- Coinbase’s x402 protocol surpassed 100 million transactions on Base within around nine months, highlighting growing adoption of automated blockchain payments.
- While a memecoin experiment initially drove activity, usage persisted after the surge and wallet retention continued to trend higher.
- The share of value transferred through payments above US$1 (AU$1.40) increased significantly, indicating broader use beyond micropayments.
More than 100 million transactions have now been completed through Coinbase’s x402 protocol on Base, according to a new Chainalysis report, highlighting accelerating adoption of autonomous payment systems within blockchain networks. The milestone was reached within roughly nine months of the protocol’s launch.
Designed for machine-to-machine commerce, x402 allows software agents to send stablecoin payments directly when requesting access to digital resources such as APIs and data services. These transactions can be executed automatically through web requests without requiring human authorisation.
A significant portion of the protocol’s initial growth stemmed from the PING memecoin experiment, which required users to transact via x402 before minting tokens. The project generated strong participation and contributed to a rapid rise in transaction numbers.
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Rising Wallet Retention
Chainalysis found that activity remained resilient after enthusiasm surrounding PING faded. While transaction volumes settled following the initial surge, the amount of value flowing through the protocol continued to increase.
The composition of transfers also changed over time. Payments worth more than US$1 (AU$1.40) accounted for about 49% of the value transferred through x402 in early 2025. By early 2026, those transactions represented roughly 95% of total value moved across the protocol.
According to the report, weekly wallet retention has been moving upward, suggesting ongoing participation beyond the protocol’s earliest growth phase.
Interest in agentic payments has expanded alongside developments in artificial intelligence. Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire have both suggested AI agents could represent a meaningful share of future on-chain activity, while Changpeng Zhao has previously described cryptocurrency as the native currency of AI agents.
Related: Coinbase Targets $1T Retirement Market With Crypto Offering for Australian SMSFs
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