# TVL: A Key Metric for Measuring Decentralized Finance Ecosystem
Have you heard of TVL (Total Value Locked)? In simple terms, it's the total amount of money that all users have deposited in DeFi protocols. Two years ago it was only $400 million, and now it has skyrocketed to $169 billion, with an outrageous growth rate.
How is it calculated? Suppose you staked 1000 USD on a DeFi platform for mining, then borrowed 1000 USD to earn interest, and then deposited 1000 USD to provide liquidity and earn trading fees—this platform's TVL would be 3000 USD.
How to use this indicator? The key i

Privacy has become the new darling of Blockchain.
From Zcash to Zama, privacy technology has completely turned around in the blockchain space. Pantera Capital partner Paul V recently pointed out the core logic in a post: pure transparency is not enough; the future is "transparency + privacy" working in parallel.
Why? Because a system-level demand has arisen - banks, enterprises, and payment platforms have all entered the arena, but no one is willing to expose trade secrets on the public Blockchain. What they need is "selective transparency" (regulators can see, competitors cannot).
On the tech

CBDCs are like the digital alter ego of fiat money. Central banks are issuing their own "cryptocurrencies" but without the decentralized vibe that makes Bitcoin or Ethereum special. They operate on a private blockchain, 100% controlled by the State. It sounds like crypto but in reality, it's always been money dressed in technology. What's the play? Total control + blockchain efficiency. Some see it as the future of the financial system, others as the ultimate digital panopticon.

Will the Fed cut interest rates in December? The market is currently 50-50.
According to the latest odds from CME, there is a divergence in expectations among federal funds futures traders regarding the December FOMC meeting:
• Probability of a 25 basis point rate cut: 44.4%
• Probability of staying put: 55.6%
In other words, the market is currently more inclined for the Fed to continue holding, but the possibility of a rate cut is also not small. What does this probability distribution indicate? Investors are still a bit uncertain about the direction of future inflation data and are waiting f

How many people really own 1 Bitcoin? 🤔
The figure is surprising: only ~1.5 million people in the world own more than 1 BTC. That is just 0.36% of the 420 million crypto users.
The reality of distribution:
- Bitcoin total: 21 million maximum
- Already extracted: 19.59 million (93.32%)
- Lost Bitcoins: ~6 million due to forgotten private keys
- In real circulation: ~13.59 million
But here comes the interesting part: only 1.94% of the addresses control 92.76% of all BTC. There are about 1 million addresses.
Estimated breakdown:
- Retail investors on exchanges: ~378,000 BTC
- Large investors: ~1