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Owner, curator and guardian keys, and how much money each one stands behind. Read from the chain rather than from documentation, which is why custodians, issuers and bridges are not on this page yet.
An owner key is not a governance nicety. It can do in one transaction what a bad strategy takes months to do. So this ranks by dollars behind a key rather than by vaults per key: nine vaults holding a billion and nineteen holding half of that are different findings, and counting rows would order them the wrong way round.
A portfolio spread over several venues and chains can still lean on one token. Neither column is capital at risk: an asset failing takes the loans against it to whatever liquidation recovers, not to nothing.
| Collateral | Lent against it | In vaults holding | Vaults | Venues | Chains |
|---|---|---|---|---|---|
| cbBTC | $2.01B | $4.90B | 161 | 3 | 4 |
| sdeUSD | $882.48M | $882.70M | 2 | 1 | 1 |
| USDe | $789.55M | $1.44B | 9 | 3 | 4 |
| slisBNB | $411.61M | $603.95M | 11 | 1 | 1 |
| kBTC | $393.02M | $840.64M | 2 | 1 | 1 |
| wstETH | $354.99M | $3.15B | 164 | 4 | 8 |
| WBTC | $279.68M | $2.26B | 108 | 2 | 6 |
| PRIME | $215.22M | $295.44M | 7 | 2 | 1 |
| weETH | $202.11M | $2.08B | 68 | 3 | 4 |
| cirBTC | $170.34M | $170.70M | 5 | 1 | 1 |
| syrupUSDG | $166.97M | $559.08M | 3 | 1 | 2 |
| BTCB | $146.14M | $610.83M | 14 | 2 | 1 |
Read from per-market allocation, so a venue that publishes none is absent rather than zero. Each vault’s capital is counted once however many of its markets use the asset.
Every operator we can name, sized by what it runs. The rings above count keys; this says whose they are. Colour is what was read, never what was assumed: a block turns red only where control was read and found thin, and an operator nobody has read stays grey, because our coverage is not their governance.
One reading a day, kept from 11 September 2026. Nothing can reconstruct this backwards, so the series starts when we started writing it down rather than when the vaults did.
Access control is read from the chain and stored only where the venue exposes it. The covered vaults are the large ones, so coverage is thin by count and broad by capital.
An address says who can act. It does not say how fast, or how many people have to agree, and those are the questions a depositor is actually asking. Each row is what the controlling address turned out to be when asked.
A guardian is the party that can stop a timelocked change before it lands. Where there is none, the owner is the whole of the control.
No controller found by the paths this reader follows: owner() is empty, there is no roles authority with an owner, and no proxy admin in the standard slot. That is not proof that nobody can change these vaults: roles held on other contracts, external managers and emergency powers are not ruled out. A vault whose owner is empty but which is governed through a roles authority is counted under that authority’s owner instead.
| Key | Capital behind it | Vaults | Roles | Some of them |
|---|---|---|---|---|
| 0x827e8607…ecdb | $1.52B | 43 | curator | base-steakhouse-prime-usdc-beef0e, arbitrum-bitget-x-steakhouse-usdt-beeff7, ethereum-steakhouse-prime-usdc-beef08, arc-steakhouse-prime-usdc-beef00 |
| 0xe8c9c99e…8008 | $1.19B | 7 | owner | ethereum-sentora-prime-main-c21b08, tempo-sentora-pathusd-9a044a, ethereum-sentora-mwin-main-7cbcfc, ethereum-sentora-huma-pst-main-8381a1 |
What we read at all, and what nobody can: the perimeter.
Largest single key: 14% of the $10.96B whose control we can read. Keys overlap: one vault can sit behind its owner, curator and guardian at once, so these bars do not add up.
Oversight
Thin means one key answers to nothing. Checked means owner, curator and guardian are separate parties.
| 0x9e396de3…aac0 | $1.19B | 7 | curator | ethereum-sentora-prime-main-c21b08, tempo-sentora-pathusd-9a044a, ethereum-sentora-mwin-main-7cbcfc, ethereum-sentora-huma-pst-main-8381a1 |
| Analyst | $1.05B | 13 | owner | — |
| Analyst | $944.67M | 38 | curator | — |
| Analyst | $667.24M | 7 | owner | — |
| Analyst | $664.63M | 11 | owner | — |
| Analyst | $608.09M | 10 | owner | — |
| Analyst | $564.11M | 1 | owner, curator | — |
| Analyst | $559.45M | 3 | curator | — |
| Analyst | $551.24M | 23 | guardian | — |
| Analyst | $525.03M | 2 | curator | — |
| Analyst | $525.03M | 1 | owner | — |
| Analyst | $479.79M | 2 | guardian | — |
| Analyst | $465.51M | 1 | owner | — |
3 of 25 shown in full. 12 more are listed with the address withheld. The other 10 are not on this page at all. A plan opens every owner, curator and guardian key we can read, the vaults each one stands behind, and where a single address holds more than one role over the same books. The count is free because the count is the finding; the detail is what Analyst carries.