⌘K

Live evidencecounted 2m ago

0.48days of MEME volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.30Bunder one key with no guardian, 52 of the 424 vaults whose control we have read$334.1Mwhose control we have never read, across 3,229 vaults$1.95Bsitting in vaults and not lent out$11.27Bunder 3,653 vaults we read$4.79Bin 323 vaults where we saw automated execution, nothing declared2,080vaults declared or on a venue built to run software, holding $1.01M324software-run vaults scored, 13% of them450operators identified behind them26networks where we read capital, from Ethereum to Cardano31,298,687deposits and withdrawals read from chain5changes recorded in the last day588,846ERC-8004 agent registrations read−0.61/ 30 days360,982distinct owners behind those registrations199,780registrations carrying a readable card, 34%3,330,722paid requests on the Olas rail (deliveries are counted apart)−0.69/ 30 days87suppliers delivering that work411,027agent-to-agent jobs read on Base+0.04/ 30 days$1.0Msettled between agents, all time1,175suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,141escrows between Cardano agents since Jun 2025, 142 still open78%of every agent payment we read comes from 2,571 addresses that never stop307,376addresses paid once and never came back, of 494,774 that ever paid934of those payers are an agent we can name, 0.189% of them635agent hosts answered when we asked, of 2,532 probed17,125agents sit behind a host that answers nothing at all404msmedian answer from the 635 hosts that answer44%of all agent ratings were written by ten addresses, of 671,178 ratings read29,502rated agents have exactly one rater, of 47,110 rated at all86,979service endpoints declared across 33,840 agent cards we read0.48days of MEME volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.30Bunder one key with no guardian, 52 of the 424 vaults whose control we have read$334.1Mwhose control we have never read, across 3,229 vaults$1.95Bsitting in vaults and not lent out$11.27Bunder 3,653 vaults we read$4.79Bin 323 vaults where we saw automated execution, nothing declared2,080vaults declared or on a venue built to run software, holding $1.01M324software-run vaults scored, 13% of them450operators identified behind them26networks where we read capital, from Ethereum to Cardano31,298,687deposits and withdrawals read from chain5changes recorded in the last day588,846ERC-8004 agent registrations read−0.61/ 30 days360,982distinct owners behind those registrations199,780registrations carrying a readable card, 34%3,330,722paid requests on the Olas rail (deliveries are counted apart)−0.69/ 30 days87suppliers delivering that work411,027agent-to-agent jobs read on Base+0.04/ 30 days$1.0Msettled between agents, all time1,175suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,141escrows between Cardano agents since Jun 2025, 142 still open78%of every agent payment we read comes from 2,571 addresses that never stop307,376addresses paid once and never came back, of 494,774 that ever paid934of those payers are an agent we can name, 0.189% of them635agent hosts answered when we asked, of 2,532 probed17,125agents sit behind a host that answers nothing at all404msmedian answer from the 635 hosts that answer44%of all agent ratings were written by ten addresses, of 671,178 ratings read29,502rated agents have exactly one rater, of 47,110 rated at all86,979service endpoints declared across 33,840 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: $4.98B44%
weETH: $791.35M7.0%
PYUSD: $722.09M6.4%
146 other assets: $4.78B42%

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: 11,266,461,104.189 USD · 100.0% of it
Source: Computed here from figures this platform already holds.
Grade: B
Read at: 2026-10-09 23:42 UTC
Methodology: aspern-0.3
Snapshot: cmv1m1my300g0leyfumj2s9rk

Composition

Which stablecoin they chose

USDC: $4.98B62%
PYUSD: $722.09M9.1%
RLUSD: $708.43M8.9%
USDG: $556.79M7.0%
USDT: $495.43M6.2%
24 other stablecoins: $508.11M6.4%

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: 7,968,247,464.421 USD · 100.0% of it
Source: Computed here from figures this platform already holds.
Grade: B
Read at: 2026-10-09 23:42 UTC
Methodology: aspern-0.3
Snapshot: cmv1m1my300g0leyfumj2s9rk

Assets held

178

Held by 10+ vaults: 132
Held by one: 0

Gross exposure

$226.90M

Long

$139.97M

62% of $226.90M gross

Short

$86.94M

38% of $226.90M gross

One-sided assets

≥80% on one side

All long: 30

178 assets long short

#
1	BTC	225	66	$48.03M	$18.42M	38%	$3.16B	1.09%	−1.3% down, shorts pay longs	14%
2	SOL	190	44	$40.74M	−$29.78M	73%	$620.71M	0.79%	+4.8% up, longs pay shorts	20%
3	ETH	189	52	$22.89M	$8.63M	38%	$2.80B	0.47%	+4.1% up, longs pay shorts	13%
4	HYPE	82	51	$20.30M	$19.52M	96%	$1.68B	1.20%	+11.0% up, longs pay shortsbaseline	29%
5	XMR	28	19	$12.40M	$12.28M	99%	$69.40M	17.86%	+11.0% up, longs pay shortsbaseline	75%
6	LINK	36	21	$7.47M	$7.36M	99%	$71.49M	10.44%	+11.0% up, longs pay shortsbaseline	69%
7	VVV	33	23	$6.68M	$6.34M	95%	$68.33M	9.78%	+11.0% up, longs pay shortsbaseline	80%
8	AAVE	44	27	$5.64M	$5.43M	96%	$72.26M	7.80%	+11.0% up, longs pay shortsbaseline	35%
9	PUMP	40	26	$2.73M	−$1.12M	41%	$218.92M	1.25%	+11.0% up, longs pay shortsbaseline	56%
10	NEAR	57	38	$2.62M	$1.52M	58%	$338.86M	0.77%	+11.0% up, longs pay shortsbaseline	31%
11	MET	20	13	$2.59M	$2.42M	94%	$8.49M	30.45%	+11.0% up, longs pay shortsbaseline	95%
12	ZRO	33	22	$2.01M	$170.2k	8%	$74.64M	2.69%	+11.0% up, longs pay shortsbaseline	34%
13	LIT	36	21	$1.98M	$1.78M	90%	$177.18M	1.12%	+11.0% up, longs pay shortsbaseline	76%
14	AERO	30	17	$1.82M	$1.03M	57%	$30.97M	5.88%	+11.0% up, longs pay shortsbaseline	53%
15	BNB	42	23	$1.62M	$1.57M	97%	$44.81M	3.63%	+2.8% up, longs pay shorts	77%
16	UNI	55	33	$1.59M	$1.33M	84%	$79.42M	2.00%	+11.0% up, longs pay shortsbaseline	25%
17	ONDO	41	26	$1.50M	$977.9k	65%	$54.96M	2.73%	+11.0% up, longs pay shortsbaseline	49%
18	PENDLE	25	13	$1.48M	$1.43M	97%	$10.45M	14.16%	+11.0% up, longs pay shortsbaseline	81%
19	POL	21	13	$1.38M	$1.32M	96%	$6.54M	21.04%	+11.0% up, longs pay shortsbaseline	93%
20	LDO	21	12	$1.34M	$1.24M	92%	$11.04M	12.18%	+11.0% up, longs pay shortsbaseline	88%
21	ATOM	27	13	$1.22M	−$1.18M	97%	$5.79M	21.11%	+11.0% up, longs pay shortsbaseline	82%
22	XRP	51	30	$1.20M	−$261.3k	22%	$278.57M	0.43%	+11.0% up, longs pay shortsbaseline	15%
23	PAXG	23	10	$1.19M	$998.1k	84%	$23.59M	4.86%	+11.0% up, longs pay shortsbaseline	81%
24	W	17	7	$1.13M	−$1.06M	94%	$8.70M	12.99%	+11.0% up, longs pay shortsbaseline	74%
25	WLD	39	25	$1.13M	−$674.2k	60%	$71.37M	1.58%	+11.0% up, longs pay shortsbaseline	34%

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

$9.33B

we can check

$1.86B

behind a peg we cannot check

$8.53B

claims a dollar

$1.75B

claims an ether

$698.82M

claims another asset

$212.53M

claims a bitcoin

We can check what backs 83% 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	$4.98B	661	$0.9997	holds, -3 bps
weETH	an ether	$791.35M	7	—	we hold no reference
PYUSD	a dollar	$722.09M	7	$0.9995	holds, -5 bps
RLUSD	a dollar	$708.43M	4	$1.0000	holds, at par
WETH	an ether	$674.44M	90	—	one ether by contract
USDG	a dollar	$556.79M	8	$0.9999	holds, -1 bps
USDT	a dollar	$478.66M	53	$0.9992	holds, -8 bps
WBNB	another asset	$361.97M	8	—	one BNB by contract
USD1	a dollar	$201.25M	11	$0.9993	holds, -7 bps
EURCV	a dollar	$156.28M	5	$1.1200	off by 1200 bps
wstETH	an ether	$142.51M	14	—	we hold no reference
WLFIcx	another asset	$113.91M	2	—	we hold no reference
AUSD	a dollar	$101.76M	21	$0.9992	holds, -8 bps
avUSD	a dollar	$101.46M	1	$0.9990	holds, -10 bps
LBTC	a bitcoin	$82.48M	3	—	we hold no reference
WBTC	a bitcoin	$82.24M	23	—	we hold no reference
vUSD	a dollar	$79.37M	1	—	we hold no reference
thBILL	another asset	$70.44M	2	$1.0150	we hold no reference
USDT0	a dollar	$64.07M	5	—	we hold no reference
lisUSD	a dollar	$58.14M	1	$0.9971	holds, -29 bps