TVL concentration (top-10 wallet share)

Frax 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 top-10 depositor wallet share not retrievable via free-tier API. Dune Analytics returns 403. Proxy data: frxUSD top-5% active addresses contributed >80% of on-chain transactions (LlamaRisk Jul 2025); FXS governance token: one wallet held 33.5% of supply (late 2024). Structural concentration likely in both stablecoin usage and governance token, but depositor TVL concentration cannot be quantified without Dune or on-chain query.

Sources #

URL
LlamaRisk: frxUSD Pegkeeper Onboarding ReviewLlamaRisk frxUSD Pegkeeper review; frxUSD user concentration data (top 5% addresses >80% of transactions)retrieved 2026-05-17
Curator note
Curator note: Dune 403 gap for depositor wallet concentrationDune Analytics 403 — TVL depositor concentration by wallet not programmatically accessible. FXS supply concentration proxy from web search results (1 wallet = 33.5% FXS, late 2024).retrieved 2026-05-17

Methodology #

Compute the percentage of protocol TVL held in the top-10 depositor addresses.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol frax factor RD-F-064 score gray collected_at 2026-05-16 20:44:31