⌘K

Live evidencecounted 1m 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

Operators

The accountable party behind each vault, with its whole cohort, the denominator, not the survivor.Note 18

Concentration

Which firms run the capital

Steakhouse Financial: $2.39B24%
Gauntlet: $1.52B15%
Sentora: $1.49B15%
Concrete: $1.24B12%
SparkDAO: $484.13M4.8%
ether.fi Liquid: $380.98M3.8%
300 smaller firms: $1.94B19%
Known only by address: $538.58M5.4%

Operators known only by an address are folded into one slice rather than listed. That an address holds three hundred million is true and tells a reader nothing they can act on, and it would take a slice from a firm whose name means something.

How this figure was arrived at

Metric: capital-by-operator
Population: vaults_with_a_linked_operatorOpen vaults we have linked to a firm or leader. A vault with no operator here is one nobody has merged to a name, which is a limit of our linking rather than a vault that runs itself.
Denominator: 9,994,992,380.226 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: cmv1m1kcq002xleyft19h1uli

#
1	Steakhouse Financial✓ 0x827e8607…eCdB	curator firm	51	—	45	$2.39B	autonomous	steakhouse.financial
2	SparkDAO✓ 2 linked records	curator firm	11	—	5	$1.98B	autonomous	—
3	Gauntlet 2 linked records	curator firm	67	—	43	$1.52B	autonomous	gauntlet.xyz
4	Concrete	protocol	32	—	—	$1.24B	unknown	app.concrete.xyz
5	ether.fi Liquid	protocol	4	—	—	$380.98M	unknown	ether.fi
6	K3 Capital 2 linked records	curator firm	64	—	11	$210.11M	autonomous	—
7	Avant avBTC 3 linked records	protocol	3	—	—	$134.21M	unknown	app.avantprotocol.com/products
8	Armitage by Wintermute✓	curator firm	6	—	—	$131.30M	model-assisted	—
9	Galaxy Curation✓	curator firm	8	—	2	$127.31M	rules-automated	—
10	Lagoon	protocol	56	—	—	$114.40M	unknown	lagoon.finance
11	Sky Money✓	curator firm	5	—	2	$110.12M	autonomous	—
12	Veda	protocol	4	—	—	$109.35M	unknown	veda.tech
13	RockawayX✓	curator firm	10	—	6	$106.13M	autonomous	—
14	0x87ef…6c05 0x87ef01f2…6c05	curator firm	2	—	—	$97.02M	unknown	—
15	Clearstar✓ 0x72882eb5…F0ef	curator firm	16	—	1	$84.32M	rules-automated	clearstar.xyz
16	Hyperithm 2 linked records	curator firm	12	1	9	$83.82M	autonomous	hyperithm.com
17	Keyrock✓	curator firm	3	—	—	$82.62M	model-assisted	—
18	Lista DAO	unknown	12	—	—	$82.01M	unknown	—
19	Ember Protocol	protocol	25	—	—	$74.02M	unknown	ember.so
20	Upshift	protocol	8	—	—	$59.21M	unknown	app.upshift.finance
21	KPK✓	curator firm	10	—	6	$57.74M	rules-automated	—
22	Fusion by IPOR	protocol	35	—	—	$55.76M	unknown	app.ipor.io/fusion
23	Makina	protocol	10	—	—	$45.75M	unknown	app.makina.finance
24	0xb3cf…2b44 0xb3cf59a5…2b44	curator firm	11	—	—	$45.60M	unknown	—
25	Hyperliquidity Provider (HLP) 2 linked records	unknown	8	—	3	$41.21M	rules-automated	—

1–25 of 450 operatorsShow

…

What the track record leaves out

The same firms measured twice: across the strategies still running, which is the figure anyone would quote, and across every strategy they launched. The gap is survivorship, the part of a record made of vaults that are no longer there. It needs nobody’s cooperation to compute, which is why it is not published anywhere a firm controls.

55 of 450 firms have closed at least one strategy, and 5 can be measured this way. The rest are firms too small for the difference to mean anything, or firms whose closures we cannot price; the largest being one with 48 closed strategies. That is a limit of this reading, not a finding about them.

Firm	Launched	Closed	Survivors say	All of them say	Gap	Capital in the closed
HyperTwin	4	3	121.0%	32.3%	+88.8% up, survivorship gap	$0
0x146d…a1de	19	3	-1.0%	-17.5%