Blog
Research notes
What we learn measuring the agentic-commerce economy, written down. Every figure in these notes is dated: the dashboard carries the living numbers, a post records what was true when it was written.
2026-08-25 · 11 min
About 130,000 endpoints, and no way to choose
Roughly 130,000 x402 endpoints are advertised to agents — a URL, a sentence and a price each, written by the seller. What the haystack contains, why a bigger directory does not fix it, and what an agent can actually check before paying: live search, GET /discover, /recommend and /endpoint.
2026-08-24 · 9 min
The state of x402 supply: what’s actually real
We probed the catalogued x402 supply and indexed its settlement: 76.5% of probed listings are dead, 7.4% of sellers show observed traction, ten sellers carry ~90% of attributed volume, and 28.6% of revenue-earning sellers depend on a single wallet. Measured 2026-08-24, honesty box included.
2026-08-10 · 14 min
How reputation gets forged on-chain — and how we catch it
Five patterns of synthetic reputation we found in the x402 economy — echo harnesses, circulation loops, closed rings, volume farms, and borrowed credit — with the on-chain evidence for each, and the measurement principles that surface them.
2026-08-10 · 12 min
The $6.35 billion mirage: real transactions that were false data
We found $6.35 billion of Base USDC movement inside our own pipeline — every transaction real and verifiable, and none of it the thing we were counting. A forensics story about the difference between a transaction that happened and a transaction that means what you think.
2026-08-10 · 12 min
Smaller on purpose: the case for a number that can go down
Our attributed total went down as we got more honest — and that is the feature, not the bug. Why a number you can defend transaction by transaction beats a bigger one you can't, and what an honest peer comparison actually looks like.
2026-08-10 · 12 min
Attribution without names
Every measurement pipeline eventually meets a wallet it cannot name, holding money it cannot ignore. You can often say exactly what it does without knowing who it is — and that honest characterisation beats a fabricated identity every time.
2026-08-10 · 12 min
Invisible plumbing: who actually moves the money in the agent economy
Every leaderboard ranks the services; nobody ranks the pipes. The facilitators and routers between payer and payee are where naive attribution quietly breaks — including the routing wallet whose $356K sat hidden inside a stranger's reputation.