Study shows that Total Value Locked (TVL) is a poor metric for building crypto portfolios and making investment decisions
SINGAPORE, June 10, 2025 /PRNewswire/ -- A new study from the Algorand Foundation's tokenomics team challenges one of the cryptocurrency sector's most widely cited metrics: Total Value Locked. The report provides some of the strongest evidence to date that TVL, despite its prominence across dashboards, headlines, and investor materials, has no bearing on a token's financial performance.
A recent analysis of over 300 cryptocurrencies (excluding bitcoin and stablecoins) from 2023-2024, led by Dr. Matthew Brigida, Associate Professor of Finance at SUNY Polytechnic Institute and Chief Economist at the Algorand Foundation, revealed no evidence that TVL predicts token performance.
The research team constructed weekly portfolios that ranked tokens by TVL, holding the top 25% and shorting the bottom 25%, to test whether high-minus-low TVL portfolios generated alpha. They did not.
"TVL is often used to project credibility or potential upside, but our results show it fails as an investment signal," said Brigida. "Even after adjusting for known issues like double-counting, TVL-based portfolios didn't deliver abnormal returns."
TVL remains common in crypto media headlines, but it can mislead investors and analysts, according to a study. Platforms like Messari, Artemis, and Token Terminal now consider TVL a secondary metric, while Blockworks has introduced REV (Real Economic Value). Community analytics tools like Dune and L2BEAT are either decentralizing TVL interpretation or using metrics like Total Value Secured (TVS). Nansen adds context to TVL through wallet behavior and smart money flows, while Flipside Crypto emphasizes the value of high-quality users over TVL.
As crypto integrates more deeply with global finance, the Algorand Foundation encourages platforms, researchers, investors, and media to adopt metrics that reflect actual usage and economic demand. This research supports Algorand's role in evolving the crypto market by combining academic rigor with real-time blockchain insights for data-driven innovation in Web3.
Read the full press release here.
The full whitepaper is available here.
About Algorand Foundation
Algorand's mission is to power a world where information has integrity and innovative ideas can scale. The Algorand Foundation supports Algorand's rapidly growing ecosystem by providing a best-in-class developer environment, supporting key infrastructure and setting technical standards, offering comprehensive support to builders and entrepreneurs, and providing the framework for decentralized governance. To learn more, visit algorand.co.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
New Research from Algorand Foundation: TVL Can Be Too Easily Gamified
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Global fans to experience the Games of the Future like never before as MOBA PC.Dota 2 competition kickoffs in Abu Dhabi
DUBAI, UAE, Dec. 13, 2025 /PRNewswire/ -- Phygital International, the global promoter of phygital sports, today announces the official launch of the GOTF OTT Platform, the dedicated streaming destination for the Games of the Future 2025 Abu Dhabi powered by ADNOC (GOTF 2025). The platform goes live as this year's competition begins, with its first broadcast featuring the opening rounds of the MOBA PC.Dota 2 discipline on 14 December from Pixoul Gaming in Abu Dhabi.
Accessible at https://tv.gofuture.games, the new streaming hub serves as the central digital home for live broadcasts, full-event replays, highlights, and exclusive behind-the-scenes content spanning all GOTF 2025 disciplines.
Designed for global accessibility and year-round engagement, the platform enables fans everywhere to watch every match live, revisit full replays at any time, and enjoy curated short-form content optimized for social and mobile viewing.
Powered end-to-end by technology partner Asport, the GOTF OTT Platform integrates advanced cloud-based broadcasting, seamless navigation, and real-time highlight creation tools to elevate the fan experience. These capabilities support richer storytelling across all channels and establish tv.gofuture.games as the long-term digital home of phygital sport.
Moba PC.Dota 2 competition to launch platform
The launch coincides with preparations for a spectacular start to the Games, as the MOBA PC.Dota 2 competition brings together iconic players, celebrated legends, and rising regional stars for what promises to be one of the most competitive line-ups in the event's history. All matches from the discipline will stream live on https://tv.gofuture.games.
Teams set to compete include E7, Paper Tigers, Legends Rebooted, Vikings, Team Phoenix, Nigma Galaxy, Win and TraBoTeam each bringing a distinctive mix of elite pro players and influential gaming personalities. One of the leading competitors will be Xu "BurNIng" Zhilei, who will be playing in team Paper Tigers and who iswidely regarded as one of the greatest carry players in Dota 2 history.
With such a stacked international field, fans can expect clashing playstyles, unpredictable upsets, and fresh rivalries, setting the stage for one of the headline showpieces of GOTF 2025.
Following the opening Group Stage, the competition advances into a full double-elimination playoff bracket, culminating in high-stakes best-of-three clashes on 18–19 December at ADNEC, where teams will fight for a place in the final and a shot at international glory.
Commenting on the launch of the platform, Nis Hatt, CEO of Phygital International, said: "The GOTF OTT Platform marks a major milestone in our mission to bring phygital sport to a global audience. This world-class digital destination showcases the energy, innovation, and inclusivity at the heart of the Games of the Future. As Dota 2 opens the competition tomorrow, we're excited to offer millions of fans a new way to experience every moment of this year's Games live."
Growing network of global broadcast partners
In addition to the GOTF OTT Platform, fans can follow the Games of the Future Abu Dhabi 2025 powered by ADNOC across a growing network of international media rights and broadcast partners, ensuring fans around the world can catch all the action.
In the United States, coverage will be available via ESR TV, the leading gaming and esports network reaching mainstream audiences through platforms such as Apple TV, Sling, and Amazon Prime Video Channels. Across Latin America, FOX Sports Mexico and Zapping will deliver both English and Spanish-language broadcasts across the region.
On mobile-first platforms, Bigo Live will act as an interactive real-time streaming hub, offering live competition windows, creator-led co-streams, and fan-generated reactions. With strong Gen-Z and global creator adoption, Bigo Live brings the Games directly into participatory viewing culture. Complementing this, Likee will amplify the emotion and energy of GOTF 2025 through short-form video storytelling, transforming standout moments into shareable narratives.
These partners build on an already confirmed broadcast footprint that includes Sportworld and BIGG TV across EMEA, Huya and SOOP in Asia, and StarTimes and TV BRICS across Africa.
"With these major additions to our broadcast network, we take great pride in ensuring the Games of the Future Abu Dhabi 2025 powered by ADNOC are accessible to audiences worldwide. We are delivering a multi-regional, multi-generational platform that matches the scale and innovation of phygital sport," added Hatt.
Tickets for the Games of the Future Abu Dhabi 2025 powered by ADNOC are now on sale at www.gotfabudhabi.com. Fans can also follow all the latest updates and behind-the-scenes content on Instagram at @gamesofthefutureofficial and @gotfabudhabi.
About Phygital International (PI):
Phygital International is the promoter of phygital sports globally and is focused on innovating and redefining sports. It is the custodian and rights holder of the Games of the Future and oversees the bidding process for each host city.
For further information please visit: https://Phygitalinternational.com
About the Games of the Future (GOTF):
The Games of the Future is an annual international event that fuses the worlds of physical and digital and is the pinnacle of phygital sport. The tournament brings together the next generation of phygital sporting heroes from all over the world to compete in a diverse range of phygital disciplines and challenges. The Games of the Future 2025 will be held in Abu Dhabi, UAE while the Games of the Future 2026, will be held in Astana, Kazakhstan.
For more information please visit: https://gofuture.games/
Contact: press@phygitalinternational.com
Global fans to experience the Games of the Future like never before as MOBA PC.Dota 2 competition kickoffs in Abu Dhabi
DUBAI, UAE, Dec. 13, 2025 /PRNewswire/ -- Phygital International, the global promoter of phygital sports, today announces the official launch of the GOTF OTT Platform, the dedicated streaming destination for the Games of the Future 2025 Abu Dhabi powered by ADNOC (GOTF 2025). The platform goes live as this year's competition begins, with its first broadcast featuring the opening rounds of the MOBA PC.Dota 2 discipline on 14 December from Pixoul Gaming in Abu Dhabi.
Accessible at https://tv.gofuture.games, the new streaming hub serves as the central digital home for live broadcasts, full-event replays, highlights, and exclusive behind-the-scenes content spanning all GOTF 2025 disciplines.
Designed for global accessibility and year-round engagement, the platform enables fans everywhere to watch every match live, revisit full replays at any time, and enjoy curated short-form content optimized for social and mobile viewing.
Powered end-to-end by technology partner Asport, the GOTF OTT Platform integrates advanced cloud-based broadcasting, seamless navigation, and real-time highlight creation tools to elevate the fan experience. These capabilities support richer storytelling across all channels and establish tv.gofuture.games as the long-term digital home of phygital sport.
Moba PC.Dota 2 competition to launch platform
The launch coincides with preparations for a spectacular start to the Games, as the MOBA PC.Dota 2 competition brings together iconic players, celebrated legends, and rising regional stars for what promises to be one of the most competitive line-ups in the event's history. All matches from the discipline will stream live on https://tv.gofuture.games.
Teams set to compete include E7, Paper Tigers, Legends Rebooted, Vikings, Team Phoenix, Nigma Galaxy, Win and TraBoTeam each bringing a distinctive mix of elite pro players and influential gaming personalities. One of the leading competitors will be Xu "BurNIng" Zhilei, who will be playing in team Paper Tigers and who iswidely regarded as one of the greatest carry players in Dota 2 history.
With such a stacked international field, fans can expect clashing playstyles, unpredictable upsets, and fresh rivalries, setting the stage for one of the headline showpieces of GOTF 2025.
Following the opening Group Stage, the competition advances into a full double-elimination playoff bracket, culminating in high-stakes best-of-three clashes on 18–19 December at ADNEC, where teams will fight for a place in the final and a shot at international glory.
Commenting on the launch of the platform, Nis Hatt, CEO of Phygital International, said: "The GOTF OTT Platform marks a major milestone in our mission to bring phygital sport to a global audience. This world-class digital destination showcases the energy, innovation, and inclusivity at the heart of the Games of the Future. As Dota 2 opens the competition tomorrow, we're excited to offer millions of fans a new way to experience every moment of this year's Games live."
Growing network of global broadcast partners
In addition to the GOTF OTT Platform, fans can follow the Games of the Future Abu Dhabi 2025 powered by ADNOC across a growing network of international media rights and broadcast partners, ensuring fans around the world can catch all the action.
In the United States, coverage will be available via ESR TV, the leading gaming and esports network reaching mainstream audiences through platforms such as Apple TV, Sling, and Amazon Prime Video Channels. Across Latin America, FOX Sports Mexico and Zapping will deliver both English and Spanish-language broadcasts across the region.
On mobile-first platforms, Bigo Live will act as an interactive real-time streaming hub, offering live competition windows, creator-led co-streams, and fan-generated reactions. With strong Gen-Z and global creator adoption, Bigo Live brings the Games directly into participatory viewing culture. Complementing this, Likee will amplify the emotion and energy of GOTF 2025 through short-form video storytelling, transforming standout moments into shareable narratives.
These partners build on an already confirmed broadcast footprint that includes Sportworld and BIGG TV across EMEA, Huya and SOOP in Asia, and StarTimes and TV BRICS across Africa.
"With these major additions to our broadcast network, we take great pride in ensuring the Games of the Future Abu Dhabi 2025 powered by ADNOC are accessible to audiences worldwide. We are delivering a multi-regional, multi-generational platform that matches the scale and innovation of phygital sport," added Hatt.
Tickets for the Games of the Future Abu Dhabi 2025 powered by ADNOC are now on sale at www.gotfabudhabi.com. Fans can also follow all the latest updates and behind-the-scenes content on Instagram at @gamesofthefutureofficial and @gotfabudhabi.
About Phygital International (PI):
Phygital International is the promoter of phygital sports globally and is focused on innovating and redefining sports. It is the custodian and rights holder of the Games of the Future and oversees the bidding process for each host city.
For further information please visit: https://Phygitalinternational.com
About the Games of the Future (GOTF):
The Games of the Future is an annual international event that fuses the worlds of physical and digital and is the pinnacle of phygital sport. The tournament brings together the next generation of phygital sporting heroes from all over the world to compete in a diverse range of phygital disciplines and challenges. The Games of the Future 2025 will be held in Abu Dhabi, UAE while the Games of the Future 2026, will be held in Astana, Kazakhstan.
For more information please visit: https://gofuture.games/
Contact: press@phygitalinternational.com
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Official streaming platform for the Games of the Future Abu Dhabi 2025 powered by ADNOC launches ahead of opening competition
Official streaming platform for the Games of the Future Abu Dhabi 2025 powered by ADNOC launches ahead of opening competition
