Dexter Overtakes Coinbase as Top x402 Transaction Facilitator

Dexter now processes 50% of daily transactions, surpassing Coinbase. Total volume on Base has exceeded 68 million as payments surge. Data from Hashed and Dune Analytics shows that since mid-December, Dexter has steadily increased its share.

Coinbase's dominance has waned. In earlier weeks, Coinbase clearly dominated activity on the new payment protocol. However, Dexter's steady increase in share has allowed it to take the lead in daily x402 transactions.

Multiple facilitators now support x402. Four facilitators have each processed over 10 million transactions, including Coinbase, Dexter, PayAI, and DayDreams. This marks a significant shift in the ecosystem, where competition is increasing.

Why the Move Happened

Dexter's rise is due to its faster recent growth and strong execution. Coinbase still leads in cumulative transactions, but Dexter's growth in daily activity allowed it to surpass Coinbase. This reflects a shift in how payment facilitation is handled.

x402 is an open payment protocol developed by Coinbase. It enables instant, automatic stablecoin payments directly over standard HTTP requests. This innovation has made it easier for services to charge for APIs, data, or digital content without complex authentication.

How Markets Responded

The shift in facilitation has not caused major market disruptions. The x402 protocol is designed to support multiple facilitators, which has allowed for a more competitive ecosystem. This competition is seen as a positive development for decentralization and pricing.

Data from Dune Analytics shows that roughly half of all daily transactions since mid-December have been processed through Dexter. At the same time, Coinbase's share has fallen to one-quarter to one-third, depending on the day.

PayAI and DayDreams also show consistent growth in both absolute transaction counts and percentage share. Together, they regularly account for 20% to 30% of daily x402 volume, per the stacked bar charts from Dune analytics per the data.

What Analysts Are Watching

Analysts are watching the development of the x402 ecosystem closely. The protocol is seen as a lightweight alternative to traditional billing systems. As AI agents and automated services grow, demand for seamless payment rails is likely to increase according to analysts.

Dexter's rise shows that newer players can compete effectively with large incumbents if execution and reliability remain strong. The data points to one clear trend: x402 usage is accelerating, and the race to support it is no longer Coinbase's alone according to market analysis.