Paper midband · whole family
$33,000,000
EI sleeve $22,795,000 (science 0.82 · modest↔paper · $0 ARR ) · Cleared sleeve $10,196,667 (progress 42.4% · logos 0/50 · gw7d 77 · catalog 4,085 · AA100 87 ) · sum $33,000,000
← Data Room
Investor & partner diligence
Cleared Index Data Room
Trust before pay for x402. Entropy gates regime risk — 1,000 x402 endpoints live. Cleared attests, routes, and witnesses agent commerce.
Taylor Good · Updated 8/25/2026, 1:00:24 AM
Hold · swipe or click
On-chain · eip155:8453
Live rails evidence.Not slide-deck projections.
01
6
Settlement witnesses
6 in 30d · 4 origins linked
02
24
Mesh-enriched listings
1% of live index · 0 settlement signals cached
03
77
Gateway routes (7d)
77 lifetime · 5,559 checks run
04
55.59
$AEO burned (checks)
Source: none · attestation sink
Mesh · Merona
Cleared treats Merona as the preferred settlement mesh: live-sync caches settlement count, payTo integrity, and mismatch flags. Gateway applies a bounded routing boost from those signals; we do not custody or replay Merona's full graph.
Shared failure mode across x402: advertised payTo ≠ wallet that actually demands USDC. Merona indexes that gap at graph scale; Cleared prices it into the pay decision and witnesses settlement. Complementary layers — mesh graph + attested routing.
0
payTo pass
0
payTo fail
24
unknown
Recent witnesses
Witness receipts appear here as Base USDC settlements are attested. Witness API
P1
Funnel
Operator pipeline
Metrics refresh on page load. Model ranges are planning assumptions, not implied live valuation.
01 · Operator listings
4
02 · Listed → Cleared
50%
03 · Cleared (external)
0
04 · Cleared (house)
2
05 · Base-native live
3535
06 · Checks today
1446
07 · Claim rate
75%
T0
Launch readiness
Core loop
Core trust loop is live. Soft ledger while on-chain hardening and demand proof compound.
Current tier
0
On-chain ready
Building
Strong signals
1/3
On-chain rails
Contract on Base
Target: Contract address live on Base
Pass
0x516b47a6…
On-chain writes enabled
Target: Writes enabled on Base
Pass
Enabled
Ledger ↔ chain reconciled
Target: Ledger matches chain
Gap
No on-chain read
Reconciliation streak
Target: 7 days
Gap
0 day(s)
Tx queue health
Target: No failed backlog
Gap
pending 7 · failed 50
Burn source
StrongTarget: On-chain burn source
Pass
onchain
Business volume
Paid Cleared logos
Target: ≥ 50
Gap
0
Operator listings
Target: ≥ 100
Gap
4
Checks today
Target: ≥ 500/day
Pass
1446
Listed → Cleared conversion
Target: ≥ 8%
Pass
50%
Witness attestations (30d)
Target: ≥ 25
Gap
6
Gateway route trend (4w)
Target: Stable or growing WoW
Pass
77 · 0 · 0 · 0
Strong signals
1 of 3 passed
Cleared subscribers (12-mo base)
StrongTarget: ≥ 120
Gap
0
Gateway Pro starts
StrongTarget: ≥ 250 (proxy)
Gap
0
Role seats fulfilled
StrongTarget: ≥ 2
Gap
0
Genesis slots filled
StrongTarget: ≥ 75%
Pass
100/100 (100%)
Enterprise pilot / federation LOI
StrongTarget: configured
Manual
Pending
Tiers advance when instrument and volume gates stay green.
Model
Three revenue layers
SaaS + transaction + optional protocol. $AEO augments — does not subsidize core.
Subscription
- Listed · Free
- Cleared · $49/mo
- Category Priority · $99/mo
- Gateway Pro · $29/mo
- Enterprise · custom
Transaction
- Gateway routing · 5% advisory (capped) until collectible
- Certified Hash · $0.01/tx
Protocol
- $AEO flywheel · upside premium only
Product
Core stack
Check · Gateway · Witness · Index — attestation before autonomous USDC spend.
Check
Verify trust score before pay
Gateway
One URL · every x402 rail
Witness
Attest USDC on any open rail
Index
cleared.txt · machine discovery
Valuation model
Entropy Index owns 100% of Cleared Index.
Ranges below are Cleared product marks — illustrative planning bands, not a priced round.
Enterprise Value ≈ (Subscription ARR × SaaS multiple) + (Transaction net revenue × payments infra multiple) + strategic protocol premium
Paper midband $33,000,000 (grounded single number). Cleared standalone $7,000,000 – $14,000,000 (primary) · rebuild floor $575,000 – $875,000 · catalog 4,085 listings / 109,041 endpoints. Portfolio rollup $27,000,000 – $44,000,000. EI sleeve $22,795,000 (science 0.82 · modest↔paper · $0 ARR ) · Cleared sleeve $10,196,667 (progress 42.4% · logos 0/50 · gw7d 77 · catalog 4,085 · AA100 87 ) · sum $33,000,000
Rebuild floor
$575,000 – $875,000
Primary (modest)
$7,000,000 – $14,000,000
Paper
$15,000,000 – $25,000,000
Bull 24mo
$35,000,000 – $80,000,000
12-month realistic
Rev: $0.65M–$0.95M total
~120 Cleared · ~250 Gateway Pro · ~40 Category Priority · 2–4 enterprise
24-month
Rev: $3M–$6M
Retention + moat depth + routing gravity proven
24
Roadmap
Milestone phases
Corporate agent-spend rails validate that agents will move money at scale. Complementary to Cleared (fiat cards/procurement ≠ x402 trust gateway).
01
Phase 1 · 0–3 mo
Prove repeatable demand
- Tighten funnel: listing → Cleared upgrade → Gateway usage
- Lock baseline KPIs: activation, paid conversion, route volume
- First 50 paid logos + stable weekly transaction growth
- Denser Cleared-tier inventory
Unlocks: Repeatable demand evidence on the live funnel
02
Phase 2 · 3–6 mo
Lock monetization loops
- Improve free → pro Gateway conversion and operator retention
- Push attestation receipts into default SDK/API flow
- Land first enterprise pilots
- Agent identity + attribution + Gateway→Witness post-pay hygiene
Unlocks: Subscription and routing revenue compounding together
03
Phase 3 · 6–12 mo
Build defensibility
- Deepen trust moat: watchlist, arbitration, lineage, mesh in live workflows
- Publish category benchmark data from network activity
- Own 2–3 vertical wedges (identity / compliance / regime)
Unlocks: Data moat + routing gravity as the default path
04
Phase 4 · 12–18 mo
Enterprise + federations scale
- Productize federation launch playbook and SLA templates
- Convert pilots to annual contracts
Unlocks: Forward visibility from contracted demand
05
Phase 5 · 18–24 mo
Protocol credibility
- Publish transparent burn/usage dashboards
- Prove token economics augment growth — do not subsidize core weakness
Unlocks: Optional protocol upside without weakening the core business
Indexes strategy
x402 solved payments, not trust. Cleared is the trust gateway; indexes are how we own categories before anyone else asks why we weren't there first. Regime is live on Entropy. Identity and Compliance ship on Cleared now. Enterprise federations (HIPAA, FedRAMP) follow sponsor LOIs — not empty shells.
Full strategy →Regime Index
Should capital move?
Entropy Index · Live · 1,000+ endpoints
Identity Index
Should this agent trust who it's paying?
Cleared Index · Live · Gateway routes CDP today
Compliance Index
Should this spend meet policy?
Cleared Index · Live · category slice + attestation
Judgment Index
Should this agent act on this signal?
Cleared Index · Wave 1 · benchmark + default routes
Sponsored federations · Wave 2 (enterprise LOI)
HealthcareFinanceGovernmentEducationLegalCustom
Audience
Who it's for
- API-first SaaS operators publishing x402 endpoints
- AI tooling companies needing agent-native distribution
- Developer platforms with metered APIs
- Fintech/crypto infrastructure providers
Traits
- Already has a live API or endpoint
- Revenue depends on programmatic discovery
- Understands agent traffic as next growth channel
- Will pay for attestation to increase agent transaction volume
Diligence pack
Everything linked
Platform KPIsLive funnel + launch readiness gates →Base Trust ReportPublished adoption metrics for Base x402 →MethodologyHow trust scores and attestation work →PricingListed · Cleared · Category Priority · Gateway Pro →AEO WhitepaperToken economics and protocol layer →Founder storyEntropy lineage → Cleared →KPI JSONMachine-readable evidence API →Listings APIIndexed operator graph →Gateway APICommerce routing surface →LegalTerms · privacy · token terms →
Next step
Live metrics refresh on load. Model ranges are planning assumptions.