The x402 Index · Fortnightly

Settled value contracts while call count holds

Settlement read 2026-08-12
Base chain · window 2026-07-30 to 2026-08-12 · built 2026-08-12 20:35:22 UTC
Data refreshed nightly · next issue due Saturday 15 August 2026
Authorizations162.7 millionSettled · all-time$96.4MSettled · fortnight$435kValue · Δ2wk-25%Named · tier A0.004%Live endpoints32

x402 settled value on Base fell -25% to $435k even as payment count rose +1% to 3.1 million.

  • Value down, count up: Settled USDC printed $435k, -25% fortnight over fortnight, against 3.1 million settlements, up +1%.
  • Mid-ticket share lifts: The $1–10 bucket raised its share of weekly payment count by +1.0 pts.
  • Demand still broad: 33,747 distinct buyer wallets and 13,864 seller addresses cleared in the window.
  • Naming stays near zero: Only 0.004% of all-time value hits an address we can name; an unnamed wallet leads the queue at $11.5M.

Value compresses, calls do not

Settled value across tiers A and B printed $435k in the 2026-07-30 to 2026-08-12 window, a -25% drop versus the prior fortnight. Settlement count moved the other way, up +1% to 3.1 million. Active demand stayed wide: 33,747 distinct buyer wallets and 13,864 seller addresses cleared at least one payment. The daily series shows the compression is in dollars per call, not in call frequency.

Settled value per day
Settled value per day (USDC)01.0M2.0M3.0M4.0M2025-03-242025-08-182025-12-152026-04-132026-08-10Settled value per day (USDC). Y-axis to 4.0M. Settled $/day: latest 26k, peak 3.1M, low 0, 479 points.
Payments per day
Daily settlement — count and value01.2M2.5M3.8M5.0M2025-03-242025-08-182025-12-152026-04-132026-08-10Daily settlement — count and value. Y-axis to 5.0M. Payments/day: latest 119k, peak 4.0M, low 1, 479 points.

Mid-ticket gains count share

The structural move that matters is ticket mix. The $1–10 bucket raised its share of weekly payment count by +1.0 pts against the prior four-week baseline. Over full history the machine tail still owns volume: 72.1% of payments clear at a dime or less. Value concentrates elsewhere — 29.6% of all settled dollars still rides in the large-ticket buckets.

Count share vs value share, by ticket size
Where the money is: count share vs value share0%19%38%56%75%<$.01$.01–.1$.1–1$1–10$10–100$100+Share of countShare of valueWhere the money is: count share vs value share. Share of count vs Share of value across 6 buckets. <$.01: 33% vs 0%; $.01–.1: 39% vs 2%; $.1–1: 15% vs 6%; $1–10: 13% vs 51%; $10–100: 0% vs 10%; $100+: 0% vs 30%.

Facilitators dominate; names do not

Detected facilitators (tier B) still carry 96.7% of all-time settlement count. Payee identity remains a research gap: only 0.004% of cumulative value lands at an address we have probed and can name. Another 3.78% of payments batch through proxies that hide the end payee. 32 services currently answer a payment challenge.

Confidence mix over time
Confidence mix over time0%25%50%75%100%2025-03-172025-07-212025-11-242026-03-302026-08-03Tier ATier BTier CTier DConfidence mix over time. 74 columns, each 100%. Final mix: Tier A 0%, Tier B 98%, Tier C 0%, Tier D 2%.
Share of value we can name
Share of value we can name (%)0.00%0.01%0.03%0.04%0.05%2025-032025-072025-112026-032026-07Share of value we can name (%). Y-axis to 0.05%. Named %: latest 0.05%, peak 0.05%, low 0.00%, 18 points.

Unnamed earners still lead the book

At the top of the research queue sits an unnamed wallet, which has taken $11.5M across 12.4 million settlements. 40 addresses clear the earning threshold and remain uncatalogued. Cumulative protocol history now stands at 162.7 million authorizations and $96.4M settled. Next note publishes Saturday 15 August 2026; chain data refreshes nightly.

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