TVL concentration (top-10 wallet share)
Chainlink CCIP'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 #
Significant single-counterparty concentration: Coinbase accounts for ~$7B of ~$9.57B+ total value secured (~73%). This is a partnership-level concentration — Coinbase's exclusive CCIP agreement represents the single largest anchor. If Coinbase migrated to alternate bridge infrastructure, value-secured would drop ~73% immediately. LayerZero-migration protocols (Solv ~$700M, Re ~$475M, Kraken kBTC) provide some diversification but each at 4-7% of total. On-chain wallet-level depositor concentration data not available (no DefiLlama breakdown; no per-depositor scan performed). The concentration is structural and well-documented from public sources. Yellow rather than red because: (a) Coinbase is a creditworthy, regulated counterparty not a flight risk; (b) the exclusive agreement is contractual and publicly announced; (c) the LayerZero migration is adding diversification. Would be red if the concentration were from anonymous or low-credit-quality counterparties.
Sources #
- URLCoinbase Selects Chainlink CCIP as the Exclusive Bridge InfrastructureCoinbase press release: exclusive CCIP partnership, $7B wrapped assetsretrieved 2026-05-16
- Chainlink CCIP gains over $2.5 billion in TVL from protocols migrating from LayerZeroThe Block: LayerZero migration protocols list (Solv, Re, Kraken) and TVL figuresretrieved 2026-05-16
- Coinbase Taps Chainlink CCIP as Sole Bridge for $7B in Wrapped TokensCoinDesk: Coinbase taps Chainlink CCIP as sole bridge for $7B in wrapped tokensretrieved 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 →