Glasscade / Analytics / Signals Lab

What changed in tracked activity.

Growth, address participation, market structure, sources, and payment dimensions.

Data provided by

Analysis windowAug 2025 - Aug 2026

Activity basisSpending across both source types

Latest complete periodAug 2026

Coverage through2026-09-22

Tracked volume$1.1BSpending basis

Monthly change+7.4%vs previous complete month

Growth diffusion59 / 10013 expanding · 1 stable · 9 contracting

Top-five share87.1%Share of named-program volume

Effective programs3.4Equivalent equally sized programs

Issuer-reported share36.3%Share of tracked volume

Program growth

Comparison window

Program set

+Eight selected8/8

GlasscadeSignals Lab

Indexed volume trajectory

1YThrough Sep 20, 26

Weekly totals; dates mark week endings (Sunday). The current partial week is excluded. Each line uses the median of four trailing positive weeks after weekly volume reaches $10K. Programs first observed after the window opens are separated from programs with prior history. Compare the multiple with current volume and absolute change; this is tracked activity, not revenue or valuation.

Tracked Activity Profile

GlasscadeSignals Lab

Tracked event value and frequency

Cluster focus9 of 13 visible

KSelected programKarta.ioLarger · More frequentBatched issuer settlement

Average settlement transfer$498.8K

Settlements / active address31.0x

Settlement volume / active address$15.5M

Select program

Quadrants use medians of the displayed top-volume programs on logarithmic axes. Event definitions differ by program; settlement-basis programs such as Karta and KAST reflect batched issuer transfers, not average consumer card purchases.

03 / Program momentum

Market bubbles

Which programs are growing, and which are slowing down?

Net volume change / 1M+$28.7M27 comparable programs

Growth window

Jul 2026Aug 2026

Find a programSize bubbles by

Window takeaway

KAST recorded the largest USD move: +$15.2M in monthly spending.

15 growing12 declining

Size: absolute USD change · 27 of 27 programsHover for details · Click to select · Drag and release to settleSwipe to explore · Tap a bubble to select

Selected programKASTComplete-month comparison

Volume change+$15.2M+17.0% vs baseline

Jul 2026$89,602,183.68Baseline volume

Aug 2026$104,800,309.13Current volume

Monthly spending13 complete months · shaded area is the comparison window

Open program analytics

Movement breakdown All 27 comparable matches

Expansion +$52.2MContraction -$23.5M

Address lifecycle mix

New addressesFirst seen in each source period

Returning addressesSeen before each source period

Up to three complete months of address mix, grouped by time since first observation. Active counts are monthly averages; returning trends compare the latest three-month average count with the preceding three months. This is lifecycle composition, not customer retention.

More newEven mixMore returning

Launching0-3 months since first observation4 programs

Wirex One3 months since first observation · 9K avg active

61% new39% returning

Ethena Pay2 months since first observation · 82 avg active

74% new26% returning

VVaultLeap3 months since first observation · 33 avg active

76% new24% returning

SSend2 months since first observation · 13 avg active

88% new12% returning

Scaling4-12 months since first observation5 programs

Plasma One8 months since first observation · 18K avg active

54% new46% returning+3266% returning count vs prior 3M

CCoca6 months since first observation · 6K avg active

44% new56% returning+540% returning count vs prior 3M

Phantom Cash12 months since first observation · 3K avg active

31% new69% returning+129% returning count vs prior 3M

Hyperbeat8 months since first observation · 445 avg active

43% new57% returning+100% returning count vs prior 3M

Solflare12 months since first observation · 1 avg active

0% new100% returning-33% returning count vs prior 3M

Established13+ months since first observation17 programs

Ether.fi Cash22 months since first observation · 41K avg active

21% new79% returning+30% returning count vs prior 3M

Bitget Wallet20 months since first observation · 28K avg active

12% new88% returning+6% returning count vs prior 3M

SafePal34 months since first observation · 12K avg active

8% new92% returning-6% returning count vs prior 3M

BFinance24 months since first observation · 12K avg active

4% new96% returning-57% returning count vs prior 3M

Tria14 months since first observation · 12K avg active

19% new81% returning+20% returning count vs prior 3M

Gnosis Pay32 months since first observation · 8K avg active

47% new53% returning-42% returning count vs prior 3M

Avalanche Card19 months since first observation · 7K avg active

29% new71% returning+12% returning count vs prior 3M

MetaMask29 months since first observation · 4K avg active

15% new85% returning-25% returning count vs prior 3M

Avici21 months since first observation · 4K avg active

32% new68% returning+8% returning count vs prior 3M

Ready22 months since first observation · 2K avg active

5% new95% returning-68% returning count vs prior 3M

Exa26 months since first observation · 2K avg active

24% new76% returning+33% returning count vs prior 3M

KAST18 months since first observation · 4 avg active

0% new100% returning-7% returning count vs prior 3M

Kolo19 months since first observation · 4 avg active

8% new92% returning0% returning count vs prior 3M

Karta25 months since first observation · 1 avg active

0% new100% returning0% returning count vs prior 3M

KKarta.io21 months since first observation · 1 avg active

0% new100% returning-50% returning count vs prior 3M

Tuyo Card19 months since first observation · 1 avg active

0% new100% returning0% returning count vs prior 3M

Solayer17 months since first observation · 1 avg active

0% new100% returning0% returning count vs prior 3M

Address mix unavailable for RedotPay.

Growth decomposition

Program navigator27 tracked · ranked by measured movement

Selected programEther.fi CashTracked activity

Average monthly volume$97.8M+40.5%

High reliabilityComplete periods with meaningful starting activity

Average monthly tracked volume rose by $28.2M. Active addresses was the largest measured contributor.

Consistent across 1M and 3MContributors reconcile to the observed change

Previous 3M average$69.6M

Measured change+$28.2M

Current 3M average$97.8M

01 / Active addresses+$20.5M73% of total measured movement

Change linked to the average number of active addresses.

02 / Events / address+$7.4M26% of total measured movement

Change linked to tracked events per active address.

03 / Avg. event value+$290.7K1% of total measured movement

Change linked to the average value of tracked events.

Six-month contextLatest month compared with Feb 2026

Active addresses+73.5%Events / address+19.4%Avg. event value-0.6%

Interpretation boundaryCoverage through Sep 22, 26. Addresses are not people, and tracked events may not equal individual consumer purchases.

Source and activity basis

01 / Source mixCurrent composition

-39.2 pp over 12 months

36.3%issuer-reported

Onchain-attributed63.7%

Onchain-attributedIssuer-reported

02 / Activity basisSpending and inclusive views

Difference+17.4%Inclusive vs spending

Spending

$1.1B

Spending + top-ups

$1.3B

The inclusive view adds available top-up activity. It is not a top-ups-only total.

03 / Source mixHistory

Attributed onchainIssuer-reported

Each column totals 100%

Payment dimensions

Infrastructure providers$689.4M

6 tracked

Rain$468M · 67.9%

Wirex$199.2M · 28.9%

Others (4)$22.2M · 3.2%

Chains$711M

18 tracked

Base$205.1M · 28.8%

Optimism$114.2M · 16.1%

Solana$106.2M · 14.9%

Others (11)$92.5M · 13.0%

Stellar$69.3M · 9.7%

Polygon$42.5M · 6.0%

Ethereum$40.6M · 5.7%

Arbitrum$40.6M · 5.7%

Currencies$711M

8 tracked

USDC$354.8M · 49.9%

Others (5)$154.3M · 21.7%

USDT$135.4M · 19.0%

EURC$66.5M · 9.4%

Card networks$1.1B

2 tracked

Visa$1.1B · 97.9%

Mastercard$22.9M · 2.1%

Infrastructure residualVolume not assigned to a named program

Volume$315.7M

Market share28.3%

YoY shift+16.9 pp

Market structure

12-month reading

Volume spread out. Growth became less broad.

Market concentration

Top-five shareMarket concentration87.1%-8.0 pp

Equivalent competitorsEffective programs3.4+2.0

Breadth of growth

Growth breadthGrowth diffusion · 23 eligible59 / 100-41.3 pts

Growing volume baseVolume participation89.7%-10.3 pp

Program share moversYear-over-year share change

Gaining sharePercentage-point change

KAST1.6% to 13.1%

+11.5 pp

Ether.fi Cash4.1% to 13.7%

+9.6 pp

Karta0.8% to 5.5%

+4.6 pp

Wirex One0.0% to 4.4%

+4.4 pp

Plasma One0.0% to 2.5%

+2.5 pp

Losing sharePercentage-point change

RedotPay84.8% to 50.5%

-34.4 pp

Gnosis Pay3.3% to 1.0%

-2.2 pp

MetaMask1.3% to 0.4%

-1.0 pp

SafePal0.5% to 0.1%

-0.4 pp

Ready0.4% to 0.0%

-0.4 pp

How this is calculatedTechnical definitions, thresholds, and boundaries

Top-five share

Share of named-program volume belonging to the five largest programs.

Effective programs

One divided by the sum of squared program shares. The result is an equivalent count, not a literal program count.

Growth diffusion

Growing programs receive full weight, stable programs receive half weight, and contracting programs receive no weight.

Volume participation

Share of eligible starting volume represented by programs classified as expanding.