Internet Monetization Index
How much of the internet is paid for per use, by people and AI agents.
Pay-per-use run-rate
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x402 payments per day
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Likely-automated share of Cloudflare requests
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Stablecoin supply
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Settled pay-per-use volume
x402 and MPP combined, per day, net of wash trading and double-counted transfers.
Sources: Radius-owned Dune queries for x402 and MPP on Tempo (both in the IMX numerator from Rulebook v1.6).
Everything on the rails, wash included
All x402 and MPP flow as the chains record it, split into real activity and the known actors behind wash trading and large non-commercial transfers.
| Known actor | Wallets | Last 30 days |
|---|
Real activity = everything not attributed to a known actor. Excluded actors are already removed from the index and the headline numbers; flagged ones are kept out of the headline by the one-off-day rule. Evidence and Dune queries for each actor are in the feed (
actors).Pay-per-use vs advertising
Annual run-rate of settled per-use payments against the ad revenue of the ten largest ad sellers.
AI crawlers
Share of AI bot traffic by crawler, last 7 days.
Source: Cloudflare Radar.
Why AI bots crawl
Why identified AI crawlers say they crawl. Training crawls send no visitors back. These are traffic shares, not paid or chargeable demand.
Source: Cloudflare Radar. Line: share of AI crawling declared as training.
Stablecoins
Dollar tokens in circulation — the money agents pay with.
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| Token | Issuer | Circulating | Share | 24h |
|---|
Source: DeFiLlama. Reserve risk behind these tokens is scored in the Stablecoin Stability Index.