⌘K

Live evidencecounted 10m ago

0.58days of PURR volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.58Bunder one key with no guardian, 100 of the 479 vaults whose control we have read$289.8Mwhose control we have never read, across 3,318 vaults$1.94Bsitting in vaults and not lent out$11.43Bunder 3,797 vaults we read$4.67Bin 333 vaults where we saw automated execution, nothing declared2,196vaults declared or on a venue built to run software, holding $1.09M335software-run vaults scored, 13% of them455operators identified behind them26networks where we read capital, from Ethereum to Cardano31,951,758deposits and withdrawals read from chain135changes recorded in the last day801,965ERC-8004 agent registrations read+1.28/ 30 days564,772distinct owners behind those registrations203,174registrations carrying a readable card, 25%3,386,262paid requests on the Olas rail (deliveries are counted apart)−0.53/ 30 days88suppliers delivering that work412,597agent-to-agent jobs read on Base+0.52/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail187agents live on Cardano78Cardano agents deregistered, 29% of all ever minted29,736escrows between Cardano agents since Jun 2025, 326 still open78%of every agent payment we read comes from 2,927 addresses that never stop339,663addresses paid once and never came back, of 572,437 that ever paid1,080of those payers are an agent we can name, 0.189% of them681agent hosts answered when we asked, of 2,578 probed17,114agents sit behind a host that answers nothing at all440msmedian answer from the 681 hosts that answer42%of all agent ratings were written by ten addresses, of 727,173 ratings read66,949rated agents have exactly one rater, of 84,905 rated at all114,396service endpoints declared across 49,060 agent cards we read0.58days of PURR volume to unwind the crowd99%of the XMR book on one side, across 28 vaults$1.58Bunder one key with no guardian, 100 of the 479 vaults whose control we have read$289.8Mwhose control we have never read, across 3,318 vaults$1.94Bsitting in vaults and not lent out$11.43Bunder 3,797 vaults we read$4.67Bin 333 vaults where we saw automated execution, nothing declared2,196vaults declared or on a venue built to run software, holding $1.09M335software-run vaults scored, 13% of them455operators identified behind them26networks where we read capital, from Ethereum to Cardano31,951,758deposits and withdrawals read from chain135changes recorded in the last day801,965ERC-8004 agent registrations read+1.28/ 30 days564,772distinct owners behind those registrations203,174registrations carrying a readable card, 25%3,386,262paid requests on the Olas rail (deliveries are counted apart)−0.53/ 30 days88suppliers delivering that work412,597agent-to-agent jobs read on Base+0.52/ 30 days$1.0Msettled between agents, all time1,176suppliers listed on the ACP rail187agents live on Cardano78Cardano agents deregistered, 29% of all ever minted29,736escrows between Cardano agents since Jun 2025, 326 still open78%of every agent payment we read comes from 2,927 addresses that never stop339,663addresses paid once and never came back, of 572,437 that ever paid1,080of those payers are an agent we can name, 0.189% of them681agent hosts answered when we asked, of 2,578 probed17,114agents sit behind a host that answers nothing at all440msmedian answer from the 681 hosts that answer42%of all agent ratings were written by ten addresses, of 727,173 ratings read66,949rated agents have exactly one rater, of 84,905 rated at all114,396service endpoints declared across 49,060 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: $2.48B25%
Gauntlet: $1.51B15%
Sentora: $1.46B15%
Concrete: $1.23B12%
SparkDAO: $497.30M4.9%
ether.fi Liquid: $374.43M3.7%
303 smaller firms: $1.98B20%
Known only by address: $517.82M5.1%

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: 10,061,559,777.882 USD · 100.0% of it
Source: Computed here from figures this platform already holds.
Grade: B
Read at: 2026-10-20 08:45 UTC
Methodology: aspern-0.3
Snapshot: cmvgfuboo0f4wj74h7qe0334s

#
1	Steakhouse Financial✓ 0x827e8607…eCdB	curator firm	52	—	45	$2.48B	autonomous	steakhouse.financial
2	SparkDAO✓ 2 linked records	curator firm	11	—	5	$1.96B	autonomous	—
3	Gauntlet 2 linked records	curator firm	69	—	46	$1.51B	autonomous	gauntlet.xyz
4	Concrete	protocol	33	—	—	$1.23B	unknown	app.concrete.xyz
5	ether.fi Liquid	protocol	4	—	—	$374.43M	unknown	ether.fi
6	K3 Capital 2 linked records	curator firm	64	—	11	$199.77M	autonomous	—
7	Armitage by Wintermute✓	curator firm	7	—	—	$135.01M	model-assisted	—
8	Avant avBTC 3 linked records	protocol	3	—	—	$131.04M	unknown	app.avantprotocol.com/products
9	Galaxy Curation✓	curator firm	8	—	2	$127.26M	rules-automated	—
10	Clearstar✓ 0x72882eb5…F0ef	curator firm	17	—	3	$119.55M	rules-automated	clearstar.xyz
11	Lagoon	protocol	59	—	—	$114.74M	unknown	lagoon.finance
12	RockawayX✓	curator firm	11	—	7	$111.95M	autonomous	—
13	Sky Money✓	curator firm	5	—	2	$109.80M	autonomous	—
14	Veda	protocol	4	—	—	$107.44M	unknown	veda.tech
15	0x87ef…6c05 0x87ef01f2…6c05	curator firm	2	—	—	$97.20M	unknown	—
16	Keyrock✓	curator firm	3	1	—	$83.35M	model-assisted	—
17	Lista DAO	unknown	12	—	—	$81.83M	unknown	—
18	Hyperithm 2 linked records	curator firm	12	1	9	$78.87M	autonomous	hyperithm.com
19	Ember Protocol	protocol	30	—	—	$77.34M	unknown	ember.so
20	KPK✓	curator firm	12	—	6	$64.29M	rules-automated	—
21	Upshift	protocol	8	—	—	$53.12M	unknown	app.upshift.finance
22	Fusion by IPOR	protocol	36	—	—	$51.37M	unknown	app.ipor.io/fusion
23	Makina	protocol	16	—	—	$41.81M	unknown	app.makina.finance
24	0x7d07…dcd8 0x7d07bfdd…dcd8	curator firm	4	—	—	$40.15M	unknown	—
25	Flowdesk✓	curator firm	2	—	1	$38.98M	rules-automated	—

1–25 of 455 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.

59 of 455 firms have closed at least one strategy, and 15 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 50 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
Jade Lotus Capital	4	2	787.6%	354.3%	+433.3% up, survivorship gap	$0
HyperTwin	4	3	120.5%	28.4%