TVL concentration (top-10 wallet share)
M^0'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 #
Minting is permissioned: only TTG-approved institutional Minters can create $M. The Minter set is small by design — M0 Research collateral structure documentation identifies one primary approved structure (CrossLend GmbH SPV with DEKA Bank custodian) and a proposed second (Superstate USTB). Minter-level concentration is inherent to the permissioned architecture and is likely 3–8 active Minters at most. Exact top-10 holder % for $M token holders is unavailable from free-tier sources (Etherscan token holder tab is JS-rendered). Yellow assigned for structural concentration at the Minting layer, partially mitigated by governance controls on Minter admission.
Sources #
- DocsM0 Documentation — Collateral SystemM0 collateral system docs — Minters are permissioned institutional counterparties approved through M0 governance; collateral verified by multi-sig Validatorsretrieved 2026-05-16
- M0 Research — Expanding Available Collateral Structures For MintersM0 Research — collateral structures for Minters: documents CrossLend GmbH SPV + DEKA Bank as primary structure; Superstate USTB as proposed additionretrieved 2026-05-16
Methodology #
Compute the percentage of protocol TVL held in the top-10 depositor addresses.
See the full factor methodology and distribution across all protocols →