TVL is the quote-asset reserves (native ETH or approved pair tokens such as tokenized stocks) held by the Pons v2 bonding curve of every live perpshood-launched coin; balances are read on-chain. The curve list comes from perpshood.fun/api/llama.json because the launch factory is shared infrastructure and perpshood launches are not distinguishable on-chain. Graduated coins (liquidity in Uniswap V4) are excluded, as is the leveraged perp margin backing each coin, which sits on the Lighter venue.
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