On-chain concentration data for our stablecoin universe.
What is it?
The Holder Concentration Index (HCI) measures how much of a token’s circulating supply is held by a small group of wallets. When a handful of addresses control most of the supply, you face amplified depeg risk if those holders sell simultaneously.
For each token, you get data across two cohorts:
| Cohort | What it captures |
|---|
| Top 10 | Share concentration among the 10 largest non-contract, non-exchange wallets |
| Top 30 | Broader view of whale concentration (when available) |
index — a Herfindahl-style score (0–1): sum of squared fractional holdings. Higher = more concentrated.topSharePct — the linear percentage of supply held by those wallets (0–100). This is not index × 100; the two measure different things.riskBand — categorical classification based on threshold derivation (see below).
Risk Bands
riskBand is derived from the Herfindahl index field:
| Band | index range | Interpretation |
|---|
low | < 0.2 | Broadly distributed — whale exit unlikely to move the market |
medium | 0.2 – 0.4 | Moderate concentration — worth watching for large transfers |
high | 0.4 – 0.6 | Concentrated — a few exits could cause meaningful price impact |
extreme | ≥ 0.6 | Highly concentrated — single-whale sell events pose significant depeg risk |
meta.riskBandThresholds, so you can verify classification without consulting external docs.
HCI and depeg risk are complementary signals. A token can have a low Depeg Monitor score (price is stable today) but an extreme HCI (a single holder controls 60%+ of supply). The HCI surfaces latent structural risk that depeg price metrics miss until it materialises.
How HCI Affects the Safety Grade
HCI feeds directly into the Structural pillar (30% of the Safety Grade). For non-fiat tokens, the Safety Grade uses topSharePct — the linear supply share — to apply adjustment penalties:
| Condition | topSharePct threshold | Adjustment |
|---|
| Extreme concentration | top-10 holders ≥ 50% of supply | −15 pts |
| High concentration | top-10 holders 30–50% of supply | −10 pts |
| Medium concentration | top-10 holders 10–30% of supply | −5 pts |
HCI adjustments are exempt for fiat_reserve tokens (USDC, USDT, etc.). Fiat-backed holders redeem at $1 with the issuer — there is no exit-dump amplification risk. Crypto-collateral, delta-neutral, and algo tokens face real cascade risk from concentrated exits.
riskBand is computed from the Herfindahl index (a non-linear concentration measure), while the Safety Grade penalty uses topSharePct (a linear supply share). A token can sit in the medium Herfindahl band while still crossing the 30% topSharePct threshold that triggers a Safety Grade penalty — and vice versa.
Filters and Sorting
| Parameter | Type | Description |
|---|
chain | string | Filter to a single chain (eth, arb, base, opt, pol, bsc, sol) |
riskBand | enum | Return only tokens in that band (low / medium / high / extreme). Case-sensitive. |
minTop10Index | number (0–1) | Minimum top-10 HCI index. E.g. 0.4 returns high and extreme tokens only. |
sort | enum | top10Index (default) · top30Index · holderCount · symbol · chain |
order | enum | desc (default) · asc |
page / pageSize | integer | Default page size 50, max 500. |
byRiskBand counts
meta.byRiskBand is always computed before the riskBand filter. This lets you display the full ecosystem breakdown (how many tokens are extreme right now?) even when you are viewing a filtered subset. meta.totalUnfiltered gives you the unfiltered record count for the same reason.
Common Use Cases
| Goal | Parameters |
|---|
| Tokens with highest concentration risk | sort=top10Index&order=desc |
| Extreme-band tokens on Ethereum only | chain=eth&riskBand=extreme |
| Tokens with high+ top-10 concentration index | minTop10Index=0.4 |
| Sort alphabetically for a token picker | sort=symbol&order=asc |
| Ecosystem risk snapshot (band distribution) | Any request — read meta.byRiskBand |
