The x402 Index · Fortnightly

Base x402 settlement collapses while Coinbase TPV stays a campaign artifact

Settlement read 2026-09-09
Base chain · window 2026-08-27 to 2026-09-09 · built 2026-11-08 06:12:07 UTC
Data refreshed nightly · next issue due Saturday 21 November 2026
Authorizations170.5 millionSettled · all-time$100.1MSettled · fortnight$275kValue · Δ2wk-43%Named · tier A0.966%Live endpoints8,317

Base EIP-3009 settled value fell -43% this fortnight even as 51% of Coinbase-reported TPV remains concentrated in a single November campaign and 39 top unnamed earners still have no storefront.

  • Settlement count plunged -81% to 1.2 million authorizations; value fell -43% to $275k.
  • Coinbase TPV is campaign-heavy: 51% of their all-time figure landed in one November window, not a run-rate.
  • Unnamed earners stay dark: 39 of 40 top Base payees have no Coinbase listing at all.
  • Machine-scale tail still rules: 73.3% of all payments are a dime or less; named payees take only 0.966% of lifetime value.

Base tape cools hard

Over 2026-08-27 to 2026-09-09, the Base EIP-3009 index printed 1.2 million settlements for $275k. That is a -81% drop in count and a -43% drop in value against the prior fortnight. Buyer and seller breadth stayed wide—32,428 distinct buyers and 16,333 distinct sellers—but throughput compressed. The daily series still carries the scar of 2025-11-03, when 3.4 million settlements moved $3.1M and a single counterparty—an unnamed contract—took 33% of that day’s value. The present window looks nothing like that spike.

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 TPV is not the Base run-rate

Coinbase-reported all-time TPV sits at $57.0M, with a trailing-week print of $372k and a mean ticket of $0.24. That tape includes Solana and marketplace attribution; it is not our Base settlement index. Critically, 51% of the Coinbase all-time figure landed in one November campaign—a spike, not a steady state. Treat the two tapes as separate instruments. Base count and value fell this fortnight; Coinbase’s cumulative total is still dominated by that earlier campaign window.

Coinbase-reported daily TPV — their tape, includes Solana
Coinbase-reported TPV per day (USDC)01.0M2.0M3.0M4.0M2025-05-092025-09-262026-02-092026-06-252026-11-08Coinbase-reported TPV per day (USDC). Y-axis to 4.0M. Coinbase TPV: latest 879, peak 3.0M, low 0.00, 545 points.

Unnamed payees remain off the shelf

Saturday’s merchant-API census looked up 40 top unnamed Base earners. Only 1 has a Coinbase Bazaar storefront; 39 are unlisted; 0 are toy ping listings. The largest uncatalogued earner—an unnamed wallet—has already taken 12.4 million payments worth $11.5M. The Bazaar itself is a shelf, not a till: 46,413 listings across 2,449 hosts, median listed price $0.01, and 61% of SKUs showing exactly one unique payer in the trailing month. Lifetime named-value share on our tape remains 0.966%.

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 mix and facilitator share

Structure has barely budged. 73.3% of all payments are a dime or less; payments of one hundred dollars or more still carry 29.8% of settled value. The sub-cent bucket’s share of weekly count moved -3.7 pts versus four weeks prior. Facilitators (tier B) still relay 61.5% of settlement count; unresolved proxy batches are 3.85%. PayAI’s last-day settlement count reads 29,951 against their own $100K+ cap string—count, not a measured dollar tape. Next issue: Saturday 21 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%.
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