Reported is what the chain says.
Organic is what actually happened.

Why raw numbers overstate this market

x402 volume is easy to fake and expensive to verify. A seller can loop payments between its own wallets (wash trading), a token project can generate millions of dust transactions for optics, and facilitators settle aggregated flows through their own wallets — which naive rankings then list as the #1 “sellers”. In late 2025 an artificial-volume wave pushed raw volume to ~$3M/day (peak 2025-11-03 in our series); independent analyses reached the same conclusion about that era — Artemis flagged ~86% of Solana's all-time x402 activity as gamed — and the highest-volume wallets of that wave have been silent since.

Every number on x402stats therefore comes in two forms: raw (unfiltered) and organic (filtered by the rules below). We publish both, always.

What “raw” means here — and why totals differ between trackers

Our raw figure is x402stats' own count: the sum of all on-chain USDC revenue received by indexed seller wallets in the window, with nothing excluded. No third party publishes this exact number. Other trackers count the same chain differently — window boundaries, dust truncation and facilitator coverage all vary — so at the time of writing, comparable 30-day raw totals ranged from roughly $0.8M to $1.1M across public dashboards. That spread is precisely why an audited, methodology-documented number is needed; when we say “the chain counts $X”, X is our raw measurement, reproducible from the published data.

The organic filter (v2026-07-01.v1)

A wallet's revenue in a window counts as organic when all of these hold: revenue ≥ $100 in the window; ≥ 3 distinct buyer wallets; average payment ≥ $0.001 (excludes pure dust loops); and the wallet is not a known facilitator settlement address.

Known settlement addresses excluded today: Meridian (0x8e7769d4…), RelAI (0x1892f72f…), FluxA (0xd2f74a14…). These pass naive filters — Meridian's settlement wallet alone would otherwise rank as the largest “seller” at ~$204k/30d — but their flow is aggregated throughput, not seller income. The list grows as we identify more; every addition is versioned.

Sources

On-chain USDC transfers aggregated across 10+ facilitators (Coinbase, PayAI, Meridian, FluxA, RelAI, Dexter, OpenX402, x402rs and others) via the open-source x402scan materialized views; the Coinbase CDP x402 discovery catalog; and per-facilitator discovery registries. Chains covered: Base, Solana, and others as facilitators add them. Coverage begins 2025-05-09, the first indexed x402 transfer.

Weekly, an automated snapshot recomputes the organic metrics and appends them to a public, append-only record — the raw-vs-organic history grows one point per week and is never rewritten.

Known limitations

The organic filter is a heuristic: it cannot detect sophisticated self-dealing across many wallets (direction of error: overcounts organic). Facilitator market share is non-exclusive — sellers using several facilitators count toward each. Upstream indexer gaps propagate to us. Buyer counts are per-seller uniques; cross-seller buyer overlap is unknowable from public data.

Corrections: when a methodology change alters published numbers, the version string changes and the prior series stays available. Numbers are never silently restated.