TVL concentration (top-10 wallet share)

Morpho V1 (Morpho Blue + MetaMorpho)'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 #

Two-chain concentration: Ethereum ~50%, Base ~42% of ~$6.6B total TVL. Per-wallet depositor concentration not measured (on-chain subgraph not enumerated). Vault-level concentration: Steakhouse, Re7, Gauntlet, MEV Capital curators drive significant TVL — institutional concentration at the vault aggregation layer.

Detail #

Chain concentration from profile §4: Ethereum ~$3.3B (50%), Base ~$2.76B (42%), Arbitrum ~$70.5M (1%), Optimism ~$14.9M (<1%), others ~$550M (8%). While two primary chains hold 92% of TVL, both are independent deployments with separate market registries — cross-chain contagion is limited by design. Wallet-level concentration not obtainable from DefiLlama or data cache. MetaMorpho vault curators (Steakhouse, Re7, Gauntlet, MEV Capital) each aggregate liquidity from multiple LPs into shared vault positions — individual curators may represent hundreds of millions in concentrated TVL. Yellow: significant chain concentration (two chains = 92%) and structural vault-level concentration without on-chain per-depositor data.

Sources #

Internal
Protocol profile §4 chain breakdownProfile §4: Ethereum ~$3.3B, Base ~$2.76B, Arbitrum ~$70.5M, Optimism ~$14.9M, other ~$550Mretrieved 2026-04-27

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 morpho-v1 factor RD-F-064 score yellow collected_at 2026-04-30 21:19:13