TVL concentration (top-10 wallet share)

Midas'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 #

mToken issuance is KYC-gated and permissioned (greenlist). Top-10 holder share is not computable from public deposit-event logs or standard subgraph queries: the DepositVault tracks per-user deposits internally but no public subgraph or Dune Analytics query enumerates top-holder concentration across all mTokens and 28+ chains. On-chain holder count for mTBILL is approximately 280 addresses on Ethereum (Etherscan holders tab), suggesting institutional-level concentration is plausible but the exact share is not derivable. Cannot grade.

Sources #

Etherscan
Etherscan — mTBILL token holdersmTBILL token holders tab — approximately 280 holders on Ethereum as of 2026-05-16; no public subgraph to enumerate share distributionretrieved 2026-05-16
Internal
Midas protocol profile §3.research/protocols/midas/00-profile.md §3 (permissioned issuance, whitelist-gated); 28+ chain deployment without unified subgraphretrieved 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 →

rubric_version v1.7.0 protocol midas factor RD-F-064 score gray collected_at 2026-05-16 09:34:55