This protocol has some TVL that's classified as borrowed, enable the toggles to see it
Exactly is a decentralized, non-custodial, open-source protocol that provides an autonomous fixed and variable interest rate market, enabling users to frictionlessly exchange their assets' time value and complete the DeFi credit market.
Total Value Locked
Counts the tokens locked in the contracts to be used as collateral to borrow or to earn yield. Borrowed coins are not counted towards the TVL, so only the coins actually locked in the contracts are counted. There are multiple reasons behind this but one of the main ones is to avoid inflating the TVL through cycled lending.