Governance token concentration (Gini)

Euler V2's assessment for RD-F-047 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

Euler Multisig (0x25Aa4a) holds 1,582,845 EUL (~8% of 19.8M circulating supply). Co-founder lost $3.8M in EUL (hardware failure) — evidence of significant individual concentration. Gini coefficient not computed (full holder list not available). Top wallet share >=8% circulating suggests moderate-high concentration.

Sources #

Curator note
DLNews article HEAD 404; archive.org Wayback availability API returns empty archived_snapshots for this slug. Underlying event (Euler co-founder Michael Bentley losing access to ~$3.8M of EUL governance tokens via hardware/seed failure) was reported on social media and several outlets but the DLNews URL is unrecoverable. Marking dead pending curator replacement (suggested alternates: Bentley's own X/Twitter thread, Euler governance forum acknowledgement, or alternate news coverage of the EUL token loss). [dead-link, original: https://www.dlnews.com/articles/defi/euler-co-founder-lost-3.8m-worth-of-governance-tokens-after-hardware-failure/]retrieved 2026-05-06
Etherscan
Euler Multisig — 1.58M EUL holdings (~8% of circulating)0x25Aa4a183800EcaB962d84ccC7ada58d4e126992 holdings 1.58M EULretrieved 2026-05-04

Methodology #

Compute the Gini coefficient of governance token holdings across the top-1000 holder addresses.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol euler-v2 factor RD-F-047 score yellow collected_at 2026-05-04 19:56:06