132,064 liquidity providers. But 93% of the liquidity came from just 4.9% of them. Thats the concentration @zerufinance reported in its Aave V3 study on Ethereum. Another detail stood out: the highest scoring LP cohort had been active for an average of 1,129 days. In the lowest score band, the average was one day. Its tempting to turn that into a simple big wallets deserve more argument. But the more useful lesson is about what we're measuring. Wallet count, liquidity depth, and commitment are three different signals. A protocol can attract thousands of addresses without building a broad base of durable liquidity. And a large balance alone doesn't prove reliable participation. When assessing an incentive program, I'd rather see those signals together than a single headline TVL figure.