The five DLI submetrics
DLI.ED — Executable depth · 25%
Measures capital that can actually be traded near prevailing market prices. Total value locked is not the same thing as executable depth.
DLI.SE — Slippage efficiency · 25%
Measures price impact for standardised trade sizes. Lower slippage is stronger, provided the measurement uses transparent routing and venue assumptions.
DLI.VQ — Volume quality · 15%
Measures persistent, economically credible trading activity after accounting for wash trading, self-routing, excessive incentive dependence and temporary spikes.
DLI.VD — Venue and asset diversity · 15%
Measures whether liquidity is distributed across credible independent venues, assets and quote sources rather than concentrated in one fragile market or dependency.
DLI.CR — Concentration and stress resilience · 20%
Measures how liquidity behaves under withdrawals, volatility and market stress, including concentration, depth loss, slippage deterioration and recovery.
Why TVL is not enough
A large TVL can coexist with thin executable markets, duplicated or borrowed capital, heavy venue concentration or poor exit liquidity. Voxonomics therefore treats TVL as an observation rather than a complete liquidity verdict.
What a high DLI means
A high DLI indicates meaningful value can be exchanged with limited price impact across diversified venues and that liquidity has demonstrated resilience. It does not remove smart-contract, oracle, bridge, stablecoin or market risk.
No circularity: Edition 3.1 explicitly keeps any future VOX-specific liquidity outside the DLI calculation used to determine VTS.
Read Why TVL is not enough, the complete framework, or the Edition 3.2 specification.