Accounting and decentralization methodology
Equal-sized chips represent equal amounts of money. A large chip holds the same amount as 100 small chips. The platforms show where that money is; they add no money of their own.
Dollar amounts use USD. Observation times are UTC. Data and attribution are estimates; source observations are asynchronous.
Inventory and coverage
The inventory starts with circulating ETH, selected fiat-backed USD assets, Treasury claims and tokenized gold. Tokenized Bitcoin and utility tokens include only measured reserves in selected contracts, not full issued supply or market capitalization. Chain circulation uses a $1M cutoff.
Allocation
Located positions plus the wallet estimate equal each asset’s inventory. Bridge backing and receipts are not added again. Aave and Morpho use adjusted reserves. Uniswap pools and selected vaults use address-based token balances; missing or paginated composition remains partial.
Staking and wrappers
The staking halo sums validator balances in a finalized Ethereum consensus state, including balances awaiting withdrawal. It subtracts the approximate ETH backing of tracked liquid-staking positions once. Conversion uses the source LST/ETH price ratio; untracked backing remains in the halo. The observation time comes from the finalized slot.
Scale and structure
Every positive platform uses the same dollar-to-area scale; L2 boards are subsets of the Ethereum foundation, and the halo is separate. Only monetary chips add capital. A large chip has 100 times the geometric capacity of a small chip. Fractions preserve the exact amount. Geometry and denominations stay fixed when zooming.
24h net flows
Estimated change in covered token quantities, valued at ending prices. May include yield, rebases or source reclassifications. Internal protocol flows are not added into L2 flows. Carpet motion shows direction; brightness follows the absolute net flow. Missing or stale observations leave the carpet unlit.
Data and coverage
A scheduled daily run advances collection, one source at a time. Refresh reads a saved snapshot. Shared leases and provider cooldowns limit requests; failed sources retain their last good observation. Financial observation time is kept separate from collection time. A successful check does not make old observations new.
In wallets
Wallet amounts are estimates: supply minus the protocol, staking and bridge positions we can identify. Untracked contracts can remain in this category.
The spectrum from decentralization to centralization
D0 is as decentralized as Ethereum L1 itself. D1–D9 describe the many ways people can have more power over a system. The ratings describe on-chain powers, not who holds a wallet’s keys. They are judgments based on published evidence, not safety guarantees.
ETH is D0 on L1. Put it on a D4 rollup and it becomes D4 there: it also depends on that rollup. The same rule applies to tokens inside protocols. When we know only a minimum rating, we show “at least” (≥). The reasons are in the detail panel.
As decentralized as Ethereum L1 itself within the reviewed mechanism; no additional administrator can rewrite its principal or exit rules.
Bounded settings can change, while the reviewed asset custody and exit mechanism remains fixed.
An oracle, allocation role, pause or other external operation materially affects the position without arbitrary replacement of its core.
Governance can change the system through a documented delay; user vetoes and exit protections are assessed explicitly.
An elected, accountable and diverse council can act immediately, alongside a delayed normal governance route.
A formally governed council shares immediate authority with a foundation, with additional foundation or fallback powers.
An operator shares immediate authority with an appointed council, with limited public governance or removal rights.
A concentrated administrator or committee can replace core rules without a verified protective delay and independent veto.
The operator also restricts who may validate or challenge state, or can defeat ordinary inclusion or exit mechanisms.
An issuer or custodian controls the backing, redemption or seizure of the asset. This dimension is additional to the chain it uses.
Evidence and review
D ratings are editorial assessments of on-chain powers, not probabilities of loss or independent audits. Financial refreshes cannot update the control registry. Its dated source notes are retained in their original English, with links to evidence.
Assessment reviewed: . ETH, selected stablecoins, tokenized Bitcoin and real-world assets, counted once. Rings show assets outside mapped apps; mesas show capital inside. This is a partial inventory, not a sum of protocol TVLs.
Source notes (English)
Ethereum L1 · D0
The world's maximally decentralized global hub.
Baseline by definition; not a claim of absolute or maximal decentralization in every dimension.
ETH · D0
Native ETH follows Ethereum account and consensus rules without a separate token issuer.
Native asset rules on L1; custody, staking, smart-wallet modules and protocol placement must be assessed separately.
WETH · D0
The canonical WETH9 wrapper has fixed deposit and withdrawal rules and no privileged owner.
Canonical Ethereum WETH9 only; same ticker on another chain or contract is not covered.
Uniswap v2 · D0
Core pool custody and LP exits are immutable; token controls are assessed separately.
Authentic v2 core pairs; excludes token issuers, routers with custody, hosted interfaces, and external staking wrappers.
Uniswap v3 · D0
Core pool custody and LP exits are immutable; token controls are assessed separately.
Authentic v3 core pools; excludes frontends, managed positions, and asset-issuer dependencies.
Uniswap v4 · ≥ D0
The core is immutable. Pool-specific hooks can add administration or dependencies and are not individually reviewed in this aggregate.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Uniswap, unspecified version · D?
A version and pool scope are required; a brand-wide tier would conceal hook and wrapper differences.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Aave v3 · D3
Governance can update the lending system; guardians can pause markets and risk roles manage parameters.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Aave v2 · D3
Governance controls protocol updates and a guardian can pause emergency operations.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
SparkLend · D3
Governance can upgrade the pool and execute changes after the governance delay.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Spark Liquidity Layer · ≥ D3
Governance controls allocation across destinations; each destination can add further administration or custody.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Sky / Maker · D3
Governance controls issuance, collateral policy, and system changes through executive actions.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Lido · ≥ D3
DAO changes normally wait three days; stETH holders can delay governance and trigger a withdrawal process. Emergency exceptions remain a separate review item.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
stETH · ≥ D0
The stETH claim inherits Lido governance, oracle and withdrawal arrangements.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
wstETH · D0
The fixed wrapper preserves the stETH and Lido dependencies underneath it.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Rocket Pool · ≥ D2
Oracle reporting and upgrade governance add dependencies; the complete current emergency and delay boundaries remain under review.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
rETH · D0
The rETH claim inherits Rocket Pool governance and oracle reporting.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
ether.fi staking · D3
Contract changes are timelocked; a separate operator role can pause or invalidate pending withdrawals.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
eETH · ≥ D3
The staking claim inherits ether.fi governance and any restaking dependencies of the underlying position.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
weETH · D0
The wrapper preserves eETH staking and restaking dependencies.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
EigenLayer · D7
An emergency multisig can replace protocol rules immediately, bypassing the normal upgrade timelock.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Morpho markets · ≥ D2
Markets have immutable parameters, but their selected oracles and collateral affect liquidations; this is a cohort-level approximation.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Morpho vaults · ≥ D2
Curators and allocators choose market exposure; each vault can add its own delay, adapter and access arrangements.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Fluid · ≥ D2
The liquidity layer has configurable withdrawal limits and replaceable code. Its current upgrade safeguards need a deployment-specific review.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Curve, mixed pools · D?
Curve versions and pools have different admin, oracle, and wrapper dependencies.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDC · D9
Circle controls token blocking and the offchain reserves needed for redemption.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDT · D9
Tether can freeze and destroy balances and controls redemption of the backing.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
DAI · ≥ D2
Governance-authorized issuance inherits Sky and the collateral backing used by the system.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDS · ≥ D3
Upgradeable issuance inherits Sky governance and the collateral backing used by the system.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
sUSDS · ≥ D3
The savings contract inherits USDS governance, collateral backing and its own upgrade arrangements.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
WBTC · D9
BTC backing is held by institutional custodians and redeemed through authorized merchants.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
cbBTC · D9
Coinbase holds the BTC backing and controls the wrapped-token contract.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDe · D9
Backing depends on custodial and exchange operations with permissioned direct redemption.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Ethena · D9
The backing strategy depends on custodians, exchanges, and privileged mint/redeem operations.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
sUSDe · D9
The staking receipt retains USDe’s custodial-backing dependencies.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDG · D9
Paxos controls reserve redemption and can freeze or wipe token balances.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
PYUSD · D9
Paxos issuer custody and asset-protection controls remain part of the asset.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
USDP · D9
Paxos issuer custody and asset-protection controls remain part of the asset.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
PAXG · D9
Paxos issuer custody and asset-protection controls remain part of the asset.
Ethereum mainnet deployment; asset-level dependencies assessed separately.
Base · D6
An appointed 8-of-11 council and Coinbase must both approve upgrades; there is no timelock or DAO removal route.
Base mainnet, chain ID 8453; settlement and data availability on Ethereum.
Validation: TEE and ZK proof arms; permissionless challenges, with Coinbase controlling the TEE allowlist.
Upgrades: Coinbase 3/6 + Council 8/11 jointly approve; no timelock.
Accountability: Appointed council with self-administered membership; no token-governance removal route.
Exits: L1 forced inclusion; immediate upgrades provide no exit window.
Arbitrum One · D4
An elected 9-of-12 council can make immediate emergency changes; ordinary upgrades follow delayed DAO governance.
Arbitrum One; excludes AnyTrust/Nova.
Validation: Permissionless BoLD challenges; Ethereum data availability.
Upgrades: 9/12 emergency council; delayed DAO and non-emergency changes.
Accountability: DAO-elected cohorts, removal powers, organizational limits and a published constitution.
Exits: L1 inclusion and normal upgrade delays; emergency authority can bypass the delay.
OP Mainnet · D5
A 10-of-13 elected council and the Foundation jointly authorize upgrades; a signer-loss fallback can return authority to the Foundation.
OP Mainnet; an OP Stack brand alone is not sufficient to assign another chain.
Validation: Permissionless fault-proof participation; Ethereum data availability.
Upgrades: Joint Foundation + 10/13 Council approval; immediate emergency execution.
Accountability: Elected cohorts and a charter; Foundation fallback if council availability drops below eight.
Exits: L1 forced inclusion; there is no enforced exit window for immediate upgrades.
Robinhood Chain · D8
Immediate upgrades, two whitelisted challengers and operator transaction filtering concentrate authority beyond a public security council model.
Robinhood mainnet, chain ID 4663; Ethereum-settled rollup, not a child of Arbitrum One.
Validation: Fraud proofs are deployed, but only two whitelisted actors may challenge.
Upgrades: No enforced upgrade delay; operator-governed administration.
Accountability: No independent elected security council is documented for this deployment.
Exits: Transaction filtering can defeat forced inclusion; permissionless exit guarantees are limited.
Compound III · D3
Timelocked governance can replace Comet and alter its configuration; a guardian can pause operations.
Canonical deployed product; additional asset and chain dependencies compose separately.
cbETH · D9
Coinbase holds the underlying staking position and controls the token’s administration.
Canonical deployed product; additional asset and chain dependencies compose separately.
Binance staked ETH · D9
Binance operates the staking and redemption service represented by WBETH.
Canonical deployed product; additional asset and chain dependencies compose separately.
WBETH · D9
The token represents ETH staked through Binance and inherits its custodial service.
Canonical deployed product; additional asset and chain dependencies compose separately.
Pendle v2 · ≥ D2
Yield wrappers and underlying yield protocols add dependencies that differ by market.
Canonical deployed product; additional asset and chain dependencies compose separately.
Aerodrome v1 · ≥ D1
Factory fee and swap-pause roles add administration; underlying Base safeguards still apply.
Canonical deployed product; additional asset and chain dependencies compose separately.
Aerodrome Slipstream · ≥ D1
Pool administration and concentrated-liquidity configuration add local powers; underlying Base safeguards still apply.
Canonical deployed product; additional asset and chain dependencies compose separately.
Lighter on Robinhood · ≥ D2
The application has its own operator and proof system and is built on Robinhood; its full local authority is still being reviewed.
Canonical deployed product; additional asset and chain dependencies compose separately.
Spark Savings · ≥ D3
Savings and allocation contracts inherit Sky governance; destination-specific custody may add stronger restrictions.
Canonical deployed product; additional asset and chain dependencies compose separately.
Robinhood canonical bridge · D8
This bridge inherits the upgrade and validation arrangements of robinhood.
Canonical bridge contracts; balances represented on Robinhood must not also be counted as separate L1 capital.
Base canonical bridge · D6
This bridge inherits the upgrade and validation arrangements of base.
Canonical escrow/control path, not an additional capital stock.
OP canonical bridge · D5
This bridge inherits the upgrade and validation arrangements of optimism.
Canonical escrow/control path, not an additional capital stock.
frxETH · ≥ D3
Frax governance and staking operators administer issuance and backing; emergency safeguards require further review.
Canonical deployed product; additional asset and chain dependencies compose separately.
sfrxETH · D0
The yield wrapper inherits frxETH and its staking system.
Canonical deployed product; additional asset and chain dependencies compose separately.
ezETH · ≥ D3
Renzo governance, its withdrawal arrangements and EigenLayer all affect the staking claim.
Canonical deployed product; additional asset and chain dependencies compose separately.
rsETH · D9
The issuer documents per-address transfer holds and recovery of frozen balances to custody.
Canonical deployed product; additional asset and chain dependencies compose separately.
BUIDL · D9
Fund ownership and redemption depend on BlackRock, Securitize and qualified-investor transfer controls.
Canonical token mechanism; deployment-specific custody adds inherited bounds.
USDY · D9
A permissioned issuer claim backed by Treasury assets and bank deposits; redemption depends on Ondo and its custodians.
Canonical token mechanism; deployment-specific custody adds inherited bounds.
USYC · D9
Tokenized fund shares depend on the fund manager, custody, investor eligibility and redemption rules.
Canonical token mechanism; deployment-specific custody adds inherited bounds.
XAUT · D9
Tether controls issuance and redemption of claims on physical gold held in custody.
Canonical token mechanism; deployment-specific custody adds inherited bounds.
tBTC · ≥ D2
BTC redemption relies on an external threshold-signing network; governance and bridge safeguards add dependencies.
Canonical token mechanism; deployment-specific custody adds inherited bounds.
Data downloads
Oldest dated observation: Sep 17, 2026, 2:26 PM UTC.
Some source dates are unavailable.
Accounting notes · Source notes (English)
- Aave and Morpho positions use provider-adjusted underlying reserves, excluding borrowed funds and specified recursive or issuer claims. These are reserve estimates rather than gross supplied balances.
- Stablecoin circulation is already USD-valued and adjusts canonical source-chain escrow. Bridge backing is not subtracted a second time.
- Asset identities come from reviewed source IDs and chain-specific evidence. A matching ticker alone does not establish token identity.
- Uniswap and selected vaults can allocate directly measured token balances by chain, contract and owner address. Synthetic compositions, pool TVL and fully diluted values never create monetary inventory.
- Negative or conflicting source balances are excluded. Asynchronous source observations and provider rounding limit attribution precision.
- ETH in wallets on L1 is the residual estimate after identified protocol, staking and bridge positions, not an address census. Untracked contracts and bridges can remain in it. Native ETH has on-chain rating D0; holder custody is outside the rating scope.
- Circulation uses a $1 million asset/chain cutoff. Protocol feeds use a $5 million TVL cutoff; selected pool discovery starts at $1 million. Direct custody balances add detail independently. Coverage is partial, not exhaustive.
- L2 represented ETH uses the greater of covered canonical backing and directly located protocol reserves, with protocol positions carved out of the same inventory. It is a partial coverage bound, not total rollup TVS.
- The staking halo subtracts tracked liquid-staking ETH backing once. Conversion uses provider LST/ETH price ratios as estimates, not audited redemption rates. Untracked backing may remain in the halo.
- The staking aggregate sums validator balances from a finalized Ethereum consensus state, including balances awaiting withdrawal. Its slot determines the observation timestamp; price changes and failed requests do not renew it.
- Tokenized Bitcoin and selected utility/governance tokens cover measured reserves, not full minted supply, global market capitalization or complete wallet balances. New contract identities do not imply completed control reviews.
- Financial observation dates, collection time and control-registry review dates are separate. Failed source requests retain prior useful observations.