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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
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.
10 nominally independent vaults hold $155.3k, 67% of it on the same side. They cannot all leave at once without moving the price against themselves.
Identification improves as we observe more execution: a vault with too few recorded fills stays in the second group however obviously automated it is. Most of the capital above sits on platforms whose execution we do not yet receive, so the machine share is a floor across the whole set and a measurement only on the venues marked with a bar. How we decide