TVL concentration (top-10 wallet share)
Balancer (v2 + v3)'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 depositor wallet concentration cannot be precisely computed for Balancer without a multi-pool subgraph query across hundreds of separately-tracked BPT contracts. Qualitatively, concentration is elevated: Aura Finance controls a large fraction of veBAL votes (meta-governance capture documented in profile §11) and holds BPTs in the 80/20 BAL/WETH pool. The remaining $115.8M TVL is concentrated 74.79% on Ethereum alone. No single confirmed top-10 wallet breakdown available from data cache (Dune subgraph not queried). Scored yellow as conservative estimate reflecting known Aura concentration and the dramatic TVL decline that has compressed the LP base. If Aura or another large LP exits, remaining pool depth would deteriorate rapidly.
Sources #
- DocsBalancer Governance DocumentationProfile §6 and §11: Aura Finance controls significant veBAL votes; meta-governance capture flaggedretrieved 2026-05-05
- DefiLlama Balancer Chain CompositionDefiLlama chain breakdown: Ethereum 74.79%, Arbitrum 6.38%retrieved 2026-05-05
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →