TVL concentration (top-10 wallet share)
Falcon Finance's assessment for RD-F-064 — scored gray on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
On-chain depositor concentration scan not possible: majority of $1.618B collateral is held off-chain by Fireblocks (CVA) and Ceffu (MirrorX) custodians. USDf is an ERC-20 minted by the protocol operator — the on-chain USDf holder distribution does not reflect collateral depositor concentration. Off-chain custody model structurally prevents programmatic top-10 depositor assessment.
Detail #
00-profile.md §7: institutional_custody: true. Profile §1: 'Fund custody is off-chain via Fireblocks (CVA) and Ceffu (MirrorX).' Transparency dashboard (app.falcon.finance/transparency) is JavaScript-rendered and returned no data via WebFetch. No on-chain collateral pool exists to enumerate depositor shares.
Sources #
- Curator noteFalcon Finance profile — institutional_custody: true.research/protocols/falcon-finance/00-profile.md §7retrieved 2026-05-12
- Falcon Finance Transparency Dashboard (JS-rendered, data not accessible via WebFetch)https://app.falcon.finance/transparencyretrieved 2026-05-12
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →