TVL concentration (top-10 wallet share)
OpenEden'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 #
42 total TBILL holders across all chains (Ethereum 34, XRPL 3, Arbitrum 3, Solana 2). With only 42 holders, top-10 wallet concentration is structurally very high (likely >80%). XRPL substrate holds 30.96% (~$39.67M) anchored significantly by Ripple's $10M Aug-2024 investment — single-entity concentration risk. 30-day active addresses: 11. Institutional-only access ($100K minimum subscription) means the holder base is concentrated by design. A single large institutional exit (as occurred Oct-2024: ~$30M withdrawal post co-founder termination) can produce outsized TVL movement.
Sources #
- URLCoinDesk — Ripple $10M XRPL TBILL anchor investmenthttps://www.coindesk.com/business/2024/08/01/ripple-to-allocate-10m-to-tokenized-us-treasury-bills-on-xrp-ledgerretrieved 2026-05-16
- OpenEden data cache — chain breakdown00-data-cache.json sources.defillama.chains: XRPL tvl_usd=39665394, pct=30.96retrieved 2026-05-16
- rwa.xyz — TBILL asset page: 42 total holders, 11 active/30d, monthly volume $34.7Mhttps://app.rwa.xyz/assets/TBILLretrieved 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 →