TVL concentration (top-10 wallet share)

Cap (cUSD / stcUSD)'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 #

Collateral basket significantly concentrated in UNIBTC (~$191.9M, ~56% of total per DefiLlama holdings 2026-05-17). Protocol docs state 40% single-asset concentration cap; UNIBTC may include operator-posted Symbiotic restaking collateral (distinct layer). If user-deposit basket is UNIBTC-concentrated above the cap, this is both a governance and economic risk finding. BTC-derivative concentration creates correlation risk under BTC stress scenarios. Top-10 depositor wallet share not available from on-chain scan.

Sources #

URL
DefiLlama — Cap holdings compositionhttps://defillama.com/protocol/capretrieved 2026-05-17
URL
Cap docs — 40% single-asset concentration caphttps://docs.cap.app/llms-full.txtretrieved 2026-05-17

Methodology #

Compute the percentage of protocol TVL held in the top-10 depositor addresses.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol cap factor RD-F-064 score yellow collected_at 2026-05-17 10:56:24