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Every reading we publish about a vault, counted by the CAPITAL it covers rather than by the number of vaults. The two disagree sharply and both are here, because more than half the vault count is one venue’s small automated vaults: a figure weighted by count is mostly a statement about that venue.
84%
of the capital carries EVERY reading at once, across 321 vaults.
321 open vaults carry every reading at once, and they hold 84% of the capital. This is deliberately the least flattering figure on this answer: the six shares beside it each count ONE reading, and a vault missing a different one from its neighbour drops out of both.
Across 3,756 open vaults, the widest reading is Would take a deposit at 94% of capital and the thinnest is Time to exit at 1%. Counting vaults and weighing capital give very different answers here, which is why both are shown and neither is called "the coverage": more than half our vault COUNT is one venue’s small automated vaults.
| Reading | By vault | By capital | Capital covered | Biggest gaps |
|---|---|---|---|---|
| Would take a deposit | 85% | 94% | ether.fi Liquid $370.69M · Veda $108.56M · Kamino $71.49M | |
| Risk score | 28% | 93% | ether.fi Liquid $370.69M · Veda $108.56M · Concrete $72.54M | |
| Withdrawable now | 21% | 91% | ether.fi Liquid $370.69M · Hyperliquid $271.00M · Veda $108.56M | |
| Crowding | 17% | 72% | Concrete $1.22B · Euler $449.87M · ether.fi Liquid $370.69M | |
| How exit works | 14% | 86% | Euler $521.11M · ether.fi Liquid $370.69M · Hyperliquid $271.00M | |
| Time to exit | 9.4% | 1.3% | Morpho Vaults V2 $5.08B · Morpho $2.44B · Concrete $1.22B | |
| Worst fall | 21% | 62% | Morpho Vaults V2 $1.65B · Morpho $1.53B · Euler $388.09M |
The shares above say how much of OUR capital carries each reading. This says whether we cover the things you hold, which is a different question and the one worth acting on: a reading missing on a venue holding four billion and one missing on a venue holding four million are the same percentage and entirely different work. Twenty venues, biggest first.
| Protocol | Capital | Would take a deposit | Risk score | Withdrawable now | Crowding | How exit works | Time to exit | Worst fall | All at once |
|---|---|---|---|---|---|---|---|---|---|
| Morpho Vaults V2 | $5.08B | 100% | 100% | 100% | 98% | 99% | — | 67% | 67% |
| Morpho | $2.44B | 100% | 100% | 100% | 99% | 100% | — | 37% | 37% |
| Concrete | $1.22B | 100% | 94% | 100% | — | 99% | — | 80% | 79% |
| Lista Lending | $626.50M | 100% | 100% | 100% | 100% | 100% | — | 100% | 100% |
| Euler | $521.11M | 100% | 100% | 100% | 14% | — | — | 26% | — |
| ether.fi Liquid | $370.69M | — | — | — | — | — | — | 99% | — |
| Hyperliquid | $271.00M | 100% | 100% | — | 35% | — | — | 93% | — |
| Lagoon | $115.15M | 99% | 99% | 99% | — | 74% | — | 73% | 52% |
| Veda | $108.56M | — | — | — | — | — | — | 100% | — |
| Avant avUSD | $100.07M | 100% | 100% | 100% | — | 100% | 100% | — | — |
| Ember Protocol | $76.88M | 48% | 45% | 48% | — | 48% | — | 33% | 33% |
| Kamino | $71.49M | — | — | — | 100% | — | — | — | — |
| Upshift | $54.05M | 60% | 61% | 96% | — | 61% | — | 61% | 60% |
| Fusion by IPOR | $52.22M | 74% | 74% | 74% | — | 74% | — | — | — |
| Makina | $42.78M | — | — | — | — | — | — | — | — |
| D2 Finance | $27.80M | 40% | 100% | 100% | — | 100% | — | 60% | 0.3% |
| Avant avETH | $25.85M | 100% | 100% | 100% | — | 100% | 100% | 100% | 100% |
| YieldNest | $24.45M | 83% | 83% | 83% | — | 83% | — | 83% | 83% |
| Agua | $20.57M | 56% | 56% | 56% | — | 56% | 56% | 56% | 56% |
| Neutral Trade | $13.93M | — | — | — | — | — | — | — | — |
A dash is a reading we could not weigh for that venue, never a zero. The last column asks the hardest question of each protocol separately, exactly as the headline asks it of the whole corpus.
Free, deliberately: a coverage claim nobody can audit is marketing, and this is a statement about our own limits. No vault is named here. The screen that names them is at the vault screen, and the same figures answer at /v1/coverage/capital.