TVL concentration (top-10 wallet share)
Marinade 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 #
mSOL has 150,000+ holders (broad retail distribution). However, Kamino held 647,145 mSOL at Q4 2025 end — approximately 26-28% of total mSOL supply (2.32-2.47M circulating). Single DeFi venue concentration above 25% is a meaningful finding: rapid Kamino deleveraging would spike instant-unstake pool pressure and depress mSOL/SOL on-chain price. On-chain top-10 wallet share % not programmatically accessible (Solscan 403, Dune 403); yellow based on venue-level concentration evidence. Broad holder count mitigates retail-concentration risk but does not offset DeFi-venue concentration.
Sources #
- URLMessari — State of Marinade Q4 2025Messari Q4 2025 State of Marinade report — Kamino held 647,145 mSOL at quarter-end (largest mSOL venue), mSOL TVL declined 26.9% QoQretrieved 2026-05-16
- CoinMarketCap — Marinade Staked SOL (mSOL)CoinMarketCap mSOL page — 2.32M-2.47M circulating supply; 150,000+ holders as of April-May 2026retrieved 2026-05-16
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →