Over the last few days, there have been a lot of questions about recursive looping, what it is, and why we use it. Recursive looping is when a protocol loops its own asset to capture a spread in interest rates. For example, if you have an asset earning 15% that you can borrow against at 10%, on 1x you make 15% (no borrow cost), on 2x you make 20%, 3x 25%, 4x 30%, etc. This increased yield then goes back to users either in the form of yield or our insurance fund. This allows users to earn more while taking on more risk. DefiLlama has decided that recursive looping is not TVL per their own definitions. We disagree with this, but to be transparent to users the website now makes a distinction between user deposits (~$160M) and total assets deployed across strategies. (~%$520M). To make this easier to understand for users and not show different numbers that are confusing, we have also updated our website. We have signed letters of engagement with third party attestation companies and have shared access to our books. These things take time to do right, but we are moving as fast as we can to give users guarantees. In the meantime, our dashboard has been updated with a breakdown of where funds are deployed to.