TVL concentration (top-10 wallet share)
ether.fi'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 #
On-chain depositor concentration data unavailable — Dune Analytics blocked (403). At $5B+ TVL, institutional-grade protocols typically exhibit high whale concentration (70-90% from top depositors >$1M per DeFi vault research). ether.fi's institutional positioning (Maple Finance weETH-for-institutions partnership, institutional staking page) strongly suggests large-ticket depositor concentration. PrismaRisk weETH assessment noted high Pendle concentration (71.88% of weETH on Pendle at time of assessment), implying few large yield-farming accounts drive a significant share of supply. Rated yellow for concentration risk based on indirect evidence; curator should confirm with Dune on-chain depositor scan.
Sources #
- Docsether.fi Institutional Stakingether.fi institutional staking page — https://www.ether.fi/institutionalretrieved 2026-04-28
- PrismaRisk weETH Collateral Risk AssessmentPrismaRisk weETH collateral assessment — hackmd.io/@PrismaRisk/weETH — '71.88% of weETH supply on Ethereum is on Pendle Finance'retrieved 2026-04-28
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →