TVL concentration (top-10 wallet share)
Lombard Finance'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 #
Approximately 70% of circulating LBTC supply is deployed in ~2 DeFi protocols (Aave and Morpho) based on 2025 secondary source data. This concentration means a coordinated exit or liquidation cascade in either protocol could affect the majority of circulating LBTC. No live on-chain top-10 holder snapshot was run (no Dune/Graph query); top-10 share is estimated >60%. Concentration pattern is not atypical for a BTC LST but constitutes a structural single-exit risk. Score: yellow (top-10 share likely >60% per secondary sources — threshold for red is >60%).
Sources #
- URL1 Year of Lombard — Lombard Finance BlogLombard 1-year post: '$2B+ in net-new liquidity unlocked' across 15 chains and 100+ DeFi integrations; Morpho cited as major integrationretrieved 2026-05-05
- Use LBTC — Lombard DocsLombard docs: 80+ DeFi protocol integrations; LBTC active on Morpho and Aave as collateralretrieved 2026-05-05
- Bitcoin staking startup Lombard launches LBTC to Solana — The BlockSearch result: 'nearly $2 billion in circulation and 70% of its supply actively deployed in DeFi protocols including Aave and Morpho'retrieved 2026-05-05
- Data gap — no subgraph query for LBTC top-10 holdersCurator note: on-chain top-10 holder snapshot not executed; 70% concentration figure from secondary source, confidence mediumretrieved 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 →