⌘K

Live evidencecounted 14m ago

0.56days of PURR volume to unwind the crowd99%of the XMR book on one side, across 27 vaults$1.43Bunder one key with no guardian, 55 of the 433 vaults whose control we have read$359.0Mwhose control we have never read, across 3,340 vaults$1.90Bsitting in vaults and not lent out$11.35Bunder 3,773 vaults we read$4.62Bin 328 vaults where we saw automated execution, nothing declared2,178vaults declared or on a venue built to run software, holding $1.04M330software-run vaults scored, 15% of them454operators identified behind them26networks where we read capital, from Ethereum to Cardano31,753,219deposits and withdrawals read from chain237changes recorded in the last day665,378ERC-8004 agent registrations read−0.06/ 30 days429,666distinct owners behind those registrations202,388registrations carrying a readable card, 30%3,369,653paid requests on the Olas rail (deliveries are counted apart)−0.59/ 30 days88suppliers delivering that work412,095agent-to-agent jobs read on Base+0.22/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,409escrows between Cardano agents since Jun 2025, 156 still open78%of every agent payment we read comes from 2,878 addresses that never stop336,847addresses paid once and never came back, of 567,288 that ever paid1,069of those payers are an agent we can name, 0.188% of them674agent hosts answered when we asked, of 2,571 probed17,117agents sit behind a host that answers nothing at all407msmedian answer from the 674 hosts that answer44%of all agent ratings were written by ten addresses, of 698,452 ratings read40,407rated agents have exactly one rater, of 58,352 rated at all108,597service endpoints declared across 46,139 agent cards we read0.56days of PURR volume to unwind the crowd99%of the XMR book on one side, across 27 vaults$1.43Bunder one key with no guardian, 55 of the 433 vaults whose control we have read$359.0Mwhose control we have never read, across 3,340 vaults$1.90Bsitting in vaults and not lent out$11.35Bunder 3,773 vaults we read$4.62Bin 328 vaults where we saw automated execution, nothing declared2,178vaults declared or on a venue built to run software, holding $1.04M330software-run vaults scored, 15% of them454operators identified behind them26networks where we read capital, from Ethereum to Cardano31,753,219deposits and withdrawals read from chain237changes recorded in the last day665,378ERC-8004 agent registrations read−0.06/ 30 days429,666distinct owners behind those registrations202,388registrations carrying a readable card, 30%3,369,653paid requests on the Olas rail (deliveries are counted apart)−0.59/ 30 days88suppliers delivering that work412,095agent-to-agent jobs read on Base+0.22/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,409escrows between Cardano agents since Jun 2025, 156 still open78%of every agent payment we read comes from 2,878 addresses that never stop336,847addresses paid once and never came back, of 567,288 that ever paid1,069of those payers are an agent we can name, 0.188% of them674agent hosts answered when we asked, of 2,571 probed17,117agents sit behind a host that answers nothing at all407msmedian answer from the 674 hosts that answer44%of all agent ratings were written by ten addresses, of 698,452 ratings read40,407rated agents have exactly one rater, of 58,352 rated at all108,597service endpoints declared across 46,139 agent cards we read

Assets

What the vaults we track are holding, and which way they lean. Concentration shown is a floor.Note 5

Composition

What depositors actually put in

USDC: $5.15B45%
weETH: $771.89M6.8%
RLUSD: $699.20M6.2%
148 other assets: $4.72B42%

Read from the token itself where we can, rather than from the venue's label: a venue sometimes names the share token, which would report a vault as denominated in itself.

How this figure was arrived at

Metric: asset-mix
Population: vaults_valuedOpen vaults we can put a size on, which is the denominator behind every capital total here. A vault whose underlying we cannot price is published unvalued rather than estimated; one we read as holding nothing is valued at zero, which is a reading rather than a gap.
Denominator: 11,345,745,648.942 USD · 100.0% of it
Source: Computed here from figures this platform already holds.
Grade: B
Read at: 2026-10-16 23:17 UTC
Methodology: aspern-0.3
Snapshot: cmvbl89xd0hcrlee5xeoz41d1

Composition

Which stablecoin they chose

USDC: $5.15B64%
RLUSD: $699.20M8.7%
PYUSD: $684.38M8.5%
USDG: $563.15M7.0%
USDT: $471.60M5.8%
24 other stablecoins: $508.25M6.3%

Membership is about the promise, not the mechanism: a synthetic dollar and a custodial one both count, and a yield-bearing wrapper counts as the dollar it wraps. Whether any of them holds its peg is a different question, and one that needs a price series rather than a name.

How this figure was arrived at

Metric: stablecoin-mix
Population: vaults_valuedOpen vaults we can put a size on, which is the denominator behind every capital total here. A vault whose underlying we cannot price is published unvalued rather than estimated; one we read as holding nothing is valued at zero, which is a reading rather than a gap.
Denominator: 8,078,010,462.838 USD · 100.0% of it
Source: Computed here from figures this platform already holds.
Grade: B
Read at: 2026-10-16 23:17 UTC
Methodology: aspern-0.3
Snapshot: cmvbl89xd0hcrlee5xeoz41d1

Assets held

178

Held by 10+ vaults: 147
Held by one: 0

Gross exposure

$230.73M

Long

$136.71M

59% of $230.85M gross

Short

$94.14M

41% of $230.85M gross

One-sided assets

≥80% on one side

All long: 26

178 assets long short

#
1	BTC	226	64	$57.45M	$14.12M	25%	$3.36B	1.31%	+11.0% up, longs pay shortsbaseline	13%
2	SOL	189	45	$39.95M	−$29.52M	74%	$571.87M	1.00%	−0.1% down, shorts pay longs	20%
3	ETH	190	52	$26.55M	$12.47M	47%	$2.61B	0.65%	+6.5% up, longs pay shorts	21%
4	HYPE	84	52	$21.57M	$21.10M	98%	$1.60B	1.34%	+11.0% up, longs pay shortsbaseline	29%
5	XMR	27	19	$9.48M	$9.36M	99%	$64.31M	14.74%	+17.4% up, longs pay shorts	66%
6	LINK	40	21	$8.09M	$7.87M	97%	$60.97M	13.27%	−3.9% down, shorts pay longs	69%
7	AAVE	39	25	$5.11M	$4.83M	94%	$61.73M	8.28%	+11.0% up, longs pay shortsbaseline	38%
8	XRP	57	33	$3.97M	−$2.82M	71%	$226.91M	1.75%	+11.0% up, longs pay shortsbaseline	67%
9	VVV	32	19	$2.31M	$2.06M	89%	$65.21M	3.54%	+9.3% up, longs pay shorts	33%
10	ZRO	39	26	$2.15M	−$213.2k	10%	$77.03M	2.79%	+11.0% up, longs pay shortsbaseline	34%
11	UNI	51	30	$1.97M	$1.41M	72%	$69.29M	2.85%	+2.9% up, longs pay shorts	24%
12	NEAR	55	34	$1.89M	$1.20M	63%	$316.60M	0.60%	+11.0% up, longs pay shortsbaseline	46%
13	AERO	29	18	$1.86M	$1.01M	54%	$34.11M	5.45%	+11.0% up, longs pay shortsbaseline	56%
14	BNB	41	21	$1.68M	$1.52M	91%	$45.99M	3.64%	−8.8% down, shorts pay longs	74%
15	WLD	42	27	$1.52M	−$865.9k	57%	$70.74M	2.15%	+11.0% up, longs pay shortsbaseline	27%
16	ONDO	38	21	$1.52M	$987.4k	65%	$37.25M	4.08%	+10.9% up, longs pay shorts	48%
17	TIA	28	14	$1.48M	−$1.33M	90%	$17.03M	8.69%	−12.1% down, shorts pay longs	66%
18	PENDLE	18	8	$1.39M	$1.32M	95%	$10.51M	13.18%	+11.0% up, longs pay shortsbaseline	87%
19	LDO	16	9	$1.37M	$1.25M	91%	$10.20M	13.48%	+11.0% up, longs pay shortsbaseline	87%
20	POL	19	13	$1.37M	$1.32M	96%	$6.21M	22.05%	+11.0% up, longs pay shortsbaseline	93%
21	PAXG	23	9	$1.19M	$982.4k	83%	$22.37M	5.14%	+11.0% up, longs pay shortsbaseline	80%
22	AVAX	41	26	$1.15M	−$354.4k	31%	$21.86M	5.25%	+7.6% up, longs pay shorts	46%
23	MORPHO	18	9	$1.05M	$351.7k	34%	$6.37M	16.44%	+11.0% up, longs pay shortsbaseline	59%
24	FIL	24	15	$975.4k	−$319.4k	33%	$11.38M	8.57%	+11.0% up, longs pay shortsbaseline	62%
25	XLM	28	15	$971.8k	$747.9k	77%	$13.16M	7.38%	+11.0% up, longs pay shortsbaseline	79%

1–25 of 178 assetsShow

…

The collateral behind it

The table above is what the vaults TRADE. This is what they are denominated in, which is the other half of the risk: a vault margined in a coin that depegs is liquidated by its collateral rather than by its trade. A denomination is a claim, USDC claims a dollar, weETH claims an ether, and where we hold a price and a reference we check it.

FindingPegs, checked and unchecked

$9.43B

we can check

$1.84B

behind a peg we cannot check

$8.64B

claims a dollar

$1.71B

claims an ether

$722.45M

claims another asset

$208.69M

claims a bitcoin

We can check what backs 84% of this capital: a dollar claim against a dollar, or a native-token wrapper against the contract that redeems it. The rest is denominated in something we hold no reference price for, which is not the same as a peg that holds.

How this is counted

The twenty largest denominations

Denomination	Claims	Capital	Vaults	Price	Peg
USDC	a dollar	$5.15B	675	$0.9998	holds, -2 bps
weETH	an ether	$771.89M	7	—	we hold no reference
RLUSD	a dollar	$699.20M	4	$1.0000	holds, at par
PYUSD	a dollar	$684.38M	7	$0.9998	holds, -2 bps
WETH	an ether	$658.42M	87	—	one ether by contract
USDG	a dollar	$563.15M	9	$1.0000	holds, at par
USDT	a dollar	$454.73M	52	$0.9991	holds, -9 bps
WBNB	another asset	$352.04M	8	—	one BNB by contract
USD1	a dollar	$201.35M	11	$0.9993	holds, -7 bps
EURCV	a dollar	$158.26M	5	$1.1200	off by 1200 bps
wstETH	an ether	$136.93M	15	—	we hold no reference
WLFIcx	another asset	$113.88M	2	—	we hold no reference
AUSD	a dollar	$101.15M	21	$0.9989	holds, -11 bps
avUSD	a dollar	$99.95M	1	$0.9980	holds, -20 bps
LBTC	a bitcoin	$81.97M	3	—	we hold no reference
vUSD	a dollar	$79.45M	1	—	we hold no reference
WBTC	a bitcoin	$79.41M	23	—	we hold no reference
thBILL	another asset	$70.56M	2	$1.0160	we hold no reference
USDT0	a dollar	$62.83M	5	—	we hold no reference
lisUSD	a dollar	$58.07M	1	$0.9960	holds, -40 bps