According to Foresight News, during the 'Is DeFi Back?' panel discussion at the Permissionless II DeFi Summit, co-hosted by Blockworks and Bankless, Synthetix co-founder Kain Warwick stated that while Total Value Locked (TVL) can indicate a project's popularity and credibility, it may eventually be replaced by fee metrics. Warwick argued that fees do not lie and can reveal which projects have the potential for sustainable development, making them a more reliable indicator. He also mentioned that TVL may not be as valuable for gaming projects.

The Permissionless II DeFi Summit took place at the Austin Convention Center in Austin, Texas, from September 11 to 13.