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I'm being asked what x402 is, so here's why you should care: a) Background: - The x402 protocol enables agents to make payments onchain @a16zcrypto 2025 "State of Crypto" Report specifically mentioned x402 in the context of agentic payments, which is anticipated to hit $30 trillion in autonomous txs value by 2030 - It's dubbed the "Payments MCP" [Model Context Protocol]; I'll link my MCP article below so you have an understanding, but the "quick and nasty" is that MCP enables agents to interact with real world data, so payments MCP enables agents to transact with their own wallet b) Backers: @coinbase + @Cloudflare - So you'll see the bulk of this activity on @Base; But it's also cross-chain (Solana, Polygon, Near etc) - It's why you've seen several @virtuals_io x402 agents pop off in the past few days - several of the ecosystem agents use the x402 protocol - The acquisition of Echo by Coinbase took centre stage earlier this week; but this is Coinbase AI Agent baby; and IMO (I'm biased) far bigger. Sorry @beast_ico c) Relevant x402 protocols: - @pingobserver - first token minted by x402 - @heurist_ai - @virtuals_io - @questflow - @AnchorBrowser - @GoKiteAI announced its partnership with @brevis_zk this week for privacy around payments with agents; it uses x402 - @Cloudflare Agents SDK + Google A2A payment protocol - @PayAINetwork - $DREAM (Virtuals) - $SANTA (Virtuals) - $GLORIA (Virtuals) - $AURA (Virtuals) Honestly the list could go on, so I'd advise researching before spraying and praying. NFA on these - they're simply affiliated with using the x402 and it doesn't necessarily mean value will accrue to these tokens. If anything it'll accrue to the protocol backers itself - COIN. You can check (see thumnail) d) Other Insights: 1) @circle has an ongoing relationship with Coinbase and the main currency transacted by these agents is Stablecoins to pay for compute etc. So as you can imagine USDC will likely be the stable of choice 2) Neo Banks are gearing up for AI Agent payments: - @Tether_to launched its wallet development kit; the tagline is that there's anticipated to be trillions of wallets. These obviously won't be human wallets, so I'll let you connect the dots - @useTria partnered with several AI protocols and this week with @billions_ntwk for zkKYC as privacy around payments comes to the forefront - @Visa + @Mastercard announced their AI Agent programs a few months ago and are rolling out the infra for trillions of transactions. Almost all of these Cards from these Neo Banks are VISA/Mastercard. - @PayPal ventures led the $18m Series A for Kite AI; PyUSD coming in hot here for agentic stablecoin usage? Next step: Robots will have their own crypto wallets with virtual cards to make payments in the real world. Welcome to physical AI! 3) @a16zcrypto report on AI referenced x402 specifically when talking about AI Agents and payments, anticipating $30 trillion in agentic purchases by 2030 Interesting quote: "x402 is what the internet was supposed to be - payments via https" - @_imhamzah 4) @RibbitCapital released their 2025 "Token Letter" which discusses agents + payments (see "knowledge" tab on their website): - Page 1/2: AI systems are economic participants that will earn and spend - P33/34: Stripe and upstarts like PayOS will capture a lot of value building this infra for agents - P33-35: Stablecoins and programmable money will be used by both humans and agents for payments and asset mgmt. - P39/40: AI agent payments will become new financial rails for autonomous entities TLDR: AI Agents + Payments is only going to get bigger. x402 is positioning itself at the enabler of this parabolic payment boom. The cats out of the bag, so how would you capitalize on the upside? Taking a cut in fees on trillions of txs isn't a bad idea.

It feels like the new main lines of this round are starting to become a bit clearer, namely: PayFI AI Agent Meme Coincidentally, the last round also had three main lines: Defi, NFT, X2Earn Let me briefly explain why these three. The biggest theme this round should be what Trump said during his victory speech yesterday, "Common Sense - 常识", or the Anti-narrative. The market is starting to feel disgusted with projects that only focus on narratives and are fixated on technology/infrastructure for VCs and exchanges. Projects must return to common sense - what you create really needs to be used and purchased by people (at least with NFTs, people can still buy monkeys and Punks as profile pictures, right?) In the past two years, a bunch of decentralized computing/model training/inference projects have emerged. Just imagine if you are a serious AI startup, would you really give up using Hugging Face, not buy cloud computing power from AWS or Azure, but instead use Web3's "decentralized" computing/model/inference platform? Ask yourself, does that make sense? Now let’s talk about why I think the following three lines currently make sense: 1. Payfi - Connecting the real world In the past two months, the most discussed and observed track in the primary market seems to be Payfi projects, both new and old, that have been lurking/quietly developing. Stripe's $11.1 billion acquisition of Bridge can be seen as a landmark event. You might not have noticed or known that PayPal's PYUSD has exceeded $500 million (it recently surged to $1 billion). Osmosis and scrvUSD are working on Debit Cards, and other Crypto Cards based on Ton or other chains are on the way. Some are collaborating with Visa/Master to do supply chain finance or accelerate settlements. Some are directly negotiating with banks to bypass Visa/Master for settlements. There are systems based on Solana Pay that provide merchants with Crypto Native Payment + DeFi Yield POS systems, without affecting traditional VISA/Master card transactions. Some are doing P2P OTC deposits and withdrawals directly through on-chain + ZKTLS. There are even projects that move the main logic of banks on-chain, directly using NFT login + KYC, providing on-chain banking + traditional bank binding, allowing for transfers + deposits and withdrawals, as well as using Crypto Cards, and even directly Swift to traditional bank accounts. A more "efficient, fast, good, and economical" payment system that allows you to spend your Crypto assets directly with a card, and a safer way to deposit and withdraw... these are real user needs. If done well, there will indeed be users/institutions, including Web2 players, willing to use it. In the end, everyone might find that the key to achieving Web3 Mass Adoption is not social media or gaming, but the Payfi track. 2. AI Agent - Enhancing the on-chain world In the past year, I have discussed hundreds of AI projects, but I haven't really invested much because the combinations felt somewhat forced. Even those leading and so-called top projects were the same. Last year, when Vitalik was interviewed about the combination of AI and Crypto, he was actually asked this question, and his answers mostly revolved around AI helping Crypto rather than the other way around. But for the crypto world to dream, it "must" be Crypto helping AI. Thus, we have the so-called industry standards of "model assetization", "data assetization", and "computing power assetization" in these three tracks. But honestly, I’ve talked to many Web2 AI researchers and founders, and they view our three tracks like watching a stand-up comedy. What impressed me the most was a conversation last year with a decentralized computing project, where the founder very "honestly" told us that when there was a significant or commercial computing demand, they would directly hand it over to their centralized data center to run, rather than giving it to retail GPU computing. However, they could "package" it to make it feel like retail computing was also involved. I had a good impression of this founder, even though I ultimately didn’t invest. It wasn't until the emergence of Goat this year that I was truly impressed. This is not AI helping Crypto, nor is it Crypto helping AI. This is a new thing that truly combines AI and Crypto. AI Agents issue assets. AI Agents ShitPost and call trades. AI Agents form DAOs. AI Agents manage a fund's trading and buying/selling. AI Agents have their own culture. AI Agents have their own religion. This is something that Web2 AI cannot produce, and pure Web3 Crypto cannot accomplish independently. So far, I personally believe this is the best way to reflect the combination of AI and Crypto at the current level of AI capabilities. Regarding this track, I recommend two articles. Also, the wizard @0xcryptowizard has shared a lot about this track, so you can check out his Twitter. 3. Meme - On-chain casino, no more pretending It puts many things that people were unwilling to admit or could not openly say due to "political correctness" on the table. Our circle is just a big gambling den. But actually, this is not a problem. We can finally face the fact that a significant function of Crypto is for PVP, and that’s OK. The problem is, it cannot only be PvP. As DujunX said, "If meme and tap2earn are the future of the industry, then this industry should die, fuck!" So Meme and PVP will become an eternal track in our circle. When more exciting, more out-of-the-box, and more meaningful tracks and technologies emerge, the proportion of the Meme track will be smaller and more low-key. When the industry lacks direction and becomes boring and disappointing, the Meme track will step forward to be more active and take up a larger share. Meme may be the "little bell" track of future bull and bear cycles - It has been, and will always be there...... This is just my opinion, for reference and entertainment only, NFA :)