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DRep Institute
Research

Facts, tradeoffs, assumptions, unknowns

Published work on how governance is actually practised. Every piece names its author, its reviewer, its sources, and what it could not establish.

Library

Recent publications

Demo content written to illustrate the format of each publication type.

Explainer

TVL Is Not the Same as Sustainable Liquidity

Total value locked measures presence, not durability. This explainer separates the two and shows what evidence would distinguish them.

Mira Halvorsen · reviewed by Dr. Elena Vásquez · 10 min read · published 7/9/2026 · updated 8/2/2026

Key points

  • TVL is a stock measure and says nothing about how long capital stays.
  • Incentivised liquidity frequently exits within weeks of emissions ending.
  • Retention curves and depth-at-price are more informative than headline TVL.
Standards Note

What Makes an Expert Review Useful?

A note on the boundary between expert analysis and advocacy, and how the Institute keeps the two apart.

Tom Becker · 7 min · 7/2/2026

Programme

Studies in progress

Longer-running research, including open calls for participation.

  • Rationale Quality Study 2026

    A qualitative coding study of published DRep rationales, examining evidence use and reasoning transparency.

    7/1/2026

    Published

  • Delegator Expectations Survey

    What delegators say they want from a representative, and where those expectations diverge from current practice.

    8/12/2026

    In review

  • Conflict Disclosure Norms Across Ecosystems

    Comparative review of disclosure practice in professional associations, cooperatives, and other governance systems.

    8/20/2026

    Open call