On a single day, the network hit 3.3 million transactions, totaling roughly $3 million in activity. This sudden boom raises an important question. What are people actually spending money on, and which players are poised to capture the most value?
Lucas, a researcher at Artemis, recently analyzed the initial data and shared insights into where the real action is happening with the x402 protocol.
Where the Money is Going
x402 transactions span several categories. Lucas’s early findings show that paywalls and utilities make up 21.8% of spending. This includes protected endpoints, private resources, and testing environments. Social and distribution tools account for 13.8%, covering automated posting, reputation scoring, and other engagement features. Token launches and mints. This includes NFT and memecoin releases, which make up 13.5% of labeled transactions.
agentic commerce is coming.
x402, incubated by @CoinbaseDev, has taken off in the past month, peaking at 3.3M transactions (~$3M!) on a single day
so what’s really happening, and who’s positioned to capture this value? let’s take a look at what the data says… pic.twitter.com/8gkqQ8rRiV
— Lucas (@OnchainLu) November 11, 2025
The data suggests that infrastructure providers, or facilitators, are best positioned to capture value. They verify payments, settle transactions on-chain, and fulfill requests. Base facilitators have handled 78% of last month’s transaction volume, with PayAINetwork, daydreamsagents, and x402rs managing most of the remainder. These facilitators sit at the core of x402’s value chain, ensuring seamless execution across multiple services.
3/ facilitators seem like they’re best positioned to capture value at the infra layer – they’re the ones who verify payment, settle onchain, and fulfill each request@base facilitators have handled 78% of the past month’s volume ($’s transacted), with @PayAINetwork +… pic.twitter.com/blPawBYtxW
— Lucas (@OnchainLu) November 11, 2025
At the chain level, Base is dominating. It captured 85 to 90% of all transactions during x402’s recent surge. An even larger share of dollar volume. However, x402 is designed as a cross-chain protocol, built for use beyond Base. Early activity on Solana and Polygon shows promise. This is though combined, they currently account for less than 10% of total volume. This highlights the protocol’s potential to expand into multiple ecosystems while Base remains the central hub.
More About the x402 Protocol
Since its launch, x402’s network facilitators have processed over 18.82 million transactions, a 35-fold increase since May. This surge reflects growing integration across apps and platforms, as more developers embed x402 directly into agent workflows. About 82% of all activity flows through Coinbase and Daydreams, highlighting that adoption is still concentrated among a few key facilitators.
x402 is evolving.
Agents are now using it to pay for model inference, API calls, and on-chain services – with payments, trading, and gaming emerging as the strongest use-case categories.
🧵Here’s the state of x402 in 3 charts and a market map pic.twitter.com/PLxQ6XUvhO
— Decentralised.Co (@Decentralisedco) November 12, 2025
Daydreams stands out as the fastest-growing, handling over 1.4 million transactions, a 16-fold increase in just two weeks. Much of this usage comes from real activity, with agents paying for compute, API calls, and data access across connected applications.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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