How DeBank's $1M+ profiles allocate capital
279 ranked DeBank profiles, portfolio snapshot collected June 9, 2026.
Executive Summary
- The cohort controls $3.7B. DeBank attributes 88.5% to protocol positions; the top 10 wallets control 37.9% of cohort wealth.
- Hyperliquid and Aave V3 have the broadest adoption: 139 and 138 profiles. Aave V3 holds 19.2% of cohort wealth versus Hyperliquid's 5.6%.
- Ethereum dominates capital: 98.6% of profiles use it and 73.3% of wealth sits there. Most wallets are economically chain-loyal despite broad multichain activity.
- Leverage is material: 155 profiles have at least $1 of protocol debt; 93 show a minimum reported health rate below 1.2.
- Perp adoption is asymmetric: 111 use Hyperliquid without Lighter, 28 use both, and 7 use only Lighter.
Protocol adoption is broad; capital is more concentrated
Usage counts profiles with at least $1 of assets, debt, or absolute net position value. Hyperliquid narrowly leads adoption, while Aave V3 is the capital leader. Merkl's high user count but tiny value illustrates why adoption and capital need separate views.
| Protocol | Profiles | Adoption | Net value | Wealth share |
|---|---|---|---|---|
| Hyperliquid | 139 | 49.8% | $210.1M | 5.6% |
| Aave V3 | 138 | 49.5% | $716.0M | 19.2% |
| Merkl | 120 | 43.0% | $143.2K | 0.0% |
| ether.fi | 102 | 36.6% | $43.9M | 1.2% |
| Pendle V2 | 94 | 33.7% | $60.0M | 1.6% |
| Morpho | 93 | 33.3% | $293.6M | 7.9% |
| Euler | 71 | 25.4% | $100.4M | 2.7% |
| LIDO | 70 | 25.1% | $92.7M | 2.5% |
| Curve | 68 | 24.4% | $19.6M | 0.5% |
| Ethena | 62 | 22.2% | $15.1M | 0.4% |
| Convex | 61 | 21.9% | $10.7M | 0.3% |
| Aave V2 | 54 | 19.4% | $2.3M | 0.1% |
| GMX | 54 | 19.4% | $1.8M | 0.0% |
| Aerodrome | 46 | 16.5% | $21.7M | 0.6% |
| Camelot | 45 | 16.1% | $16.5K | 0.0% |
| Uniswap V3 | 42 | 15.1% | $42.8M | 1.1% |
| Compound V3 | 39 | 14.0% | $25.7M | 0.7% |
| Fluid | 37 | 13.3% | $41.0M | 1.1% |
| Dolomite | 36 | 12.9% | $5.3M | 0.1% |
| Lighter | 35 | 12.5% | $22.4M | 0.6% |
Adoption does not predict capital depth
The scatter separates broadly tried protocols from protocols that absorb significant balances. Spark and Eth2 are capital-heavy relative to their user counts; Merkl and several incentive surfaces have the opposite profile.
Large protocol totals can still depend on a handful of wallets. The next view measures the top five wallets' share of positive protocol value, which is the relevant denominator for concentration rather than net value after debt.
Perp venues overlap, but Hyperliquid has the larger independent base
28 profiles use both venues. That is 80.0% of Lighter users but only 20.1% of Hyperliquid users. The saved target file identifies Hyperliquid users who have not adopted Lighter.
Debt and health risk
155 profiles carry protocol debt, and 93 indebted profiles have a minimum reported health rate below 1.2. Aggregate debt is concentrated in the protocols below; debt totals are gross liabilities and should not be interpreted as net capital.
Protocol pairings reveal adjacent behavior
Morpho, Aave V3, Pendle V2, Hyperliquid, and Lighter users often overlap with the same yield, incentive, and liquidity venues. The exact pairings below are useful for cross-adoption analysis; high-overlap reward surfaces should not be mistaken for large capital allocations.
| Anchor | Common pairing | Profiles | Anchor overlap |
|---|---|---|---|
| Aave V3 | Hyperliquid | 76 | 55.1% |
| Aave V3 | Merkl | 70 | 50.7% |
| Aave V3 | ether.fi | 62 | 44.9% |
| Aave V3 | Pendle V2 | 52 | 37.7% |
| Aave V3 | Morpho | 52 | 37.7% |
| Hyperliquid | Aave V3 | 76 | 54.7% |
| Hyperliquid | Merkl | 72 | 51.8% |
| Hyperliquid | ether.fi | 66 | 47.5% |
| Hyperliquid | Pendle V2 | 65 | 46.8% |
| Hyperliquid | Morpho | 63 | 45.3% |
| Lighter | Hyperliquid | 28 | 80.0% |
| Lighter | ether.fi | 26 | 74.3% |
| Lighter | Merkl | 22 | 62.9% |
| Lighter | Aave V3 | 19 | 54.3% |
| Lighter | Pendle V2 | 17 | 48.6% |
| Morpho | Merkl | 65 | 69.9% |
| Morpho | Hyperliquid | 63 | 67.7% |
| Morpho | Pendle V2 | 55 | 59.1% |
| Morpho | Aave V3 | 52 | 55.9% |
| Morpho | Euler | 43 | 46.2% |
| Pendle V2 | Hyperliquid | 65 | 69.1% |
| Pendle V2 | Merkl | 63 | 67.0% |
| Pendle V2 | Morpho | 55 | 58.5% |
| Pendle V2 | Aave V3 | 52 | 55.3% |
| Pendle V2 | ether.fi | 50 | 53.2% |
Ethereum is nearly universal and holds almost three quarters of wealth
Arbitrum, BNB Chain, Base, and OP are used by more than three quarters of the cohort, but their capital shares are smaller. HyperEVM and Plasma stand out as lower-adoption chains with substantial value.
| Chain | Profiles | Adoption | Value | Wealth share |
|---|---|---|---|---|
| Ethereum | 275 | 98.6% | $2.7B | 73.3% |
| Arbitrum | 246 | 88.2% | $72.4M | 1.9% |
| BNB Chain | 239 | 85.7% | $276.1M | 7.4% |
| Base | 233 | 83.5% | $97.2M | 2.6% |
| OP | 211 | 75.6% | $5.4M | 0.1% |
| Polygon | 175 | 62.7% | $2.9M | 0.1% |
| Avalanche | 171 | 61.3% | $17.4M | 0.5% |
| Mantle | 140 | 50.2% | $35.5M | 1.0% |
| HyperEVM | 125 | 44.8% | $241.0M | 6.5% |
| Linea | 110 | 39.4% | $745.2K | 0.0% |
| zkSync Era | 104 | 37.3% | $332.7K | 0.0% |
| Plasma | 103 | 36.9% | $172.2M | 4.6% |
| Monad | 99 | 35.5% | $15.4M | 0.4% |
| Blast | 98 | 35.1% | $94.1K | 0.0% |
| Sonic | 85 | 30.5% | $5.8M | 0.2% |
| Berachain | 78 | 28.0% | $2.6M | 0.1% |
| Scroll | 77 | 27.6% | $20.2K | 0.0% |
| Unichain | 74 | 26.5% | $4.7M | 0.1% |
| Gnosis Chain | 72 | 25.8% | $897.5K | 0.0% |
| Fantom | 72 | 25.8% | $80.7K | 0.0% |
Economic chain loyalty
A wallet may touch many chains while keeping most capital on one. 180 profiles keep at least 80% of value on their largest chain.
HyperEVM users behave differently
HyperEVM users are compared with Ethereum-dominant wallets that do not use HyperEVM and the remaining cohort. This separates chain adoption from portfolio size, breadth, leverage, and perp participation.
| Segment | Profiles | Median wealth | Protocols | Debt users | Hyperliquid |
|---|---|---|---|---|---|
| HyperEVM users | 125 | $3.4M | 24.4 | 68.8% | 76.8% |
| Ethereum-dominant, no HyperEVM | 121 | $5.0M | 12.7 | 47.1% | 28.1% |
| Other wallets | 33 | $3.6M | 10.2 | 36.4% | 27.3% |
Rank bands show different behavior
Higher-ranked profiles generally use more protocols and chains, but venue adoption is not uniform. This view compares protocol adoption within each DeBank rank band.
| Rank band | Profiles | Median wealth | Protocols | Chains |
|---|---|---|---|---|
| Top 100 | 30 | $6.1M | 30.0 | 19.7 |
| 101-1,000 | 38 | $2.3M | 20.7 | 15.9 |
| 1,001-5,000 | 81 | $4.3M | 14.7 | 12.9 |
| 5,001+ | 130 | $3.9M | 15.8 | 11.9 |
Six portfolio archetypes emerge
K-means clustering uses wealth, breadth, chain concentration, direct-wallet asset mix, capped debt ratio, and major protocol adoption. Labels describe cluster averages; they are behavioral summaries, not identity claims.
| Cluster | Profiles | Median wealth | Protocols | Chains |
|---|---|---|---|---|
| Stablecoin allocators | 84 | $4.0M | 9.5 | 10.8 |
| ETH-heavy core holders | 73 | $4.4M | 9.4 | 8.7 |
| Hyperliquid-Morpho multichain | 64 | $3.3M | 34.2 | 20.4 |
| Dual-perp multichain | 31 | $3.9M | 29.7 | 20.7 |
| BTC-oriented wallets | 21 | $7.1M | 10.1 | 9.1 |
| Leveraged protocol users | 6 | $2.3M | 21.7 | 17.2 |
Stablecoins, staking, and restaking
USDe is the broadest emerging stablecoin family in the cohort. Counts union direct tokens, wrappers, Pendle claims, and protocol-position tokens so each profile is counted once per family.
Direct-wallet token holder distribution
Token distribution covers 276 profiles; three token-list calls consistently returned DeBank HTTP 500. Receipt tokens are included in DeBank's wallet list, so holder counts are useful but token dollar totals should not be added to protocol values.
| Token | Holders | Holder rate |
|---|---|---|
| ETH | 273 | 98.9% |
| BNB | 228 | 82.6% |
| USDC | 170 | 61.6% |
| WETH | 147 | 53.3% |
| AVAX | 147 | 53.3% |
| MNT | 131 | 47.5% |
| POL | 128 | 46.4% |
| USDT | 120 | 43.5% |
| HYPE | 115 | 41.7% |
| MON | 87 | 31.5% |
| WBTC | 76 | 27.5% |
| XPL | 74 | 26.8% |
| wstETH | 69 | 25.0% |
| OP | 69 | 25.0% |
| PENDLE | 64 | 23.2% |
| toby | 63 | 22.8% |
| CVX | 60 | 21.7% |
| xDai | 60 | 21.7% |
| ARB | 59 | 21.4% |
| S | 57 | 20.7% |
| rEUL | 55 | 19.9% |
| CRV | 53 | 19.2% |
| FTM | 52 | 18.8% |
| MORPHO | 51 | 18.5% |
| USD₮0 | 50 | 18.1% |
| weETH | 47 | 17.0% |
| KICK | 47 | 17.0% |
| sENA | 44 | 15.9% |
| DRV | 44 | 15.9% |
| BERA | 42 | 15.2% |
Portfolio breadth and unusual combinations
The broadest wallets touch dozens of protocols and chains. Rarity scores elevate profiles whose protocol mix is unusual relative to the cohort; they identify analytical outliers, not suspicious behavior.
Broadest profiles
| Profile | Rank | Wealth | Protocols | Chains |
|---|---|---|---|---|
| 0x7bfee9…73c060 | 1 | $31.1M | 189 | 49 |
| 0xbdfa4f…bf5c50 | 2 | $35.1M | 130 | 40 |
| 0x1b72ba…b02d89 | 9,396 | $3.6M | 96 | 29 |
| 0x11d67f…d6eb81 | 88 | $1.6M | 95 | 38 |
| 0xa2dcb5…4c697b | 7,195 | $1.4M | 86 | 29 |
| 0x527581…d6f3a2 | 3,660 | $2.4M | 81 | 40 |
| 0xaf0fdd…c1e92e | 8,511 | $8.0M | 68 | 15 |
| 0xd6cb7a…276f9d | 79 | $6.2M | 67 | 28 |
| 0x5b7ab4…807963 | 4,362 | $1.1M | 60 | 54 |
| 0x12478d…5918f5 | 7,133 | $11.4M | 60 | 18 |
| 0x28aa4f…ad0108 | 186 | $10.0M | 59 | 28 |
| 0x438bbf…a86c91 | 5,524 | $2.4M | 59 | 22 |
Most unusual protocol mixes
| Profile | Rank | Protocols | Rarity score |
|---|---|---|---|
| 0xf1d835…ff5d5d | 2,459 | 2 | 5.63 |
| 0x189136…069e69 | 2,752 | 1 | 4.94 |
| 0xda4ee2…f664fe | 98 | 1 | 4.94 |
| 0xa2dcb5…4c697b | 7,195 | 86 | 4.64 |
| 0x5666af…38b2db | 8,809 | 7 | 4.63 |
| 0xd00705…13cbb6 | 1,621 | 2 | 4.39 |
| 0x28aa4f…ad0108 | 186 | 59 | 4.24 |
| 0xc73df1…0e8d38 | 9,561 | 15 | 4.19 |
| 0x221c03…d44501 | 4,932 | 2 | 4.19 |
| 0xfb45c3…c53578 | 5,167 | 7 | 4.05 |
Reusable adoption targets
The saved target file contains 111 Hyperliquid users without Lighter, 86 Aave V3 users without Morpho, and 66 stablecoin-heavy wallets without Pendle. These are analytical candidates, not recommendations to contact wallets indiscriminately.
Definitions and caveats
Protocol value sums DeBank stats.net_usd_value. Protocol use requires at least $1 of assets, debt, or absolute net value. Chain use requires at least $1. Token holder requires a verified direct-wallet balance worth at least $1. Direct-wallet asset-family shares can include receipt tokens and should be treated as behavioral features, not reconciled accounting. Cluster labels are descriptive. The cohort is a point-in-time sample of ranked DeBank profiles, not all wallets.