TVL concentration (top-10 wallet share)

Pendle Finance'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 #

Asset-level concentration is materially elevated. At ATH, >50% of Ethena sUSDe's global supply was deposited in Pendle. Top 3-5 assets (sUSDe, stETH, weETH, USDG) are estimated to represent 80-90% of TVL. Wallet-level top-10 scan was not achievable (Dune 403, DefiLlama HTML 403). Yellow because the asset concentration is real and documented but full wallet-level Gini is unavailable.

Sources #

URL
OAK Research — Pendle Comprehensive OverviewOAK Research: 'more than 50% of the sUSDe supply locked on Pendle (~2.7B dollars)'retrieved 2026-04-29
URL
Pendle V2 API — Ethereum MarketsPendle market API: top markets by liquidity as of 2026-04-29 showing stablecoin markets dominatingretrieved 2026-04-29

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 pendle factor RD-F-064 score yellow collected_at 2026-04-28 21:09:40