Surf V1 Tops 18 Million ADA After Its TVL Grows by 1 Million in Three Days

Surf reported on November 14 that total value locked in the first version of its Cardano lending protocol had crossed 18 million ADA. The total grew by more than 1 million ADA over the preceding 72 hours. In a follow-up, Surf reported a further increase of 200,000 ADA after the milestone announcement.

The project had tracked the increase in stages. On November 12, it reported an overnight rise of 300,000 ADA. The next update put the two-day increase at 700,000 ADA, including another 400,000 ADA overnight. Those figures fall within the broader three-day period reported on November 14. The later increase of 200,000 ADA uses the milestone announcement as its starting point.

The threshold measures asset value

Surf reports the value of assets counted in V1 in ADA terms. When a token held by the protocol rises in price against ADA, its contribution to the total can rise without a fresh deposit. Deposits and withdrawals also change the balance. The published increase therefore establishes how much the reported value moved, while the amount of new capital supplied remains open.

Other figures in a lending market answer different questions. Outstanding loans show how much borrowers have taken out. Available liquidity shows how much the pool can still lend. The 18 million ADA threshold gives the overall value of assets covered by Surf’s V1 calculation. It gives no corresponding figure for how much liquidity was available to a borrower in a given pool.

The reporting currency matters when comparing Surf’s figure with a dollar-denominated dashboard. Such a dashboard can move with the dollar price of ADA even when the underlying ADA-denominated total is steady. Comparing readings also requires matching the time and the markets included in each calculation.

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Surf singled out trading activity in STRIKE

During the run-up, Surf linked rising TVL to large long positions in STRIKE. A trader who borrows to increase exposure to the token can change the amount of collateral and outstanding debt in a pool. Surf’s November 13 update identifies that activity as part of the move, but gives no figure for the positions’ contribution to the subsequent milestone.

The remaining question is whether growth was concentrated in STRIKE-related positions or spread across several lending markets. A comparison of deposits, withdrawals, and collateral prices by pool would show how much of the reported increase came from users committing capital and how much came from assets already in V1 gaining value.