The x402 Index · Fortnightly

Base x402 settlement contracts as unnamed earners stay off Coinbase shelves

Settlement read 2026-09-09
Base chain · window 2026-08-27 to 2026-09-09 · built 2026-10-26 14:13:43 UTC
Data refreshed nightly · next issue due Saturday 7 November 2026
Authorizations170.5 millionSettled · all-time$100.1MSettled · fortnight$275kValue · Δ2wk-43%Named · tier A0.966%Live endpoints8,317

Settlement count on Base fell -81% and settled value -43% over 2026-08-27 to 2026-09-09, while 39 of the top unnamed earners still carry no Coinbase listing.

  • Fortnight contraction. Count -81% to 1.2 million payments; value -43% to $275k.
  • Coinbase TPV is campaign-heavy. 51% of Coinbase-reported all-time TPV of $56.4M printed in the November campaign — not a run-rate.
  • Unnamed payees remain dark. Saturday census: 39 of 40 top unnamed Base earners unlisted; leader is an unnamed wallet at $11.5M.
  • Machine-scale tail persists. 73.3% of all-time count is a dime or less; named addresses still take only 0.966% of value.

Fortnight print on Base

Our Base EIP-3009 index settled 1.2 million payments worth $275k in the fortnight. That is a -81% drop in count and a -43% drop in value against the prior window. Distinct buyers summed to 32,428; distinct sellers to 16,333.

All-history the protocol has cleared 170.5 million authorizations and $100.1M in gross settled value. Facilitators still intermediate 61.5% of count. The named share of value remains a rounding error at 0.966%.

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 agentic TPV — a marketplace attribution that includes Solana — stands at $56.4M all-time, with $551k in the trailing week. Mean ticket on that tape is $0.24. 51% of the all-time Coinbase figure landed in the November campaign month; treat it as a pulse, not a rate.

The Bazaar shelf, by the latest Saturday census, holds 46,413 listings on 2,449 hosts, median parseable price $0.01. 61% of those SKUs show a single unique payer over the trailing month. Shelf is not till.

Coinbase-reported daily TPV — their tape, includes Solana
Coinbase-reported TPV per day (USDC)01.0M2.0M3.0M4.0M2025-05-092025-09-232026-02-032026-06-16Coinbase-reported TPV per day (USDC). Y-axis to 4.0M. Coinbase TPV: latest 625, peak 3.0M, low 0.00, 532 points.

Unnamed earners versus the merchant API

We matched the research queue of top unnamed Base payees against Coinbase merchant records. Of 40 looked up, 39 have no storefront, 1 is listed, 0 are toy. The largest earner is an unnamed wallet, with 12.4 million payments and $11.5M all-time — still unlabeled.

Live endpoints answering probes number 8,111. Unresolved proxy batches are 3.85% of payments. The gap between chain earners and directory identity is the open research queue.

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.

Ticket mix and confidence tiers

Count remains dominated by the machine tail: 73.3% of all-time payments are a dime or less. Value is less skewed; 29.8% rides on hundred-dollar-plus tickets. The sub-cent bucket's share of weekly count slipped -3.7 pts versus four weeks prior.

Tier mix on the latest columns still shows facilitator-heavy flow. Coverage of value we can name has not broken out of the low single digits. Next note publishes Saturday 7 November 2026.

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 7%, Tier B 67%, Tier C 1%, Tier D 24%.
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