⌘K

Live evidencecounted 9m ago

1.41days of PURR volume to unwind the crowd98%of the XMR book on one side, across 27 vaults$1.68Bunder one key with no guardian, 103 of the 491 vaults whose control we have read$233.2Mwhose control we have never read, across 3,350 vaults$1.96Bsitting in vaults and not lent out$11.67Bunder 3,841 vaults we read$4.69Bin 335 vaults where we saw automated execution, nothing declared2,230vaults declared or on a venue built to run software, holding $1.08M337software-run vaults scored, 13% of them457operators identified behind them26networks where we read capital, from Ethereum to Cardano32,195,106deposits and withdrawals read from chain181changes recorded in the last day1,646,509ERC-8004 agent registrations read+10.71/ 30 days1,395,381distinct owners behind those registrations204,556registrations carrying a readable card, 12%3,406,256paid requests on the Olas rail (deliveries are counted apart)−0.4/ 30 days88suppliers delivering that work413,082agent-to-agent jobs read on Base+0.54/ 30 days$1.0Msettled between agents, all time1,177suppliers listed on the ACP rail187agents live on Cardano78Cardano agents deregistered, 29% of all ever minted29,882escrows between Cardano agents since Jun 2025, 156 still open75%of every agent payment we read comes from 3,179 addresses that never stop351,892addresses paid once and never came back, of 605,095 that ever paid4,908of those payers are an agent we can name, 0.811% of them345agent hosts answered when we asked, of 2,607 probed17,118agents sit behind a host that answers nothing at all408msmedian answer from the 702 hosts that answer38%of all agent ratings were written by ten addresses, of 795,539 ratings read133,949rated agents have exactly one rater, of 151,959 rated at all126,722service endpoints declared across 54,429 agent cards we read1.41days of PURR volume to unwind the crowd98%of the XMR book on one side, across 27 vaults$1.68Bunder one key with no guardian, 103 of the 491 vaults whose control we have read$233.2Mwhose control we have never read, across 3,350 vaults$1.96Bsitting in vaults and not lent out$11.67Bunder 3,841 vaults we read$4.69Bin 335 vaults where we saw automated execution, nothing declared2,230vaults declared or on a venue built to run software, holding $1.08M337software-run vaults scored, 13% of them457operators identified behind them26networks where we read capital, from Ethereum to Cardano32,195,106deposits and withdrawals read from chain181changes recorded in the last day1,646,509ERC-8004 agent registrations read+10.71/ 30 days1,395,381distinct owners behind those registrations204,556registrations carrying a readable card, 12%3,406,256paid requests on the Olas rail (deliveries are counted apart)−0.4/ 30 days88suppliers delivering that work413,082agent-to-agent jobs read on Base+0.54/ 30 days$1.0Msettled between agents, all time1,177suppliers listed on the ACP rail187agents live on Cardano78Cardano agents deregistered, 29% of all ever minted29,882escrows between Cardano agents since Jun 2025, 156 still open75%of every agent payment we read comes from 3,179 addresses that never stop351,892addresses paid once and never came back, of 605,095 that ever paid4,908of those payers are an agent we can name, 0.811% of them345agent hosts answered when we asked, of 2,607 probed17,118agents sit behind a host that answers nothing at all408msmedian answer from the 702 hosts that answer38%of all agent ratings were written by ten addresses, of 795,539 ratings read133,949rated agents have exactly one rater, of 151,959 rated at all126,722service endpoints declared across 54,429 agent cards we read

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.

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	$66.22M	Short-dated US Treasury bills	symbol only, unverified
Lista XAUT Vault	XAUt Tether Gold	$4.91M	Bridged Tether Gold	symbol only, unverified
EVK Vault eHYBOND-1	HYBOND	$4.86M	A bond product; the underlying is not established from chain data	symbol only, unverified
Analyst	ynRWAx YieldNest	$1.45M	An index of tokenised real-world assets — exposure through a wrapper, not to a named instrument	symbol only, unverified
Analyst	tGLD	$424.7k	Gold	symbol only, unverified
Analyst	XAUt Tether Gold	$340.7k	One troy ounce of gold per token, held in Switzerland	contract recognised
Analyst	PAXG Paxos	$68.04	One fine troy ounce of London Good Delivery gold per token	contract recognised
Analyst	mGLOBAL	$0.00	A global equity index	symbol only, unverified

Analyst tier

3 of 8 shown in full. 5 more are listed with the name withheld. A plan opens every holding of a named real-world instrument, its issuer, what the issuer says it represents, and whether we recognise the contract or only its symbol. The count is free because the count is the finding; the detail is what Analyst carries.

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What we read at all: the perimeter. Synthetic exposure, meaning perpetuals on equities, commodities and FX, is indexed at venue level: $71.40M across Ostium and Veranta (formerly Avantis), shown above. It is not part of the capital-held figure and none of it is attributed to an agent: these are the venues’ own open positions, not holdings we can trace to a machine-managed vault.