TVL concentration (top-10 wallet share)
Babylon Protocol'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 #
Top-10 BTC delegator wallet concentration is not quantifiable — Bitcoin Taproot UTXOs cannot be scanned via standard EVM/DeFi tooling (Dune Analytics, DefiLlama wallet scan). Structural concentration is qualitatively high: institutional LRT protocols (Lombard LBTC, Lorenzo Protocol) likely route large BTC positions to specific finality providers. 60 active FPs at Phase-2 launch vs 250+ registered; delegation concentration across FPs unknown. Yellow for evidence gap and qualitative concentration risk.
Sources #
- URLReflexivity Research — Babylon Overview Q1 2025Reflexivity Research Babylon Q1 2025 overview — 47,493 BTC liquid staked by end of Q1 2025, 14.6% QoQ increase; no top-10 depositor breakdown publishedretrieved 2026-05-04
- Mintscan Babylon — Finality Provider registry00-data-cache.json: non_evm_substrate: true — standard on-chain depositor scan inapplicable to Bitcoin-layer Taproot UTXOs. 60 active FPs at Phase-2 launch per profile.meta.json: active_finality_providers_phase2: 60, finality_provider_count_approx: 250.retrieved 2026-05-04
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →