defirisk.co
rubric v1.7.0

TVL concentration (top-10 wallet share)

Chainlink CCIP'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 #

Significant single-counterparty concentration: Coinbase accounts for ~$7B of ~$9.57B+ total value secured (~73%). This is a partnership-level concentration — Coinbase's exclusive CCIP agreement represents the single largest anchor. If Coinbase migrated to alternate bridge infrastructure, value-secured would drop ~73% immediately. LayerZero-migration protocols (Solv ~$700M, Re ~$475M, Kraken kBTC) provide some diversification but each at 4-7% of total. On-chain wallet-level depositor concentration data not available (no DefiLlama breakdown; no per-depositor scan performed). The concentration is structural and well-documented from public sources. Yellow rather than red because: (a) Coinbase is a creditworthy, regulated counterparty not a flight risk; (b) the exclusive agreement is contractual and publicly announced; (c) the LayerZero migration is adding diversification. Would be red if the concentration were from anonymous or low-credit-quality counterparties.

Sources #

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 chainlink-ccip factor RD-F-064 score yellow collected_at 2026-05-16 01:55:09