The x402 Index · Fortnightly

Count climbs, value slips as the cent-to-dime band loses share

Settlement read 2026-08-29
Base chain · window 2026-08-16 to 2026-08-29 · built 2026-08-30 00:15:20 UTC
Data refreshed nightly · next issue due Saturday 12 September 2026
Authorizations169.4 millionSettled · all-time$99.0MSettled · fortnight$415kValue · Δ2wk-16%Named · tier A0.015%Live endpoints1,119

Base x402 settlements rose +41% to 5.3 million while settled value fell -16% to $415k, driven by a -34.2 pts drop in the cent-to-dime bucket’s share of weekly payment count.

  • Count–value split: 5.3 million settlements this fortnight (+41%) against only $415k settled (-16%).
  • Ticket mix shift: the cent-to-dime band’s share of weekly payment count fell -34.2 pts versus four weeks prior.
  • Coinbase TPV is campaign-weighted: 53% of Coinbase-reported all-time TPV landed in a single November window—not a run-rate.
  • Unnamed earners stay off-shelf: 36 of 40 top unnamed Base payees still have no Coinbase bazaar listing.

Count up, dollars down

The Base EIP-3009 tape printed 5.3 million settlements across 2026-08-16 to 2026-08-29, up +41% fortnight over fortnight. Settled value moved the other way: $415k, down -16%. Buyer and seller sets stayed wide—38,125 distinct buyer wallets and 16,049 seller addresses—so the divergence is ticket composition, not participation collapse.

All-history stock now sits at 169.4 million authorizations and $99.0M gross settled. Facilitator-relayed flow still dominates count at 96.6% tier B; named tier A remains a rounding error at 0.015% of value.

Payments per day
Daily settlement — count and value01.2M2.5M3.8M5.0M2025-03-242025-08-232025-12-252026-04-28Daily settlement — count and value. Y-axis to 5.0M. Payments/day: latest 56k, peak 4.0M, low 1, 496 points.
Settled value per day
Settled value per day (USDC)01.0M2.0M3.0M4.0M2025-03-242025-08-232025-12-252026-04-28Settled value per day (USDC). Y-axis to 4.0M. Settled $/day: latest 19k, peak 3.1M, low 0, 496 points.

Cent-to-dime band retreats

The clearest structural move is inside the ticket histogram. The cent-to-dime bucket’s share of weekly payment count fell -34.2 pts against the level four weeks earlier. Machine-scale tails still rule the long book—73.2% of all-history count is a dime or less—while 29.8% of settled value still rides tickets of one hundred dollars or more. The fortnight’s mix simply rotated away from the middle micro-band that had been carrying count.

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: 35% vs 0%; $.01–.1: 38% vs 2%; $.1–1: 14% vs 6%; $1–10: 13% vs 51%; $10–100: 0% vs 10%; $100+: 0% vs 30%.

Coinbase tape is not the Base index

Coinbase-reported agentic TPV—marketplace attribution that includes Solana—stands at $53.9M all-time and $268k over the trailing week, with a mean ticket of $0.25. That series is not a run-rate: 53% of the all-time Coinbase figure landed inside the November twenty twenty-five campaign window. Treat it as a labeled marketing tape, separate from our Base USDC EIP-3009 index.

The Bazaar shelf, measured on the latest Saturday census, shows 14,253 listings across 1,620 hosts, median listed price $0.01, and 73% of SKUs with exactly one trailing-month unique payer. A shelf, not a till.

Coinbase-reported daily TPV — their tape, includes Solana
Coinbase-reported TPV per day (USDC)01.0M2.0M3.0M4.0M2025-05-092025-09-082026-01-042026-05-022026-08-28Coinbase-reported TPV per day (USDC). Y-axis to 4.0M. Coinbase TPV: latest 2k, peak 3.0M, low 0.00, 474 points.

Unnamed payees still dominate the queue

The research queue still holds 40 unnamed addresses above the earning threshold. The single largest is an unnamed wallet, which has taken 12.4 million payments and $11.5M—none of it directory-labeled. Saturday’s Coinbase merchant lookup against that queue found 4 with a storefront, 36 with none, and 0 toy ping-priced listings. Coverage of value we can name remains negligible.

Next note publishes Saturday 12 September 2026; underlying chain tapes refresh nightly.

Top unnamed Base payees: Coinbase listing, none, or toy ping
Unnamed Base earners vs Coinbase storefront010203040listedunlistedtoyUnnamed Base earners vs Coinbase storefront. listed 4; unlisted 36; toy 0.
Share of value we can name
Share of value we can name (%)0.00%0.03%0.05%0.08%0.10%2025-032025-072025-112026-032026-07Share of value we can name (%). Y-axis to 0.10%. Named %: latest 0.07%, peak 0.08%, low 0.00%, 18 points.
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