Looking at @ferra_protocol from the perspective of TVL, it can actually lead to misjudgments.

$10 M+ TVL is not particularly prominent within the Sui ecosystem, and it certainly can't be considered eye-catching.
But the issue is that Ferra's trading volume structure is clearly not "normal"—within similar TVL ranges, its trading volume has long been higher than the average level of protocols with comparable size.

This kind of deviation usually corresponds to two situations:
One is artificially increasing volume;
The other is that the unit liquidity is being repeatedly and efficiently utilized.

Combined with Ferra's adoption of the DLMM mechanism, it leans more towards the latter.
Liquidity isn't passively sitting in the pool earning fees, but actively participating in matching within a narrower price range, with capital turnover rate being intentionally increased.
This naturally results in one outcome:
The TVL may seem small, but the trading density is relatively high.

In the early stages, this "efficiency-first" signal often carries more information than scale itself.
Because scale can be inflated through incentives, but efficiency usually cannot.