a corrective movement. However, its position in the lower portion of the channel suggests further downside potential. The lack of positive indicators and bullish divergence in the two-hour RSI paints a bleak outlook for REZ's immediate future.

REZ 的价格走势已被困在下降的平行通道内，表明出现修正走势。然而，其位于通道下部的位置表明存在进一步下行的潜力。缺乏积极指标以及两小时 RSI 的看涨背离描绘了 REZ 近期前景的黯淡前景。

Marinade: A Potential Bullish Reversal on the Horizon

腌料：潜在的看涨逆转即将到来

Marinade, another liquid staking protocol, has also faced challenges. After falling 70% from its March high, MNDE reached a new all-time low of $0.135 on May 1. However, unlike LDO and REZ, Marinade exhibits some signs of a potential bullish trend reversal.

另一种流动质押协议 Marinade 也面临着挑战。 MNDE 从 3 月份高点下跌 70% 后，于 5 月 1 日触及 0.135 美元的历史新低。然而，与 LDO 和 REZ 不同，Marinade 显示出一些潜在看涨趋势逆转的迹象。

Both the RSI and MACD have generated bullish divergences, suggesting that a change in sentiment may be brewing. However, MNDE remains under pressure from a descending resistance trend line and below the $0.155 horizontal support level. A breakout above both these resistances would provide a more convincing signal of a bullish recovery.

RSI 和 MACD 均产生看涨背离，表明情绪可能正在酝酿变化。然而，MNDE 仍然面临下降阻力趋势线和低于 0.155 美元水平支撑位的压力。突破这两个阻力位将提供更令人信服的看涨复苏信号。

Assessing the Significance of TVL-Market Cap Disparity

评估 TVL 与市值差异的重要性

The marked discrepancy between TVL and market capitalization for Lido DAO, Renzo, and Marinade highlights the complexity of valuing crypto protocols. While TVL is generally considered a measure of security and value, it does not always translate directly into market capitalization.

Lido DAO、Renzo 和 Marinade 的 TVL 与市值之间的显着差异凸显了加密协议估值的复杂性。虽然 TVL 通常被认为是安全性和价值的衡量标准，但它并不总是直接转化为市值。

The case of LDO demonstrates that this gap can persist without market cap converging with TVL. Renzo and Marinade provide further evidence of this trend, having fallen to new lows despite substantial TVL increases.

LDO 的案例表明，即使市值不与 TVL 趋同，这种差距仍可能持续存在。 Renzo 和 Marinade 提供了这一趋势的进一步证据，尽管 TVL 大幅增加，但仍跌至新低。

Therefore, while TVL remains an important metric, it is crucial to consider other factors that influence valuation, such as token economics, governance models, and competitive dynamics. The TVL/market cap ratio alone cannot guarantee a convergence of these metrics, underscoring the need for a more comprehensive approach to assessing protocol value.

因此，虽然 TVL 仍然是一个重要指标，但考虑影响估值的其他因素也至关重要，例如代币经济学、治理模型和竞争动态。仅 TVL/市值比率无法保证这些指标的收敛，这凸显了需要采用更全面的方法来评估协议价值。