Primary bridge metric

Understand why TVL is used for scaling solutions, despite flaws that everyone has pointed out [Reworking TVL on L2BEAT].

What should the right metric be for bridges though? Should it be TVL or USD volume?

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I’d say Volume !
High TVL has its own indication but Volume is more important imo.

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Volume can (and will) be tracked but it does sound to me like a super easy metric to game by simply moving funds back and forth. Locking liquidity in a bridge is much harder as you do need to have these funds in the first place.

Unique users can also be faked, but probably requires more effort


That’s fair and it does seem like you are being judicious in what you are counting as “TVL” (i.e. only specific big tokens) as I think TVL is also quite easy to game if you counted everything.

Only pushback I would give to your criticism of volume is bridge fees potentially somewhat mitigate this, though for large transfers across bridges with a mix of fixed & variable (or 100% fixed) the fixed portion of fees would diminish as % of value transferred. I still think volume more accurately captures economic activity in a bridge.

Maybe the right takeaway from this conversation is that any metric in crypto will be gamed, so it’s on the user of the analytics & dashboard to be prudent when interpreting data.