TVL concentration (top-10 wallet share)
Axelar Network's assessment for RD-F-064 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Single-chain concentration: Ethereum holds 89.23% of total TVS ($129.15M of $144.73M). BSC is the only material secondary at 8.94% ($12.94M). Within the Ethereum gateway (0x4F4495243837681061C4743b74B3eEdf548D56A5), the ZIG gaming token constitutes ~$18.81M (~37% of gateway by USD), making it the single largest holding by USD value ahead of USDC ($14.71M). ZIG is a low-liquidity gaming token (Zignaly), representing material single-token concentration risk within the escrow. Validator stake: top-10 validators hold ~40% of raw AXL stake [?] (secondary source); quadratic voting (weight = sqrt(stake)) dampens effective voting concentration but exact quadratic share not computed. Yellow rather than red because: (a) Ethereum dominance is structurally normal for a bridge (not pathological); (b) quadratic voting mitigates raw stake concentration; (c) ZIG finding is surprising but total TVS effect is bounded.
Sources #
- EtherscanAxelar Gateway — Etherscan token holdingsAxelar Gateway contract 0x4F4495243837681061C4743b74B3eEdf548D56A5 holdings tab: ZIG $18.81M, USDC $14.71M, WBTC $6.79M, WETH $4.93M, USDT $2.04M, 255 total tokens, ~$51.5M total Ethereum-side value; retrieved 2026-05-17retrieved 2026-05-17
- Axelar Security — docs.axelar.devQuadratic voting: validator cross-chain confirmation weight = sqrt(stake), preventing raw-stake dominance; section on validator-set security modelretrieved 2026-05-17
- Axelar chain TVL breakdown — DefiLlama APIDefiLlama API chains array: Ethereum 89.23%, Binance 8.94%, Ripple 0.72%, fetched 2026-05-16retrieved 2026-05-16
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →