TVL concentration (top-10 wallet share)
Liquid Collective (LsETH)'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 holder concentration data unavailable (Dune Analytics 403 — JS-rendered, per process learnings). Structural inference: LsETH is distributed exclusively through institutional custodians (Coinbase Prime, Anchorage Digital) and enterprise platforms. This model implies high address-level concentration — a small number of custodian omnibus addresses hold the majority of LsETH tokens on behalf of many enterprise end-clients. CoinGecko reports only 317,666 LsETH tokens in circulation, consistent with concentrated institutional holding. Yellow: elevated concentration risk due to custodian omnibus structure; quantified holder share not available; Dune 403 blocks primary verification.
Sources #
- DocsLiquid Collective 2024 Year in Review — platform integrationsLiquid Collective institutional distribution model — Coinbase Prime, Anchorage Digital, enterprise custodian accessretrieved 2026-05-17
- CoinGecko — Liquid Staked ETH (LsETH) price and market dataCoinGecko LSETH page — circulating supply 317,666 tokens, market cap $865.5Mretrieved 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 →