TVL concentration (top-10 wallet share)
EigenLayer'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 #
TVL is structurally concentrated in a small number of large LRT protocol depositors. ether.fi alone held ~$5.6B in restaked positions as of early 2026; Kelp, Renzo, Swell, and Puffer collectively account for additional billions. The top 5 LRT wallets likely represent 60-70%+ of total EigenLayer TVL. This creates a concentrated withdrawal and governance-influence risk: if one large LRT protocol (e.g., ether.fi) decides to reduce restaking exposure, the impact on EigenLayer TVL would be material. No on-chain top-10 depositor breakdown confirmed (Dune Analytics inaccessible). Qualitative concentration is clear from the LRT market structure.
Sources #
- URLWhat Is Restaking: Complete EigenLayer & EtherFi Guide (2026)DEXTools restaking guide 2026 noting ether.fi $5.6B TVLretrieved 2026-04-28
- EigenLayer LRT Protocols TVL Dropping, EIGEN Down 85%99bitcoins LRT TVL drop data showing concentration in major protocolsretrieved 2026-04-28
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →