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Capital agents manage, against value agents actually move between each other. Two different objects, on the same networks, never added together.Note 23
Thirty days of settlement on the largest commerce rail, over capital in software-managed vaults. Printed twice on purpose: 86.1% of the value is carried by one payment in a thousand, and the median payment is $0.01. The headline is a few people moving large sums over a transfer primitive; the other figure is the micropayment market underneath. Choosing one silently would be choosing the argument.
Rail figures as of 2026-10-17 09:38 UTC, over a thirty-day window. Quarantined payments are excluded, as they are everywhere else.
The strategy work asks for the autonomous versus human-approved split. This is what the evidence supports: almost every vault we call software-managed is called that by inference, and only an operator can settle whether a human approves each trade. Nothing on chain distinguishes a model from a cron job, so the split is unavailable rather than small.
Of 2,519 software-managed vaults. A floor and never a total: it counts the on-chain leg, and exchange exposure, off-chain hedges and unregistered accounts stay invisible. What we cover.
The share of capital we cannot observe has no denominator and is not published as a number. Card rails, bank transfers and exchange balances are not measurable by any independent party, so a percentage of that total would be invented. What can be stated, capital-weighted coverage of the venues that do have public data, is on the perimeter.
There is no agentic GDP figure here. A GDP needs one definition of settled value across rails, and the rails do not have one: a Tempo channel closing, an Olas fee and an ACP release are three different events. Adding them produces a number, and the number is a sum of incomparable things. The rails on one ladder is what that question needs first.
$4.62bn sits in vaults agents manage today, of $11.36bn across every vault we track. $1.1m has moved between agents in what we have read of the rails we can price, each since we began reading it, which is 4,200 times less than is held on any single day. They are not the same networks: ethereum holds the capital, gnosis carries the payments. 56,109 payments carry a token we hold no price for and are counted, not valued.
A vault reports a balance and a payment reports a flow, so one is a stock and the other a rate. Adding them would produce a figure with no unit, which is what an “agent economy” total usually is.
The unpriced payments are counted and not valued. They are fees in a network’s own token that no feed we hold prices; summing the rest and calling it the total would report the busiest payment network we read as worth nothing.
At rest
Only the vaults we can show are run by software. The rest of the $11.36B we track is in vaults with a human curator, or with evidence too thin to say either way; it is the context for this ring rather than part of it. A network absent here is one where we read vaults but attribute none of them to an agent.
In motion
Counted, not valued: this ring is payments, not dollars. Most of them carry a token we hold no price for, which is why it cannot be drawn in money.
Tempo’s payment rail has opened 271,099 channels between agents, 57,596 of them still open. None of it is above, and both alternatives would have been worse: a channel is a relationship that may carry many payments, so counting them among the payments mixes units, and its close events carry three amounts whose meaning is not published; we hold numbers we cannot name, let alone price.