The x402 Index · Fortnightly

Base x402 settlements collapse while top unnamed earners stay off every shelf

Settlement read 2026-09-09
Base chain · window 2026-08-27 to 2026-09-09 · built 2026-10-11 00:21:00 UTC
Data refreshed nightly · next issue due Saturday 24 October 2026
Authorizations170.5 millionSettled · all-time$100.1MSettled · fortnight$275kValue · Δ2wk-43%Named · tier A0.965%Live endpoints6,970

Settlement count on the Base EIP-3009 tape fell -81% this fortnight as 39 of the top unnamed earners still carry no Coinbase listing at all.

  • Count and value both sank: settlements -81% and settled value -43% versus the prior fortnight on the Base index.
  • Unnamed earners remain dark: of 40 top unnamed Base payees checked against Coinbase’s merchant API, 39 have no storefront.
  • Coinbase TPV is campaign-heavy: 52% of all-time Coinbase-reported TPV landed in a single November window—not a run-rate.
  • Machine tail still dominates count: 73.3% of all-history payments are a dime or less; sub-cent share slipped -3.7 pts.

Fortnight tape: sharp contraction

The Base EIP-3009 USDC index printed 1.2 million settlements and $275k in settled value 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. Distinct buyers numbered 32,427; distinct sellers 16,332.

Daily prints show the same compression: the latest sessions sit far below the historical peaks that once reached multi-million settlement days. All-history totals now stand at 170.5 million authorizations and $100.1M settled, so the fortnight is a clear deceleration inside a still-large cumulative book.

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 the Base till

Coinbase-reported all-time TPV sits at $55.3M, with the trailing week at $170k. That series includes Solana and marketplace attribution; it is not our Base settlement tape. Critically, 52% of that all-time Coinbase TPV landed inside a single November stretch—a campaign spike, not steady agent demand. Mean ticket on their tape is $0.24.

Treat the Coinbase number as a separate labelled series. Mixing it with Base EIP-3009 count or value produces a false run-rate.

Coinbase-reported daily TPV — their tape, includes Solana
Coinbase-reported TPV per day (USDC)01.0M2.0M3.0M4.0M2025-05-092025-09-192026-01-262026-06-04Coinbase-reported TPV per day (USDC). Y-axis to 4.0M. Coinbase TPV: latest 948, peak 3.0M, low 0.00, 516 points.

Unnamed payees versus the bazaar shelf

The research queue 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 all-time—still uncatalogued by any directory. Saturday’s merchant-API census looked up 40 of these top earners: 1 carries a Coinbase bazaar storefront, 0 is a toy ping listing, and 39 have no listing whatsoever.

The bazaar itself is a shelf, not a till. Latest Saturday census shows 31,948 listed resources across 2,192 hosts, median parseable price $0.01, and 46% of SKUs with exactly one trailing-month unique payer. Named payees still capture only 0.965% of all-history value on our tape; coverage remains thin.

Top unnamed Base payees: Coinbase listing, none, or toy ping
Unnamed Base earners vs Coinbase storefront010203040listedunlistedtoyUnnamed Base earners vs Coinbase storefront. listed 1; unlisted 39; toy 0.
Share of value we can name
Share of value we can name (%)0.00%1.00%2.00%3.00%4.00%2025-032025-072025-112026-032026-07Share of value we can name (%). Y-axis to 4.00%. Named %: latest 0.46%, peak 3.57%, low 0.00%, 19 points.

Ticket structure and facilitator mix

Machine-scale tickets continue to own the count. All-history, 73.3% of payments are a dime or less, while payments of one hundred dollars or more carry 29.8% of settled value. The sub-cent bucket’s share of weekly count moved -3.7 pts against the prior four-week baseline—still the marginal mover, now slightly lighter.

Facilitator-relayed flow (tier B) accounts for 61.5% of settlement count across history. Unresolved proxy batches where the ultimate payee cannot be read sit at 3.85%. Live endpoints answering probes total 6,828. The stack is still mostly unlabelled, low-ticket, and facilitator-intermediated even after the fortnight’s contraction.

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%.
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