⌘K

Live evidencecounted 8m ago

0.56days of PURR volume to unwind the crowd99%of the XMR book on one side, across 27 vaults$1.43Bunder one key with no guardian, 55 of the 433 vaults whose control we have read$359.0Mwhose control we have never read, across 3,338 vaults$1.91Bsitting in vaults and not lent out$11.35Bunder 3,771 vaults we read$4.62Bin 328 vaults where we saw automated execution, nothing declared2,178vaults declared or on a venue built to run software, holding $1.04M330software-run vaults scored, 13% of them453operators identified behind them26networks where we read capital, from Ethereum to Cardano31,750,884deposits and withdrawals read from chain237changes recorded in the last day665,378ERC-8004 agent registrations read−0.05/ 30 days429,666distinct owners behind those registrations202,388registrations carrying a readable card, 30%3,369,653paid requests on the Olas rail (deliveries are counted apart)−0.59/ 30 days88suppliers delivering that work412,095agent-to-agent jobs read on Base+0.22/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,409escrows between Cardano agents since Jun 2025, 156 still open78%of every agent payment we read comes from 2,878 addresses that never stop336,847addresses paid once and never came back, of 567,288 that ever paid1,069of those payers are an agent we can name, 0.188% of them674agent hosts answered when we asked, of 2,571 probed17,117agents sit behind a host that answers nothing at all407msmedian answer from the 674 hosts that answer44%of all agent ratings were written by ten addresses, of 698,452 ratings read40,407rated agents have exactly one rater, of 58,352 rated at all108,597service endpoints declared across 46,139 agent cards we read0.56days of PURR volume to unwind the crowd99%of the XMR book on one side, across 27 vaults$1.43Bunder one key with no guardian, 55 of the 433 vaults whose control we have read$359.0Mwhose control we have never read, across 3,338 vaults$1.91Bsitting in vaults and not lent out$11.35Bunder 3,771 vaults we read$4.62Bin 328 vaults where we saw automated execution, nothing declared2,178vaults declared or on a venue built to run software, holding $1.04M330software-run vaults scored, 13% of them453operators identified behind them26networks where we read capital, from Ethereum to Cardano31,750,884deposits and withdrawals read from chain237changes recorded in the last day665,378ERC-8004 agent registrations read−0.05/ 30 days429,666distinct owners behind those registrations202,388registrations carrying a readable card, 30%3,369,653paid requests on the Olas rail (deliveries are counted apart)−0.59/ 30 days88suppliers delivering that work412,095agent-to-agent jobs read on Base+0.22/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,409escrows between Cardano agents since Jun 2025, 156 still open78%of every agent payment we read comes from 2,878 addresses that never stop336,847addresses paid once and never came back, of 567,288 that ever paid1,069of those payers are an agent we can name, 0.188% of them674agent hosts answered when we asked, of 2,571 probed17,117agents sit behind a host that answers nothing at all407msmedian answer from the 674 hosts that answer44%of all agent ratings were written by ten addresses, of 698,452 ratings read40,407rated agents have exactly one rater, of 58,352 rated at all108,597service endpoints declared across 46,139 agent cards we read

Who is running the money

A firm’s book across every venue it operates on, which no venue publishes.Note 8

Registering is easy. Being paid is not.

four counts, four populations

665,378

registered an identity

a transaction, and nothing more

2,566

declare a service endpoint

a line in a document they wrote

answer when a client connects

a machine somewhere staying up

597

were paid for finished work

somebody else’s decision

Half a million registrations, and 78 servers that answer when a client actually connects. These are not four stages of one pipeline. An address can be paid for work having never declared an endpoint, and most of the paid ones have not, so the counts are printed beside one another rather than as a funnel that would claim each contains the next.

Across venues

$6.57B is run by 16 firms operating on more than one venue. No single venue sees those books whole; each one sees its own slice. $169.30M of it is sitting unlent.

The operators ›

Concentration

Who runs the money

Steakhouse Financial: $2.38B32%
SparkDAO: $2.04B27%
Gauntlet: $1.51B20%
299 smaller firms: $1.23B16%
K3 Capital: $198.61M2.6%
Hyperliquidity Provider (HLP): $177.80M2.4%

Firms, not vaults. A firm's book across every venue it operates on is the part no venue publishes; which vault sits inside each is the register below.

How this figure was arrived at

Metric: firm-concentration
Population: firms_joined_on_conclusive_evidence
Denominator: 7,540,583,132.913 USD · 100.0% of it
Source: Computed here from figures this platform already holds.
Grade: B
Read at: 2026-10-16 23:29 UTC
Methodology: aspern-0.3

Firms by capital under management

All operators →

Firm	Venues	Networks	Strategies	Capital	Delivered	Not lent out
Steakhouse Financial	2	7	52 45 machine	$2.38B	3.70%over 100%	—
SparkDAO2 linked	2	3	11 5 machine	$2.04B	2.96%over 98%	—
Gauntlet2 linked