Sky Wee: Exchange health driven by volume and open interest over TVL

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Yaroslav Dmytrenko

27.03.2026

Sky Wee: Exchange health driven by volume and open interest over TVL — Volume and OI signal exchange strength

Sky Wee emphasized that total value locked (TVL) can be a vanity metric for exchanges, suggesting that volume and open interest (OI) provide a clearer picture of exchange health.

The author noted a healthy reset occurring at grvt_io, where passive TVL has rotated out but both volume and OI remain strong, which is described as positive for long-term exchange activity.

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Wee has previously explained how excess liquidity can boost market prices even without corresponding gains in economic productivity. He has also asserted that most crypto exchanges rely on user trust, though a shift toward verifiable systems is expected. These observations provide context for his current focus on exchange metrics beyond TVL.

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