TVL concentration (top-10 wallet share)

Spiko'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 #

Spiko reports 'over 1,000 active investors, including over 500 legal entities' as of March 2025 (Arbitrum STEP-2 application), but top-10 wallet concentration is not publicly disclosed. Tokens are KYC-whitelisted — transfers are restricted to approved addresses — which structurally limits retail distribution and increases institutional concentration probability. No on-chain holder scan was performed across all 7 chains within evidence budget. Scored yellow: institutional-tier concentration likely meaningful but not quantified.

Sources #

Governance
Arbitrum Foundation STEP-2 Application — Spiko USTBLArbitrum STEP-2 application — investor count disclosure: 'over 1,000 active investors, including over 500 legal entities'retrieved 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 →

rubric_version v1.7.0 protocol spiko factor RD-F-064 score yellow collected_at 2026-05-15 22:52:13