⌘K

Live evidencecounted 1m ago

0.46days of PURR volume to unwind the crowd98%of the XMR book on one side, across 29 vaults$1.36Bunder one key with no guardian, 54 of the 431 vaults whose control we have read$306.0Mwhose control we have never read, across 3,278 vaults$1.96Bsitting in vaults and not lent out$11.37Bunder 3,709 vaults we read$4.81Bin 329 vaults where we saw automated execution, nothing declared2,134vaults declared or on a venue built to run software, holding $996.7k331software-run vaults scored, 13% of them452operators identified behind them26networks where we read capital, from Ethereum to Cardano31,559,115deposits and withdrawals read from chain151changes recorded in the last day611,130ERC-8004 agent registrations read−0.44/ 30 days377,281distinct owners behind those registrations201,229registrations carrying a readable card, 33%3,351,727paid requests on the Olas rail (deliveries are counted apart)−0.65/ 30 days87suppliers delivering that work411,662agent-to-agent jobs read on Base+0.07/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,310escrows between Cardano agents since Jun 2025, 158 still open78%of every agent payment we read comes from 2,691 addresses that never stop316,513addresses paid once and never came back, of 523,189 that ever paid976of those payers are an agent we can name, 0.187% of them651agent hosts answered when we asked, of 2,562 probed17,269agents sit behind a host that answers nothing at all299msmedian answer from the 651 hosts that answer44%of all agent ratings were written by ten addresses, of 681,217 ratings read33,030rated agents have exactly one rater, of 50,920 rated at all98,444service endpoints declared across 40,760 agent cards we read0.46days of PURR volume to unwind the crowd98%of the XMR book on one side, across 29 vaults$1.36Bunder one key with no guardian, 54 of the 431 vaults whose control we have read$306.0Mwhose control we have never read, across 3,278 vaults$1.96Bsitting in vaults and not lent out$11.37Bunder 3,709 vaults we read$4.81Bin 329 vaults where we saw automated execution, nothing declared2,134vaults declared or on a venue built to run software, holding $996.7k331software-run vaults scored, 13% of them452operators identified behind them26networks where we read capital, from Ethereum to Cardano31,559,115deposits and withdrawals read from chain151changes recorded in the last day611,130ERC-8004 agent registrations read−0.44/ 30 days377,281distinct owners behind those registrations201,229registrations carrying a readable card, 33%3,351,727paid requests on the Olas rail (deliveries are counted apart)−0.65/ 30 days87suppliers delivering that work411,662agent-to-agent jobs read on Base+0.07/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail189agents live on Cardano76Cardano agents deregistered, 29% of all ever minted29,310escrows between Cardano agents since Jun 2025, 158 still open78%of every agent payment we read comes from 2,691 addresses that never stop316,513addresses paid once and never came back, of 523,189 that ever paid976of those payers are an agent we can name, 0.187% of them651agent hosts answered when we asked, of 2,562 probed17,269agents sit behind a host that answers nothing at all299msmedian answer from the 651 hosts that answer44%of all agent ratings were written by ten addresses, of 681,217 ratings read33,030rated agents have exactly one rater, of 50,920 rated at all98,444service endpoints declared across 40,760 agent cards we read

in What we read

Platforms

Every venue we know of, including those we cannot yet read vault by vault.Note 21

Concentration

Which venues hold it

Morpho Vaults V2: $5.12B45%
Morpho: $2.43B21%
Concrete: $1.24B11%
Lista Lending: $630.58M5.5%
Euler: $538.09M4.7%
ether.fi Liquid: $390.28M3.4%
27 smaller venues: $1.03B9.1%

Measured on what we read vault by vault, not on a venue's own protocol figure. Those count markets and positions that are not vaults at all, so a ring built from them would add up to a number no row in the table below supports.

How this figure was arrived at

Metric: capital-by-platform
Population: vaults_valuedOpen vaults we can put a size on, which is the denominator behind every capital total here. A vault whose underlying we cannot price is published unvalued rather than estimated; one we read as holding nothing is valued at zero, which is a reading rather than a gap.
Denominator: 11,374,593,273.037 USD · 100.0% of it
Source: Computed here from figures this platform already holds.
Grade: B
Read at: 2026-10-13 02:37 UTC
Methodology: aspern-0.3
Snapshot: cmv62merq6ippley19j2xucbs

Concentration, deeper

The largest 25 venues, and everything after them

Morpho Vaults V2: $5.12B45%
Morpho: $2.43B21%
Concrete: $1.24B11%
Lista Lending: $630.58M5.5%
Euler: $538.09M4.7%
ether.fi Liquid: $390.28M3.4%
Hyperliquid: $272.35M2.4%
Lagoon: $115.07M1.0%
Veda: $108.22M1.0%
Avant avUSD: $99.62M0.9%
Ember Protocol: $74.54M0.7%
Kamino: $71.57M0.6%
Upshift: $56.33M0.5%
Fusion by IPOR: $54.57M0.5%
Makina: $44.93M0.4%
D2 Finance: $27.90M0.2%
Avant avETH: $26.44M0.2%
YieldNest: $24.74M0.2%
Neutral Trade: $14.21M0.1%
T3tris Finance: $12.95M0.1%
Agua: $11.50M0.1%
Spectra MetaVaults: $6.61M0.1%
Avant avBTC: $5.05M0.0%
dYdX: $1.74M0.0%
ForgeYields: $1.26M0.0%
8 smaller venues: $2.52M0.0%

The same money as the ring above, cut at twenty-five instead of six. Shaded by rank, light to dark, because these are sizes rather than identities.

How this figure was arrived at

Metric: capital-by-platform-deep
Population: vaults_valuedOpen vaults we can put a size on, which is the denominator behind every capital total here. A vault whose underlying we cannot price is published unvalued rather than estimated; one we read as holding nothing is valued at zero, which is a reading rather than a gap.
Denominator: 11,374,593,273.037 USD · 100.0% of it
Source: Computed here from figures this platform already holds.
Grade: B
Read at: 2026-10-13 02:37 UTC
Methodology: aspern-0.3
Snapshot: cmv62merq6ippley19j2xucbs

Why our figure for a lending platform is larger than an aggregator’s

Both numbers are right and they answer different questions. We publish what depositors supplied to a vault; DefiLlama and most aggregators publish what is left in it after borrowers took some away. The difference is the loan book, and it is read from the vaults themselves rather than inferred: on every vault tested, what was supplied equals what is on loan plus what is sitting there, to the dollar.

Platform	Supplied, what we publish	Lent out	Left in the vaults	Utilised
Morpho Vaults V2	$5.12B	$4.01B	$1.11B	78%
Morpho	$2.43B	$2.18B	$255.04M	90%
Lista Lending	$630.58M	$433.62M	$196.96M	69%
Euler	$538.09M	$244.40M	$293.69M	45%

Utilisation is worth reading for its own sake rather than only as a reconciliation: a vault that has lent out most of what it holds cannot honour a large withdrawal until somebody repays, which is a liquidity risk a size figure alone never shows. Covers only the vaults whose contracts answer, a blank is a vault we did not read, never a vault with no loan book.

Covered33 platforms we read vault-by-vault

Category33 platforms

#
1	Morpho Vaults V2	lending vault	Ethereum Base Robinhood Chain Arc+8	mixed	223	102	$5.12B	$1.11B22%	—
2	Morpho	lending vault	Ethereum Base HyperEVM Arbitrum+6	mixed	164	78	$2.43B	$255.04M10%	—
3	Concrete	strategy vault	Ethereum Stable Arbitrum Berachain+1	mixed	32	—	$1.24B	not disclosed	$1.20B
4	Lista Lendingⓘ	lending vault	BSC	mixed	25	—	$630.58M	$196.96M31%	—
5	Euler	lending vault	Ethereum Base Avalanche Sonic+8	mixed	220	10	$538.09M	$293.69M55%	—
6	ether.fi Liquid	strategy vault	Ethereum	mixed	4	—	$390.28M	not disclosed	$414.94M
7	Hyperliquid	perp vault	Hyperliquid	mixed	319	139	$272.35M	not disclosed	—
8	Lagoon	strategy vault	Ethereum Arbitrum Base Avalanche+19	mixed	56	—	$115.07M	not disclosed	$157.89M
9	Veda	strategy vault	Ink Ethereum Optimism Monad+9	mixed	4	—	$108.22M	not disclosed	$1.87B
10	Avant avUSD	strategy vault	Avalanche	mixed	1	—	$99.62M	not disclosed	$124.24M
11	Ember Protocol	strategy vault	Ethereum Sui Pharos Base+1	mixed	25	—	$74.54M	not disclosed	$118.50M
12	Kaminoⓘ	strategy vault	Solana	mixed	45	—	$71.57M	not disclosed	—
13	Upshift	strategy vault	Ethereum Flare Stellar Monad+11	mixed	8	—	$56.33M	not disclosed	$394.97M
14	Fusion by IPOR	strategy vault	Base Ethereum Arbitrum Katana+8	mixed	35	—	$54.57M	not disclosed	$85.65M
15	Makina	strategy vault	Ethereum Base	mixed	10	—	$44.93M	not disclosed	$44.36M
16	D2 Finance	strategy vault	Hyperliquid Arbitrum Base Ethereum+3	mixed	8	—	$27.90M	not disclosed	$28.72M
17	Avant avETH	strategy vault	Ethereum	mixed	1	—	$26.44M	not disclosed	$31.74M
18	YieldNest	strategy vault	Ethereum BSC	mixed	9	—	$24.74M	not disclosed	$24.46M
19	Neutral Trade	strategy vault	Solana Robinhood Chain Ethereum Monad	mixed	11	—	$14.21M	not disclosed	$24.15M
20	T3tris Finance	strategy vault	Arbitrum Robinhood Chain	mixed	5	—	$12.95M	not disclosed	$13.73M
21	Agua	strategy vault	Ethereum Monad	mixed	1	—	$11.50M	not disclosed	$20.56M
22	Spectra MetaVaults	strategy vault	Base Flare Katana Ethereum+2	mixed	4	—	$6.61M	not disclosed	$6.61M
23	Avant avBTC	strategy vault	Avalanche	mixed	1	—	$5.05M	not disclosed	$7.42M
24	dYdXⓘ	perp vault	Dydx	mixed	1	—	$1.74M	not disclosed	—
25	ForgeYields	strategy vault	Starknet Ethereum	mixed	4	—	$1.26M	not disclosed	$1.26M

1–25 of 33 platformsShow

Known but unread36 platforms holding $2.06M we could read and have not

These have vaults. None publishes a per-vault API, so each needs its own adapter or on-chain indexing, and until one is written the protocol total from DefiLlama is all we carry. This is the honest coverage gap.

Category36 platforms

#
1	Krystal Auto-Farm Vaultⓘ	strategy vault	Base BSC Arbitrum Robinhood Chain+5	yes	$626.6k
2	Yield AI	strategy vault	Aptos	yes	$578.5k
3	INFINIT	strategy vault	BSC Arbitrum	yes	$534.7k
4	Infinite Trading Protocol	strategy vault	Optimism Base Ethereum Polygon+1	yes	$250.5k
5	Gud.Tech	strategy vault	Zircuit	yes	$34.5k
6	Mind Network	strategy vault	Ethereum BSC Mind Network Scroll	yes	$28.3k
7	TermiX	strategy vault	BSC Base	yes	$3.5k
8	Calculus	strategy vault	BSC	yes	$3.3k
9	Glorb	strategy vault	Base	yes	$783.36
10	Fuci	strategy vault	Arc	yes	$199.95
11	Vaultfire	strategy vault	Base Arbitrum Avalanche Polygon	yes	$41.50
12	Arbius	strategy vault	Arbitrum	yes	—
13	Capx AI	strategy vault	Capx Chain	yes	—
14	Quotum	strategy vault	Robinhood Chain	yes	—
15	Botto	strategy vault	Ethereum Base	yes	—
16	Vader AI	strategy vault	Base	yes	—
17	Virtuals Protocol	strategy vault	Base	yes	—
18	Yoko	strategy vault	Sonic	yes	—
19	Laika AI	strategy vault	BSC	yes	—
20	Capminal	strategy vault	Base	yes	—
21	Orbio	strategy vault	Robinhood Chain	yes	—
22	Cookie DAO	strategy vault		yes	—
23	QuantixAI	strategy vault		yes	—
24	Xeleb Protocol	strategy vault		yes	—
25	Theoriqⓘ	strategy vault	Base	yes	—

1–25 of 36 platformsShow

No vault to read4 platforms holding $11.09M in users’ own accounts

Every depositor gets their own smart account and the agent works inside it, so there is no shared contract with a share price and no strategy to rate, the “vault list” would be a list of customers. Their capital is real and it is counted here; what cannot exist is a per-vault record. Listing these as unread would claim a gap we could close, and we cannot.

Category4 platforms

#
1	ZyFAIⓘ	strategy vault	Base Arbitrum Ethereum Sonic+1	yes	$10.47M
2	AgentFiⓘ	strategy vault	Blast	yes	$612.8k
3	Gizaⓘ	strategy vault	Hyperliquid Arbitrum Base Plasma	yes	$12.8k
4	Gizaⓘ	strategy vault	Base	yes	—

4 platforms

Not strategies at allone platform holding $19.90M in staking rather than vaults

Capital staked into a single contract that allocates emissions. There are no per-strategy vaults, no share prices and nothing to rate. This sat inside the unread total for weeks, which overstated what we are missing by more than half, a venue with nothing to read is not a venue we failed to read.

Category1 platforms

#
1	MorpheusAIⓘ	strategy vault	Ethereum Arbitrum Base	yes	$19.90M

1 platforms