TVL concentration (top-10 wallet share)
Ethena'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 #
Precise top-10 depositor on-chain scan not performed (programmatic tool unavailable). Proxy evidence: Aave V3 holds $4.7B in Ethena-related deposits, representing >55% of peak USDe supply — a single-protocol concentration that creates reflexive unwind risk during USDe contraction. Additional concentration in Morpho, Pendle, and large institutional minters. Ethena itself holds $580M of backing assets (USDC + USDtb) deployed into Aave, creating a reflexive loop between USDe backing and DeFi composability. Rated yellow on proxy evidence of high protocol-level concentration; exact top-10 wallet share unquantified.
Sources #
- GovernanceLlamaRisk Insights — Addressing Ethena Aave Exposurehttps://governance.aave.com/t/llamarisk-insights-addressing-ethenas-aave-exposure/23245retrieved 2026-04-28
- Aave Governance — Aave Growing Exposure to Ethenahttps://governance.aave.com/t/aave-s-growing-exposure-to-ethena-risk-implications-throughout-the-growth-and-contraction-cycles-of-usde/22791retrieved 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 →