We now report total volume, and Obiex is most of it
The headline moves from the retail slice to total measured volume: venue flow, business books, and confirmed settlement into a venue's own sinks. That restates the series upward by roughly ten times. Obiex entered coverage on 28 September and is 73.6% of the current week.
- 3
- Measured parts in the total
- 22
- Live venues counted
- 73.6%
- Obiex's share this week
- $998.38M
- September on the new basis
venue flow, business, settlement
mapping and terminal excluded
Through week 39 this newsletter reported the retail slice of what we measure. From this issue it reports the total.
What the total is
Three measured parts, for the 22 venues published as live:
- Venue flow — everything observed at a venue, retail and business together.
- Business books — at venues that publish one separately, like Flutterwave.
- Confirmed settlement into a venue's own sinks — master-to-master movement, counted only where a venue's business and retail books separate cleanly. In September, Spenda and Grey Finance both settled into Quidax's own sinks — one-way flows from each of them into Quidax.
It is the same composition behind the market page and the Index, so the newsletter, the site and the rating now describe the same book. They did not before.
What it restates
Everything, upward, by roughly ten times.
| Week | As published | On this basis |
|---|---|---|
| 21 Sep | $20,588,042 | $227,569,449 |
| 14 Sep | $19,700,006 | $227,420,872 |
| September (month) | — | $998,377,487 |
Any figure quoted from an issue before today is on the old basis and is not comparable with what follows. Deposits and active wallets are unaffected — they count the retail deposit book exactly as before, which is why this week's records are real records and not an artefact of the change.
Obiex
Separately, Obiex entered coverage on 28 September as the largest venue we track. It is 73.6% of this week's total volume.
We published the measurement the day it went live, but it fell between two issues and never appeared in this newsletter. Correcting that here: one venue is now most of the market-wide number, and every total we publish should be read with that in mind.
Why change at all
The retail slice answered "how much are ordinary people moving," which is a real question and still the one deposits and wallets answer. But it left the larger half of the measured book out of the headline while the site and the Index reported it — three surfaces, three numbers, one of them smaller than the others for reasons only we could explain.
The honest fix is to lead with the whole thing and show the split underneath, which is what the recap now does.
Method
Total volume is the sum of three measured parts for venues published as live: each venue's total observed flow from mart_public_venue_period; the business book at venues that publish one separately; and settlement_in_usd into a venue's own sinks from the rail-clients series, counted only where a venue's business and retail books separate cleanly. The same composition builds the figures on the market page and the Index, so the newsletter, the site and the rating now grade the same book. Venues in mapping or terminal review are excluded. Deposit and wallet counts remain the retail deposit book and are unchanged by this.
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AfriFlux (2026). We now report total volume, and Obiex is most of it. Published 5 October 2026. https://www.afriflux.xyz/feed/total-volume-and-what-it-counts
Reproducing a chart? Use this line: Source: AfriFlux — on-chain intelligence for Africa's stablecoin economy. afriflux.xyz