An analysis of DeFiLlama data on September 15 reveals that the total value locked (TVL) increase on Ethereum (+21.38%) and Solana (+22.94%) over 30 days may be largely attributable to asset revaluation rather than fresh capital inflows. ETH and SOL prices rose by 32.80% and 34.67% respectively, outpacing TVL growth by more than 11 percentage points. Stablecoin market caps grew much more modestly, with +0.68% on Ethereum and +5.51% on Solana. This hierarchy suggests price repricing is the most plausible explanation for the apparent TVL surge, though fresh capital and more efficient circulation of existing assets remain possible contributors that cannot be ruled out from aggregate data alone.
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