Points of Focus

• Wallets using Coinbase’s x402 protocol generated more than 100 million transactions on Base within nine months.
• Transactions above $1 now account for 95% of value transferred through the protocol, up from 49% a year earlier.
• Chainalysis data shows rising retention and payer conversion rates, though early growth was boosted by memecoin activity.

Agentic payment activity on Coinbase’s Base network has surpassed 100 million transactions, according to a new Chainalysis report, marking a major milestone for machine-to-machine commerce. The data comes from x402, a protocol that allows software agents to pay for online services using stablecoins without requiring human approval for every transaction.

The milestone offers one of the first large-scale data sets on how autonomous payments behave in live blockchain environments. While much of x402’s early growth was driven by a memecoin experiment, recent data shows users are making larger payments and returning to the protocol even after speculative activity cooled.

AI agents operate in milliseconds, but traditional payment rails slow them down. Enter x402 on Base. In the final preview chapter of our upcoming "The New Rails" report, we explore how agentic, machine-to-machine payments just crossed 100 million transactions. With transactions… pic.twitter.com/5EM0dIOvgA

— Chainalysis (@chainalysis) June 3, 2026

Base agentic payments surpass 100 million transactions

According to Chainalysis, x402 activity on Base grew from near-zero levels in mid-2025 to more than 100 million cumulative transactions by the end of the first quarter of 2026. Much of the early surge came from PING, a memecoin experiment that required users to complete a payment through x402 before minting tokens.

The campaign drove transaction activity up more than 10,000% in a single week and pushed x402 through more than 150,000 transactions during PING’s first month, according to Chainalysis. Yet the more notable development came after the speculative frenzy faded. Transaction activity stabilized instead of collapsing, giving researchers a larger data set to evaluate ongoing usage.

Higher-value agentic payments gain momentum

The report found that payments exceeding $1 represented 95% of the value transferred through x402 by early 2026, up from 49% in early 2025. Over the same period, transfers between $0.10 and $1 lost share, suggesting users were moving beyond simple micropayment testing.

Chainalysis also reported that tester-to-payer conversion improved fourfold in six months, while weekly wallet retention trended higher. Those metrics suggest more users are progressing from test transactions to payments involving other wallets and returning to the protocol in subsequent weeks.

AI commerce moves beyond early experimentation

The data supports the view that agentic payments are finding practical use cases, though the market remains early. Base said agents on its network are already paying for AI inference, web search, browser sessions, research workflows, and market data using stablecoins.

https://t.co/cBiyXFfMXi

— Base (@base) May 29, 2026

There are limits to the adoption narrative. Chainalysis noted that x402 participants remain largely crypto-native, and the protocol’s most explosive growth period was tied to memecoin speculation. Whether agentic payments can attract broader business adoption remains an open question.

Chainalysis’ retention and payment-size data may offer a better measure of adoption than raw transaction counts alone. Larger payments, repeat usage, and payer conversion rates continued rising even after the initial speculative activity cooled.