Material changes across the corpus. Raw activity is collapsed into economically meaningful events.Note 20
Gauntlet USDT Frontier: curator removed — the owner holds curation directly
Gauntlet USDT Frontier: guardian removed — nobody can veto the owner now
Spark Blue Chip USDC Vault: paid out $0.42M, 15% of what it held
ethereum-spark-blue-chip-usdc-vault-56A76b (ethereum): capital disagrees with the contract by 27.8% — theirs $1.81M, ours $2.51M
STABLE became crowded: 80% one-sided across 12.8% of venue open interest
APT became crowded: 89% one-sided across 10.6% of venue open interest
WLFI became crowded: 99% one-sided across 5.3% of venue open interest
Hyperithm USDC Apex raised a new observation: circular flow.
Spark Blue Chip USDC Vault: took in $1.81M, 195% of what it held
Parity High Yield USDC: paid out $1.20M, 100% of what it held