I don't really think so because TVL is only for liquidity in the swap pool and this means you are not even considering the amount of money in the exchanges. Both the TVL and market cap have their own advantages but I think market cap also includes the TVL in there because there will be arbitrage otherwise.
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Though not familiar with UST and LUNA, no question about the size of its market cap. How about its TVL?
!PIZZA
I don't know because I was never part of the pool but I think the TVL dried up because of everything that went on with UST.
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