TVL is the sum of all vaults, each valued based on its lifecycle stage. Before the withdrawal period opens, it equals the share token total supply. Shares are minted 1:1 with asset-token deposits, so the supply represents committed capital (during trading, assets sit in Hyperliquid/ DEX trading wallets). Once the withdrawal period opens, it equals the actual asset token balance held by the vault contract, including trading PnL.
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