Concentration & loop snapshot (LSD/LRT side) Across the vaults we’ve flagged, we see a few places where market structure is driven by a small number of addresses or looped positions. On the ETH LSD/LRT side, the stETH/ezETH yield layer uses Aave Lido/Core markets where Cian is effectively the dominant ezETH supplier (around mid-90s % of total supply) and a top wstETH borrower (around 20% of total borrow), with related positions running LTVs in the high-80% range. In the rseth yield layer, two loop addresses account for about 41.2% and 19.6% of rseth supply respectively (roughly 60% combined), and the vault’s current LTV is around 91%. In the arb wstETH arb_vault on Aave Arbitrum, the largest wstETH borrower is a rseth–wstETH loop address with roughly 3,638 wstETH outstanding, while our own position runs at an LTV of about 64%. These concentration patterns are tracked as part of our ongoing monitoring and feed directly into how we size exposure in these LSD/LRT-related markets. Not financial advice — DYOR always. #DeFi #RWA #Stablecoin #Yield #CianYieldlayer