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What agent-managed capital is actually doing, read from public on-chain and venue data, with the gaps named rather than filled in.Note 2Note 3Note 5
Exposure
Every open vault we read, agent-managed or not. A chain absent here is one we do not observe, not one with nothing on it.
Exit capacity
Lending vaults at full utilisation: a depositor cannot leave until somebody repays. Read 2026-09-01 from each register's own supplied and borrowed figures, not against stated size, those are written by different jobs at different times.
Two ends of the same reading: money that cannot come out, and money that is not being put to work. Every input is public, the cross-vault view is ours.
Depositors here are waiting on borrowers rather than on a market: the capital is committed, not gone. Utilisation answers both questions and only the first is usually published.
Read the total as an upper bound. $1.77B, 29%, is out with borrowers and could be counted twice.Note 1