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<p>This study examines systemic risks in decentralized lending protocols stemming from “mega-whales”—large users with transaction volumes exceeding $100 million—who dominate liquidity dynamics. Using high-frequency transaction-level data from major protocols (<i>Aave v2/v3</i>, <i>Compound v2/v3</i>, <i>Morpho Blue</i>, <i>Flux</i>, and <i>SparkLend</i>) spanning August 2024 to August 2025, we identify 550 mega-whales and analyze their impacts across market size, structural risks, and user activity. Key findings reveal the following: (1) The net growth in both mega-whale deposits and borrowing is negatively correlated with the market-size dynamics of lending protocols, while arbitrage-driven behaviors (such as token diversification and platform switching) further fragment the growth of Total Value Locked (TVL); (2) Although whale borrowing serves to temporarily stabilize leverage ratios, deposit activities may adversely impact systemic stability; however, an increase in mega-whale deposits is found to positively stimulate the growth and participation of unique depositors; (3) Utilizing event-window controls around DeFi shocks, we confirm that these effects are strongly associated with mega-whale activities rather than market-wide events. These results point to participation patterns that may be inconsistent with DeFi’s egalitarian ethos, suggesting that economic concentration could influence market dynamics.</p>

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Mega-whale driven decentralized lending protocols

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年7月22日

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  • Xiaotong Sun,
  • Charalampos Stasinakis,
  • Georgios Sermpinis

摘要

This study examines systemic risks in decentralized lending protocols stemming from “mega-whales”—large users with transaction volumes exceeding $100 million—who dominate liquidity dynamics. Using high-frequency transaction-level data from major protocols (Aave v2/v3, Compound v2/v3, Morpho Blue, Flux, and SparkLend) spanning August 2024 to August 2025, we identify 550 mega-whales and analyze their impacts across market size, structural risks, and user activity. Key findings reveal the following: (1) The net growth in both mega-whale deposits and borrowing is negatively correlated with the market-size dynamics of lending protocols, while arbitrage-driven behaviors (such as token diversification and platform switching) further fragment the growth of Total Value Locked (TVL); (2) Although whale borrowing serves to temporarily stabilize leverage ratios, deposit activities may adversely impact systemic stability; however, an increase in mega-whale deposits is found to positively stimulate the growth and participation of unique depositors; (3) Utilizing event-window controls around DeFi shocks, we confirm that these effects are strongly associated with mega-whale activities rather than market-wide events. These results point to participation patterns that may be inconsistent with DeFi’s egalitarian ethos, suggesting that economic concentration could influence market dynamics.