TVL concentration (top-10 wallet share)
Symbiotic'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 #
On-chain depositor-address concentration not retrievable (Dune Analytics 403). Collateral-asset concentration IS measurable: wstETH represents approximately 64.2% of total TVL; cbETH second; wBETH, rETH, mETH, sfrxETH also present. This is single-asset-class concentration risk — all core collateral types are Ethereum LSTs with correlated underlying (ETH price, Ethereum validator performance). sUSDe (stablecoin) is the main non-ETH asset but a small fraction. Yellow: high asset-type concentration in correlated LST collateral; depositor-address concentration not measured.
Sources #
- URLwstETH Vaults on Symbiotic: The Leading Collateral ChoiceInceptionLRT blog: wstETH accounts for 64.2% of Symbiotic total TVL; cbETH second; wBETH thirdretrieved 2026-05-16
- Current State of Symbiotic — LlamaRisk ResearchLlamaRisk: wstETH dominates deposit pool; all major collaterals are LSTs correlated to ETHretrieved 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 →