⌘K

Live evidencecounted 3m ago

0.60days of PURR volume to unwind the crowd99%of the XMR book on one side, across 35 vaults$479.2Munder one key with no guardian — 11 of the 127 vaults whose control we have read$2.08Bwhose control we have never read, across 2,782 vaults$1.61Bsitting in vaults and not lent out$5.86Bunder 2,909 vaults we read1,839agent-managed, of 2,909 tracked192agent vaults scored, 10% of them479operators identified behind them25networks read, from Ethereum to Cardano3,775,067deposits and withdrawals read from chain113changes recorded in the last day526,005ERC-8004 agent registrations read+9.7/ 30 days330,751distinct owners behind those registrations188,888registrations carrying a readable card, 36%4,113,827agent tasks settled on the Olas rail−0.4/ 30 days71suppliers delivering that work404,295agent-to-agent jobs read on Base+0.41/ 30 days$1.0Msettled between agents, all time1,168suppliers listed on the ACP rail191agents live on Cardano74Cardano agents deregistered, 28% of all ever minted28,047open escrows between Cardano agents0.60days of PURR volume to unwind the crowd99%of the XMR book on one side, across 35 vaults$479.2Munder one key with no guardian — 11 of the 127 vaults whose control we have read$2.08Bwhose control we have never read, across 2,782 vaults$1.61Bsitting in vaults and not lent out$5.86Bunder 2,909 vaults we read1,839agent-managed, of 2,909 tracked192agent vaults scored, 10% of them479operators identified behind them25networks read, from Ethereum to Cardano3,775,067deposits and withdrawals read from chain113changes recorded in the last day526,005ERC-8004 agent registrations read+9.7/ 30 days330,751distinct owners behind those registrations188,888registrations carrying a readable card, 36%4,113,827agent tasks settled on the Olas rail−0.4/ 30 days71suppliers delivering that work404,295agent-to-agent jobs read on Base+0.41/ 30 days$1.0Msettled between agents, all time1,168suppliers listed on the ACP rail191agents live on Cardano74Cardano agents deregistered, 28% of all ever minted28,047open escrows between Cardano agents

Real-world exposure

What the capital we read is exposed to outside crypto. Held instruments, stablecoin reserves, and the part we have not classified — as separate figures, because they answer different questions.

These are never added together. A tokenised Treasury bill is a claim on a named instrument; a USDC balance is a claim on a stablecoin whose issuer says it holds bills, at a size the issuer chooses and reports on its own schedule. One headline covering both would overstate the named position roughly thirty-fold.

$81.52M

Named instruments held

8 vaults

$0.00

Of that, software-managed

none of it, which is the finding

$2.65B

Stablecoin reserve exposure

556 vaults, indirect

$759.46M

Underlying not classified

121 vaults

Exposure

Every dollar we read, by what we can say about it

Stablecoin reserves: $2.65B45%
Crypto: $2.20B38%
Not classified: $759.46M13%
Underlying not read: $171.40M2.9%
Named instruments: $81.52M1.4%

Named instruments are a thin slice on purpose: showing them alone would make a rounding error look like a sector.

What each class can and cannot settle

Tokenised instrument held $81.52M: High where we know the token and the holder. What the token is worth to a court is not on chain.
Stablecoin reserve exposure $2.65B: Partial and issuer-dependent. We can measure the holding; the reserve behind it is disclosed by the issuer on its own terms.
Synthetic exposure $28.65M: High on supported venues. None indexed yet.
Used as collateral not measured: High to medium. Needs the protocol to publish its collateral, and most do.
Off-chain activity not measured: Not independently measurable without a partnership.

Synthetic

What agents are exposed to, without owning any of it

indices: $6.93M41%
forex: $4.86M29%
commodities: $3.16M19%
stocks: $1.74M10%
etf: $193.7k1.1%

Open positions on Ostium, 1,000 of them — the page filled, so this is a floor. Crypto on the same venue ($475.6k) is excluded: this is a picture of real-world exposure, not of a venue.

Long against short, by class

Notional on each side. A class that is almost entirely one way is a crowd, and a crowd unwinds together.

Class	Long	Short	Trades	Tilt
indices	$662.9k	$6.27M	264	10% long
forex	$2.39M	$2.47M	99	49% long
commodities	$3.04M	$113.4k	319	96% long
stocks	$1.73M	$15.7k	145	99% long
etf	$133.8k	$59.9k	41	69% long

No open interest figure. The pair-level longOI/shortOI reconcile with neither 1e6 nor 1e18 against the summed notional of that pair’s open trades — BTC reads 2.02 at 1e18 where its open positions total tens of thousands of dollars — so the field is denominated in the base asset rather than dollars. Published as null rather than under a divisor we guessed.

Synthetic · Avantis

Open interest by asset class

forex: $7.06M60%
equities: $2.51M21%
commodities: $2.20M19%

120 pairs. Crypto on the same venue ($7.24M) is excluded, as on Ostium. Open interest as the venue reports it, already in USD. Ostium’s comparable figure is summed notional over a capped sample and is a floor; these are not the same measurement and are not added together.

How close each class is to its cap

The venue caps exposure per class. A class near its cap is not a class without demand — it is one that cannot take more, which reads identically in an open-interest figure and does not mean the same thing.

Class	Open interest	Cap	Used	Pairs
forex	$7.06M	$15.86M	45%	18
crypto1crypto	$6.84M	$16.92M	40%	9
equities	$2.51M	$10.58M	24%	28
commodities	$2.20M	$10.58M	21%	5
crypto2crypto	$242.9k

The instruments, and who says what they are

An on-chain reading settles what a vault holds. It does not settle that the gold, the bill or the loan book behind it exists, or that redemption works at the price shown — those are the issuer’s claims, and they are labelled as such.

Vault	Instrument	Capital	The issuer says it is	How sure we are
Concrete · THUSD-THBILL-STABLE	thBILL	$66.48M	Short-dated US Treasury bills	symbol only, unverified
Lista XAUT Vault	XAUt Tether Gold	$6.63M	Bridged Tether Gold	symbol only, unverified
EVK Vault eHYBOND-1	HYBOND	$4.31M

$759.46M whose underlying we have not classified

The underlying is read but not in the registry. It may be RWA and we have not established it — counting these as "not RWA" would make our coverage look complete by discarding the question.

USD1 $194.77MWLFIcx $101.56MAUSD $89.75MvUSD $73.65MU $49.90MPT-AUSD-8OCT2026 $32.99MlisUSD $28.26MUSD0 $26.67MgAUSD $24.72MxUSD $16.35MUSDe $14.62MmsUSD $13.89M

Separately, $2.20B is ether, bitcoin, chain tokens and staking receipts. Nobody is uncertain whether those are Treasury bills, so they are not in the figure above.

What we read at all: the perimeter. Synthetic exposure — perpetuals on equities, commodities and FX — is not indexed yet, and is the next venue step rather than a gap in this page.