加密協議的分歧：TVL 和市值脫節引發擔憂

鎖定總價值 (TVL) 和市值之間存在顯著差異的三個協議是 Lido DAO、Renzo 和 Marinade。儘管 Lido DAO 在所有協議中擁有最高的 TVL，但其市值卻明顯較低。 Renzo 和 Marinade 也表現出類似的模式，TVL 高但市值低。雖然 TVL 通常被視為協議價值和安全性的衡量標準，但這些協議的案例表明，市值可能並不總是與 TVL 一致。

Divergence and Disparity: A Tale of Three Crypto Protocols

分歧與差異：三種加密協定的故事

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.

在加密貨幣的動態領域中，協議的總鎖定價值（TVL）與其市值之間的關係呈現出一個有趣的悖論。雖然 TVL 通常充當安全性和價值的代理，但最近的趨勢揭示了某些協議的這些指標之間存在顯著差異。這種差異引發了人們對這些項目的真實估值以及推動其價格變動的因素的質疑。

Lido DAO: A Cautionary Tale of Broken Support

Lido DAO：支持破裂的警世故事

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 是流動質押領域的巨頭，在 TVL 方面佔據主導地位，其總資產達 270 億美元。然而，其 14 億美元的市值卻描繪出截然不同的景象。這種差異意味著 TVL/市值比率超過 19，這在頂級協議中是異常現象。

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.

麗都的價格走勢反映了這種脫節。在 1 月觸及 4.04 美元的歷史高點後，LDO 開始走下坡路，跌破了近 700 天堅守的長期上升支撐趨勢線。這種看跌的崩潰給麗都的未來前景蒙上了長長的陰影，引發了人們對其維持成長能力的擔憂。

Renzo: Plummeting to Uncharted Depths

倫佐：墜入未知深度

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 是一個專門從事液體重新抵押的協議，也經歷了類似的命運。其原生代幣 REZ 自 4 月推出以來急劇下跌，並於 5 月 14 日創下 0.110 美元的歷史新低。

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 的價格走勢已被困在下降的平行通道內，顯示出現修正走勢。然而，其位於通道下部的位置表明存在進一步下行的潛力。缺乏積極指標以及兩小時 RSI 的看漲背離描繪了 REZ 近期前景的黯淡前景。

Marinade: A Potential Bullish Reversal on the Horizon

醃料：潛在的看漲逆轉即將到來

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.

另一種流動質押協議 Marinade 也面臨挑戰。 MNDE 從 3 月高點下跌 70% 後，於 5 月 1 日觸及 0.135 美元的歷史新低。

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 都產生看漲背離，顯示情緒可能正在醞釀變化。然而，MNDE 仍面臨下降阻力趨勢線和低於 0.155 美元水平支撐位的壓力。突破這兩個阻力位將提供更令人信服的看漲復甦訊號。

Assessing the Significance of TVL-Market Cap Disparity

評估 TVL 與市值差異的重要性

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 與市值之間的顯著差異凸顯了加密協議估值的複雜性。雖然 TVL 通常被認為是安全性和價值的衡量標準，但它並不總是直接轉化為市值。

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，即使市值不與 TVL 趨同，這種差距仍可能持續存在。 Renzo 和 Marinade 提供了這一趨勢的進一步證據，儘管 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，雖然 TVL 仍然是一個重要指標，但考慮影響估值的其他因素也至關重要，例如代幣經濟學、治理模型和競爭動態。僅 TVL/市值比率無法保證這些指標的收斂，這凸顯了需要更全面的方法來評估協議價值。