FIRST PRINCIPLES / 4 MIN READ

Read the units before the numbers

TVL is the value of assets locked at the time of measurement. Volume measures trading activity over a stated window. Fees describe charges collected or rewards distributed; those are different concepts. An APR annualizes a historical or current rate and is not a promise.

Kitchen LP NFTs represent a position with two tokens, a fee tier and a price range. Liquidity units are not ETH or a dollar balance. A dash means a value could not be read, not that the value is zero. Always check the quote currency and the timestamp before comparing two numbers.