The x402 Index · Fortnightly

Base x402 settlements contract hard while Coinbase TPV stays campaign-shaped

Settlement read 2026-09-09
Base chain · window 2026-08-27 to 2026-09-09 · built 2026-09-13 00:21:05 UTC
Data refreshed nightly · next issue due Saturday 26 September 2026
Authorizations170.5 millionSettled · all-time$100.1MSettled · fortnight$275kValue · Δ2wk-43%Named · tier A0.505%Live endpoints2,688

EIP-3009 settlement count on Base fell -81% and settled value -43% across 2026-08-27 to 2026-09-09, even as 37 of the top unnamed earners still carry no Coinbase listing.

  • Base tape cooled: 1.2 million settlements for $275k this fortnight — count -81%, value -43% versus the prior window.
  • Coinbase TPV is campaign-heavy: 53% of all-time Coinbase-reported TPV landed in one campaign month; trailing-week print is only $188k.
  • Unnamed earners stay off-shelf: of 40 top unnamed Base payees checked Saturday, 37 have no Coinbase storefront at all.
  • Machine tail still rules count: 73.3% of all-time payment count is a dime or less, while 29.8% of value sits in tickets of one hundred dollars or more.

Fortnight print on Base

Our Base EIP-3009 USDC index settled 1.2 million payments for $275k across 2026-08-27 to 2026-09-09. That is a -81% drop in count and a -43% drop in value against the prior fortnight. Active buyers numbered 32,427; active sellers 16,332. The daily tapes show the same compression after earlier spikes. All-history stock now stands at 170.5 million authorizations and $100.1M settled across four tiers. Named payees still take only 0.505% of cumulative value — the directory remains thin relative to the flow.

Payments per day
Daily settlement — count and value01.2M2.5M3.8M5.0M2025-03-242025-08-252025-12-292026-05-042026-09-07Daily settlement — count and value. Y-axis to 5.0M. Payments/day: latest 46k, peak 4.0M, low 1, 507 points.
Settled value per day
Settled value per day (USDC)01.0M2.0M3.0M4.0M2025-03-242025-08-252025-12-292026-05-042026-09-07Settled value per day (USDC). Y-axis to 4.0M. Settled $/day: latest 11k, peak 3.1M, low 0, 507 points.

Coinbase tape is not run-rate

Coinbase-reported agentic TPV prints $54.4M all-time and $188k over the trailing week, mean ticket $0.24. 53% of that all-time TPV landed in one campaign month. That is campaign concentration, not a steady run-rate, and the series includes Solana — it is not our Base EIP-3009 tape. Read the two ledgers apart: Base settlement is the till; Coinbase attribution is a separate marketplace window.

Coinbase-reported daily TPV — their tape, includes Solana
Coinbase-reported TPV per day (USDC)01.0M2.0M3.0M4.0M2025-05-092025-09-122026-01-122026-05-14Coinbase-reported TPV per day (USDC). Y-axis to 4.0M. Coinbase TPV: latest 650, peak 3.0M, low 0.00, 488 points.

Unnamed earners versus the shelf

Saturday census against Coinbase merchant lookup covered 40 top unnamed Base earners: 2 listed, 1 toy ping-priced, 37 with no storefront at all. The single largest uncatalogued earner remains an unnamed wallet, at $11.5M across 12.4 million payments — still the head of the research queue. Bazaar itself is a shelf, not a till: 14,630 listings across 1,972 hosts, median listed price $0.01, and 73% of SKUs show exactly one unique payer in the trailing month.

Top unnamed Base payees: Coinbase listing, none, or toy ping
Unnamed Base earners vs Coinbase storefront010203040listedunlistedtoyUnnamed Base earners vs Coinbase storefront. listed 2; unlisted 37; toy 1.

Ticket mix and facilitator relay

Structure barely budged. Sub-cent share of weekly count moved -3.7 pts for the sub-cent bucket versus four weeks prior. All-history, 73.3% of count is a dime or less while 29.8% of value rides tickets of one hundred dollars or more. Facilitators still dominate relay: 80.0% of settlement count is tier B. Live endpoints answering probes sit at 2,677. Next note publishes Saturday 26 September 2026; underlying chain data refreshes nightly.

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: 12% vs 51%; $10–100: 0% vs 10%; $100+: 0% vs 30%.
Confidence mix over time
Confidence mix over time0%25%50%75%100%2025-03-172025-07-282025-12-082026-04-202026-08-31Tier ATier BTier CTier DConfidence mix over time. 78 columns, each 100%. Final mix: Tier A 6%, Tier B 68%, Tier C 1%, Tier D 24%.
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