How X-RAY counts

Turns

A turn is an ISO week: Monday 00:00 to Sunday 23:59 in UTC. It is named by its year and week number (2026-W45 in the URL as ?turn=), and the next turn begins on the Monday after.

On the current turn, What changed reads the seven days to now: from 00:00 UTC six days back to this moment; the radar reads the last 7 × 24 hours. An earlier turn is read as it stood on its Sunday.

The turn strip shows the current turn, the nine before it and the next one, dashed. The bar in each cell is the market's moves that turn. "Data through" is the last day with a recorded move.

The replay (R or ▶) plays the strip's ten turns from the first to the current one, a turn every 1.5 seconds; a scrub, Esc or R stops it.

From: X-RAY

Players

Every actor on the market is a player: a company, protocol, exchange, fund, chain or DAO. Only active players count. Hidden players (token-derived pseudo-actors, duplicates) and players merged into another get no page and are left out of the player counts, Events 7d, the Movers list and the Board.

The Actors card counts the market's active players. A player joins the count from the day it was first seen, not the day it was imported, so an import does not make a cliff in the history.

From: X-RAY

Moves

A move is an event stored for a player: a funding round, a hack, a listing, a launch, a governance proposal, a regulatory action and the like. Every stored event of an active player counts as one move.

Events 7d counts the moves of the seven days shown against the seven days before. The Movers list ranks players by their moves in those days and leaves chains out.

Each news article is stored as a news move of its own, so a story ten outlets tell counts ten times in Events 7d, the Movers list, the Board and What changed. The typed move it makes (a round, a hack, a listing and the like) is stored once: before a typed news event or a governance post from the Synoptic stream is stored, the story guard compares it with the stories already stored: the same hack within 21 days; the same amount (from $100k, within 5 %) within 45 days; the same amount told as a round, a partnership or an acquisition within 7 days with a shared party or a similar text; the same counterparty with a similar text within 14 days; a near-identical text within 3 days; or a retelling of the same kind on the same day. A repeat goes to an archive instead of the timeline.

The guard also keeps a player from getting a move it only took part in: a fund that invested in a round, or a stablecoin issuer that froze stolen funds, does not get the round or the hack as its own.

Archived events are kept, not deleted, and every archive step is logged so it can be undone.

From: X-RAY events from news, governance, funding and on-chain sources

Funding 30d

Funding 30d adds up the amounts of the funding rounds of active players in the 30 days to the day shown. The card compares it with the total 30 days before.

An amount is the deal size. A stated valuation, a target or planned raise ("targeting", "in talks to raise"), a fund launched by a player that is not a fund, and an amount over $20B or under $10k are kept as cited text, not as money raised.

Debt is left out: credit facilities, notes and debt rounds are marked as debt and count neither in Funding 30d nor in a player's raised total.

The series is recomputed from the events as they stand over the last 14 days at least, so a round moved aside or archived after its day was stored leaves that day too.

From: X-RAY funding events

TVL

A player's TVL is DefiLlama's TVL of the protocols tied to it through its DefiLlama aliases (protocol id, slug or parent).

An exchange's TVL on DefiLlama is custodial: the assets it holds for its customers. The player's page shows it as Assets (custodial), and it is never added into a TVL total: the market's, a chain's or an arena's.

The TVL card adds up the tracked players' TVL, exchanges excluded. A chain's TVL adds up each player's TVL on that chain, so a player on many chains is not counted once per chain with its whole total.

Fees 24h is DefiLlama's fees of the protocols tied to a player over the last day.

From: DefiLlama

Market cap

A player's price and market cap are those of its primary token only, never the sum of the tokens linked to it and never its largest one.

The primary token is the linked token with the best CoinMarketCap rank, stablecoins and derivative tokens last. A chain takes its native coin first. Wrapped, staked, bridged, fan and liquid-staking receipt tokens are never primary; an exchange's primary token can only be an exchange token; a stablecoin is primary only for a stablecoin issuer.

A player without a primary token has no price and no market cap.

The Market cap card adds up the tokens linked to the market's players, each token once.

From: CoinMarketCap

Open roles

A role is open while it is active and not removed, and was posted within the last 120 days or confirmed on the employer's own job board within the last 120 days.

Where a player hires through Greenhouse, Lever, Ashby, Workable or SmartRecruiters, X-RAY reads that board: it confirms the roles still listed, closes the ones gone and adds new ones. An active role older than 120 days that no board confirmed is retired as stale; its history stays.

The same count is used on every page and in the agent tools. A day in the past counts the roles open on that day.

From: Job boards and employers' ATS boards

Cards and their changes

A card's change compares its last stored day with the last stored day at least seven days earlier (Funding 30d: 30 days; Events 7d: the seven days before). The sparkline shows the last 30 stored days.

On a player's page, the arenas, the market pages and in the Match-up, a change is left blank when the metric's history starts after the comparison day. A history starts on the first day the metric was stored, or later where a collection was still ramping up, so a newly started collection never reads as huge growth.

Commits 30d counts the commits in the repositories of the GitHub organisations tied to the players, over 30 days. The home cards leave out a change of more than 1,000 %.

From: X-RAY · GitHub

The Board

The Board puts the 50 most active players of the strip's ten turns (never before 7 September 2026) on one table; every move of an active player counts. While that read fails, it shows the 50 most active players of the last 30 days.

Arenas are the pieces' primary sectors: up to 12 with 6 pieces each on a desk, 8 with 5 on a tablet, 12 with 4 on a phone. In the replay they are ranked by the moves of the whole window, so a scrub keeps every piece in its place. An arena's most active piece sits at its centre, and its fill is its moves that turn per piece.

A piece's size is its capital at the turn's end: the larger of market cap and TVL (an exchange's market cap alone, since its TVL is custodial), each on its last stored day of the turn, at most 21 days back. It grows with the square root of the piece's share of the most capital any piece of the same arena held in any turn of the replay, so a piece grows and shrinks from turn to turn. A piece with no stored market cap or TVL keeps its size by moves.

The ring around a piece is the share of seven facets that hold data: TVL, market cap, open roles, commits, moves, funding and chains. Zero open roles or commits count as unread: they mean no job board or no GitHub, not a known zero.

A line joins two pieces that both take part in one of the turn's moves. It runs from the participant to the move's subject (the other way for an acquisition target) and has no direction for a partnership. A piece the radar saw move that turn, or that was hacked, is marked.

The risk lens (the header's toggle, ?lens=risk) paints a piece's ring red for a state's or an attacker's move against the player: the entity or its own wallets on OFAC's SDN list, an exploit within 365 days, a MiCA non-compliant listing, a cancelled Korean report or a KoFIU sanction within 365 days, a UK company in liquidation, administration or insolvency now. Amber marks a key risk: the primary token's upgrade or owner key held by one externally owned account (EOA), EOAs that can upgrade its L2, CCIP token rows or Superchain control keys held by an EOA, unverified token code, a MiCA authorisation withdrawn while none is current. A dated flag (an exploit, a listing, a sanction) shows from the first day of its window; the others are today's reading and show on every turn with data. A daily block counts only on its latest day of the last seven. A piece without a flag keeps its plain ring: no flag read is fog, never safe.

From: X-RAY · DefiLlama · CoinMarketCap

The radar

The radar shows what the sources' own change logs saw move, not what the news said: token keys and upgrades, MiCA licences, OFAC listings, Aave rules, Safe Harbor adoptions, L2BEAT stages, newly listed exploits, the Korea FIU and Japan FSA registers, CCIP pools and keys, Superchain membership and keys, legal entities (GLEIF), UK companies, and Lido's staking modules and node operators: who runs its validators and on which terms.

Weights: 5 for an OFAC list change, a newly listed exploit (an incident of the last 30 days), a MiCA non-compliant listing or withdrawn authorisation, a cancelled Korean report, a UK insolvency case and a Lido module's status; 4 for a token key or upgrade, an L2BEAT stage or category, a MiCA CASP authorisation or ART/EMT white paper, a provider leaving the Korean or Japanese file, a UK status change, a CCIP admin, owner or rate-limit key, a Superchain membership, governance or role key, a Lido module's fees, share limits or listing, and a Lido operator deactivated, renamed or given, changed or freed of a validator cap; 3 for another MiCA white paper, a Korean or Japanese registration or return to the file, a Korean real-name bank account change, an Aave listing, freeze, pause, activation, collateral or borrowing switch, a Safe Harbor adoption, a CCIP pool replaced, Superchain fault proofs, a GLEIF status or parent change, and a Lido operator reactivated, listed in a module or given a new reward or manager address; 2 for a changed MiCA entry, a Korean renewal or activity change, a Japanese asset added or dropped, another Aave parameter, changed Safe Harbor terms, a token listed on or delisted from CCIP on a chain, a Superchain DA layer or gas token, a GLEIF rename, other UK changes, a Lido operator's type or group, and a Lido group's name or sub-operators; 1 for an Aave supply or borrow cap, a changed Japanese entry and other Korean changes.

A move's weight is its kind's weight × (1 + ln(1 + the player's larger of market cap and TVL in $M)), so the same move weighs more on a larger player.

The home page shows the turn's seven days (on the current turn, the last 7 × 24 hours) with one move per player, its heaviest kind (the latest on a tie): the 12 heaviest, heaviest first. A player's page reads its own moves of the last 90 days, newest first, and its Moves group lists up to six of the last 30 days.

A MiCA row that leaves or comes back to ESMA's file is no move: the file says nothing of why a row leaves it, and a new white paper gives the row a new key. KoFIU and JFSA moves carry their credit lines, and every tie of a register row to a player is X-RAY's. A Lido operator's move belongs only to the player X-RAY tied that operator to (an operator tied to none makes no move), a module's or a group's to Lido; Simple DVT and CSM keep no names or addresses, so their moves name the module only.

Amber marks a move that weakens the player or its token's holders: an OFAC list change, an exploit, a withdrawn MiCA authorisation or a non-compliant listing, a cancelled Korean report, a provider off a Korean or Japanese file, a UK insolvency or overdue filing, a chain leaving the Superchain, a Lido operator deactivated or its validator cap tightened, a Lido module's deposits paused or stopped.

From: The source registers and contracts below

What changed

What changed compares the turn's seven days with the seven days before and lists at most five shifts, one per player: the strongest of each kind first, then the rest by weight.

The bars: into the top 10 players by moves (at least 5 moves, chains left out) from below rank 50 the turn before; market cap (the primary token's) or TVL (never an exchange's) moving 25 % or more and by $50M (market cap) or $25M (TVL) or more, a tenfold move left out; open roles falling by 10 or more and by 30 % or more; a radar move of a key, licence, sanctions, Korea FIU, Japan FSA, CCIP or Superchain kind with a base weight of 3 or more.

A gap is never read as a loss. Each metric is read on its last stored day in the turn against its last stored day in the 21 days up to the end of the turn before; a player with no stored day in either window has no shift, and a metric whose history starts after the old day is dropped.

Until 3 November 2026 the daily rows held a player's largest token, so the market cap of a player with several tokens compares only from 4 November on.

When no metric was stored in both turns, the block says fog instead of calling the turn calm. When its read fails or comes late, the block is hidden.

From: CoinMarketCap · DefiLlama · Job boards and ATS · X-RAY moves · The radar's sources

The dossier

A player's page holds its dossier in eight groups: Parameters, Capital and resources, Control rights, Coalitions, Moves (30 days), Calendar (90 days), Goals from moves and Expected moves.

Each fact is a row with the source it comes from. A source with nothing on the player gives no row: fog stays fog, nothing is filled in. Another player a row names is linked only while that player is active.

A group is Known when its sources hold data and none is stale, Partial when an item is still missing or its data is stale, and In fog when nothing it needs is collected yet. Goals and expected moves stay in fog until their stages land.

The calendar lists the token unlocks and the closing days of open DAO votes in the next 90 days. An exchange's capital shows its custodial assets, never as TVL.

From: The sources below

Sources, terms and credits

Each fact on a player's page names its source. The list below names who publishes it, the terms X-RAY reads it under where they set any, and the credit X-RAY shows where its facts appear.

Which player a source's row belongs to is X-RAY's tie, made by the rules X-RAY writes for that source; the publisher makes no such claim. Identifiers of projects in community directories serve only to make that tie and never appear on the page.

• Korea FIU register · Korea Financial Intelligence Unit (KoFIU) · Terms: Public data under the Public Data Act; a state agency's published work (Copyright Act Art. 24-2) · Credit: 출처: 금융정보분석원(KoFIU), kofiu.go.kr · Tie to a player: X-RAY's
• Japan FSA registers · Financial Services Agency of Japan · Terms: Public Data License 1.0 · Credit: Source: Financial Services Agency website (https://www.fsa.go.jp/en/regulated/licensed/index.html) · Tie to a player: X-RAY's
• L2 economics and stacks · growthepie · Terms: CC BY 4.0; per-player values are X-RAY's sums over the player's chains · Credit: Source: growthepie, https://www.growthepie.com · X-RAY's sums and ties · Tie to a player: X-RAY's
• Superchain Registry · Optimism (ethereum-optimism/superchain-registry) · Terms: MIT · Credit: Superchain Registry (MIT © 2023 Optimism) · Tie to a player: X-RAY's
• Chainlink CCIP Directory · Chainlink's documentation repository (smartcontractkit/documentation); pool keys read from the contracts over public RPC · Terms: MIT · Credit: Chainlink CCIP Directory (MIT © SmartContract Chainlink Limited SEZC) · Tie to a player: X-RAY's
• Wikipedia pageviews · Wikimedia Foundation (pageviews) and Wikidata (sitelinks) · Terms: CC0 · Credit: Pageviews: Wikimedia Foundation, CC0 · Tie to a player: X-RAY's
• MiCA register · European Securities and Markets Authority (ESMA) · Terms: Reproduction with the source acknowledged · Credit: ESMA MiCA register · Tie to a player: X-RAY's
• SDN list · US Treasury, Office of Foreign Assets Control (OFAC) · Terms: Public domain · Credit: OFAC SDN list · Tie to a player: X-RAY's
• SEC filings · US Securities and Exchange Commission (EDGAR) · Terms: Public domain · Credit: SEC EDGAR · Tie to a player: X-RAY's
• Legal entities · Global Legal Entity Identifier Foundation (GLEIF) · Terms: CC0 · Credit: GLEIF · Tie to a player: X-RAY's
• Organisations · Wikidata · Terms: CC0 · Credit: Wikidata · Tie to a player: X-RAY's
• UK companies · Companies House · Terms: No reuse rules set; its bulk product is listed under OGL. Officers who are people are counted, never named · Credit: Companies House · Tie to a player: X-RAY's
• DeFi exploits · DeFiHackLabs (SunWeb3Sec) · Terms: Apache-2.0 · Credit: DeFiHackLabs · Tie to a player: X-RAY's
• Safe Harbor agreements · SEAL Safe Harbor registry contracts · Terms: MIT · Credit: SEAL Safe Harbor · Tie to a player: X-RAY's
• L2 stages, risks and keys · L2BEAT · Terms: Discovery files MIT · Credit: L2BEAT · Tie to a player: X-RAY's
• Open source funding · Open Source Observer (oss-funding, oss-directory) · Terms: Apache-2.0 · Credit: OSO oss-funding · Tie to a player: X-RAY's
• Grants · Karma GAP · Terms: Lawful use (Karma's terms of 1 January 2025) · Credit: Karma GAP · Tie to a player: X-RAY's
• Treasury and exchange wallets · DefiLlama adapters repository · Terms: No licence: only addresses are kept · Credit: DefiLlama adapters · Tie to a player: X-RAY's
• TVL, fees, markets, yields, token pools, token unlocks · DefiLlama · Credit: DefiLlama · DefiLlama (token unlocks) · Tie to a player: X-RAY's
• Tokens, prices, market caps · CoinMarketCap · Credit: CoinMarketCap · Tie to a player: X-RAY's
• Listings on exchange venues · Binance, Hyperliquid and Upbit public market data · Credit: Binance, Hyperliquid and Upbit public market data; ties to players are X-RAY's · Tie to a player: X-RAY's
• Token passports · GoPlus · Credit: GoPlus · Tie to a player: X-RAY's
• Token holders and code · Blockscout explorers · Credit: Blockscout · Tie to a player: X-RAY's
• Contract labels · Open Labels Initiative (growthepie's projects directory) · Credit: OLI · Tie to a player: X-RAY's
• Vaults and curators · Morpho · Credit: Morpho · Tie to a player: X-RAY's
• Pools and gauges · Curve · Credit: Curve · Tie to a player: X-RAY's
• Cover · Nexus Mutual · Credit: Nexus Mutual · Tie to a player: X-RAY's
• Cosmos chains and validators · cosmos.directory · Credit: Cosmos Directory · Tie to a player: X-RAY's
• Bitcoin mining pools · mempool.space · Credit: mempool.space · Tie to a player: X-RAY's
• EVM chain registry · chainlist.org · Credit: Chainlist · Tie to a player: X-RAY's
• Solana programs · OtterSec's verified builds and Solana RPC · Credit: OtterSec · Solana RPC · Tie to a player: X-RAY's
• Domains · Domain registries over RDAP · Credit: RDAP · Tie to a player: X-RAY's
• DAO votes · Snapshot · Credit: Snapshot · Tie to a player: X-RAY's
• Governance forums · The DAOs' public Discourse forums · Credit: Governance forums · Tie to a player: X-RAY's
• Contracts on-chain · Token, Safe, governor, Aave and Lido contracts, read over public RPC · Credit: Token contract (RPC) · Safe · Governor contract (RPC) · Aave · Lido contracts (RPC) · Tie to a player: X-RAY's