Chainfeeds Summary:
x402 is a key building block leading to a certain "inevitable future." This article mainly describes what actually happens on the blockchain, what the real needs of x402 are, and some interesting use cases that already exist.
Article source:
https://x.com/OnchainLu/status/2000971905310834780
Article Author:
Lucas
Opinion:
Lucas: Since x402 activity began to rise at the end of October, it has generated $335 million in trading volume and 92 million transactions. However, these macro metrics are not very meaningful because they are very easy to manipulate. Overall, Coinbase still dominates: approximately 86% of x402 transaction counts and approximately 89% of trading volume. This is not surprising, given that Coinbase incubated the x402 standard. But the data for December is completely different. As of now, Solana has taken over: 36% of transaction counts and 77% of trading volume. In the first 10 days of December alone, it processed $3 million, three times the total for the entire month of November. We have charted x402 trading volume by category over the past month. You need to pay attention to two colors: red: token issuance & fair minting (i.e., meme trading) and yellow: agent-to-agent services. For most of November, red dominated. However, by the end of November, yellow alerts began to appear and then rapidly increased. Almost all yellow alert transactions originated from three servers on Solana: @dexteraisol, @dexfun_ai, and @x402monopoly. The challenges ahead include: 1) Discovery mechanism: Finding suitable x402 services is not easy; facilitators play a crucial role. 2) Trust issues: How to verify service reliability before a transaction? ERC-8004 (the proxy identity standard) is an important step. 3) Merchant adoption: x402 is supply-side driven; API and service providers must integrate before proxies can use it. 4) Missing standards: Refunds, cancellations, subscriptions, and dispute resolution are not yet standardized. An open protocol is insufficient to support a complete payment ecosystem. [Original text in English]
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