Glasscade
Subscribe

Glasscade / Analytics / Signals Lab

What changed in tracked activity.

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

Data provided byPaymentscan
Analysis windowOct 2025 - Oct 2026
Activity basisSpending across both source types
Latest complete periodOct 2026
Coverage through2026-11-07
Tracked volume$1.4BSpending basis
Monthly change+11.3%vs previous complete month
Growth diffusion58 / 10013 expanding · 3 stable · 9 contracting
Top-five share86.0%Share of named-program volume
Effective programs3.8Equivalent equally sized programs
Issuer-reported share31.5%Share of tracked volume
01

Program growth

Comparison window
Program set
+Eight selected8/8
0 comparison slots available
GlasscadeSignals Lab
Indexed volume trajectory
1YThrough Nov 1, 26
INDEXED VOLUME / LOG SCALE100x10x1x0.1xKarta14xKolo7.9xKarta.io4.6xEther.fi Cash4.4xTria4.3xKAST4.2xRedotPay1.5xGnosis Pay0.45xNov 2, 25May 3, 26Nov 1, 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.

02

Tracked Activity Profile

GlasscadeSignals Lab
Tracked event value and frequency
Cluster focus9 of 13 visible
Selected programKarta.ioLarger · More frequentBatched issuer settlement
Average settlement transfer$582.2K
Settlements / active address15.5x
Settlement volume / active address$9M
Select program
$10$100$1K$10K$100K$1M10xAVERAGE TRACKED EVENT VALUEEVENTS PER ACTIVE ADDRESSMEDIAN EVENT SIZEMEDIAN ACTIVITY RATESMALLER · MORE FREQUENTLARGER · MORE FREQUENTSMALLER · LESS FREQUENTLARGER · LESS FREQUENT

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+$57.8M28 comparable programs
Growth window
Sep 2026Oct 2026
Window takeaway

RedotPay recorded the largest USD move: +$20.3M in monthly spending.

16 growing12 declining
Size: absolute USD change · 28 of 28 programsHover for details · Click to select · Drag and release to settleSwipe to explore · Tap a bubble to select
Selected programRedotPayComplete-month comparison
Volume change+$20.3M+5.0% vs baseline
Sep 2026$403,201,124.52Baseline volume
Oct 2026$423,500,047.94Current volume
Monthly spending13 complete months · shaded area is the comparison window
Open program analytics
Oct 2025: $291,960,947.13Nov 2025: $274,969,644.35Dec 2025: $282,237,053.30Jan 2026: $282,423,100.49Feb 2026: $269,476,972.04Mar 2026: $309,469,445.69Apr 2026: $315,704,382.71May 2026: $339,656,145.43Jun 2026: $356,937,815.55Jul 2026: $395,132,530.72Aug 2026: $403,579,821.84Sep 2026: $403,201,124.52Oct 2026: $423,500,047.94
Oct 2025Oct 2026
Movement breakdown All 28 comparable matches
Expansion +$62.2MContraction -$4.4M
04

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
Scaling4-12 months since first observation8 programs
Plasma One10 months since first observation · 23K avg active
32% new68% returning+317% returning count vs prior 3M
Wirex One5 months since first observation · 19K avg active
37% new63% returning
Coca8 months since first observation · 9K avg active
49% new51% returning+75% returning count vs prior 3M
Ethena Pay4 months since first observation · 681 avg active
64% new36% returning
Hyperbeat10 months since first observation · 641 avg active
48% new52% returning+50% returning count vs prior 3M
SSolid6 months since first observation · 293 avg active
68% new32% returning+5560% returning count vs prior 3M
VaultLeap5 months since first observation · 101 avg active
57% new43% returning
SSend4 months since first observation · 39 avg active
59% new41% returning
Established13+ months since first observation19 programs
Ether.fi Cash24 months since first observation · 49K avg active
18% new82% returning+33% returning count vs prior 3M
GGate Card13 months since first observation · 18K avg active
58% new42% returning+699% returning count vs prior 3M
Bitget Wallet22 months since first observation · 14K avg active
3% new97% returning-48% returning count vs prior 3M
Tria16 months since first observation · 13K avg active
23% new77% returning+14% returning count vs prior 3M
BFinance26 months since first observation · 10K avg active
8% new92% returning-46% returning count vs prior 3M
Avalanche Card21 months since first observation · 9K avg active
28% new72% returning+55% returning count vs prior 3M
SafePal36 months since first observation · 7K avg active
4% new96% returning-44% returning count vs prior 3M
Gnosis Pay34 months since first observation · 7K avg active
17% new83% returning+26% returning count vs prior 3M
DDogPay22 months since first observation · 6K avg active
32% new68% returning+103% returning count vs prior 3M
MetaMask31 months since first observation · 4K avg active
12% new88% returning-21% returning count vs prior 3M
Avici23 months since first observation · 3K avg active
16% new84% returning+6% returning count vs prior 3M
Phantom Cash14 months since first observation · 3K avg active
26% new74% returning+12% returning count vs prior 3M
Exa28 months since first observation · 2K avg active
19% new81% returning+21% returning count vs prior 3M
KAST20 months since first observation · 4 avg active
0% new100% returning-31% returning count vs prior 3M
Kolo21 months since first observation · 4 avg active
9% new91% returning-9% returning count vs prior 3M
Karta.io23 months since first observation · 1 avg active
0% new100% returning0% returning count vs prior 3M
Karta27 months since first observation · 1 avg active
0% new100% returning0% returning count vs prior 3M
Tuyo Card21 months since first observation · 1 avg active
0% new100% returning0% returning count vs prior 3M
Solayer19 months since first observation · 1 avg active
0% new100% returning0% returning count vs prior 3M

Address mix unavailable for RedotPay.

05

Growth decomposition

Program navigator30 tracked · ranked by measured movement
Selected programEther.fi CashTracked activity
Average monthly volume$126.7M+43.9%
High reliabilityComplete periods with meaningful starting activity

Average monthly tracked volume rose by $38.7M. Active addresses was the largest measured contributor, while Avg. event value offset part of the movement.

1M and 3M tell different storiesContributors reconcile to the observed change
Previous 3M average$88M
+
Measured change+$38.7M
=
Current 3M average$126.7M
01 / Active addresses+$28.7M56% of total measured movement

Change linked to the average number of active addresses.

02 / Events / address+$16.5M32% of total measured movement

Change linked to tracked events per active address.

03 / Avg. event value-$6.5M13% of total measured movement

Change linked to the average value of tracked events.

Six-month contextLatest month compared with Apr 2026
Active addresses+67.5%Events / address+31.5%Avg. event value-2.0%

Interpretation boundaryCoverage through Nov 7, 26. Addresses are not people, and tracked events may not equal individual consumer purchases.

06

Source and activity basis

01 / Source mixCurrent composition
-32.1 pp over 12 months
31.5%issuer-reported
Onchain-attributed68.5%
Onchain-attributedIssuer-reported
02 / Activity basisSpending and inclusive views
Difference+23.4%Inclusive vs spending
Spending
$1.4B
Spending + top-ups
$1.7B

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%
07

Payment dimensions

Infrastructure providers$1.4B
8 tracked
Rain$584.2M · 41.9%
SStraitsX$484.7M · 34.8%
Wirex$239.9M · 17.2%
Immersve$69M · 5.0%
Others (4)$15.1M · 1.1%
Chains$940.6M
18 tracked
Base$259.1M · 27.5%
Optimism$144.6M · 15.4%
Solana$143.2M · 15.2%
Others (11)$114.8M · 12.2%
Arbitrum$86M · 9.1%
Stellar$74M · 7.9%
Polygon$63.7M · 6.8%
AArc$55.1M · 5.9%
Currencies$947.9M
8 tracked
USDC$474M · 50.0%
Others (5)$210.5M · 22.2%
USDT$190.4M · 20.1%
EURC$73M · 7.7%
Card networks$1.4B
2 tracked
Visa$1.3B · 94.6%
Mastercard$73.2M · 5.4%
Infrastructure residualVolume not assigned to a named program
Volume$448.1M
Market share32.6%
YoY shift+19.0 pp
08

Market structure

12-month reading

Volume spread out. Growth became less broad.

01
Market concentration
Top-five shareMarket concentration86.0%-6.9 pp
From 92.9%
Equivalent competitorsEffective programs3.8+2.0
From 1.8
02
Breadth of growth
Growth breadthGrowth diffusion · 25 eligible58 / 100-36.1 pts
13 expanding · 3 stable · 9 contracting
Growing volume baseVolume participation92.1%-7.8 pp
From 99.9%
Program share moversYear-over-year share change
Gaining sharePercentage-point change
Ether.fi Cash8.4% to 15.3%
+7.0 pp
KAST7.2% to 13.1%
+5.9 pp
Wirex One0.0% to 5.9%
+5.9 pp
Karta1.0% to 5.8%
+4.8 pp
Plasma One0.0% to 3.3%
+3.3 pp
Losing sharePercentage-point change
RedotPay72.9% to 45.8%
-27.1 pp
Gnosis Pay3.0% to 0.7%
-2.4 pp
MetaMask1.5% to 0.4%
-1.1 pp
Ready0.8% to 0.0%
-0.8 pp
BFinance0.7% to 0.1%
-0.5 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.

Eligibility requires six complete months and at least $50K average monthly starting volume.Growth within ±5% is treated as stable.Infrastructure residuals are excluded from named-program concentration.