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Since the x402 protocol ignited market enthusiasm due to the explosive popularity of the meme coin $PING, nearly a week has passed. So far, the majority of market opinions are positive, with optimistic outlooks on the future development of the x402 protocol and discussions on various projects. However, some voices express concern that the rapid rise of x402 may not be able to sustain the overheated market expectations in the short term, leading to a lack of follow-up momentum. So, what changes have occurred in the x402 protocol ecosystem during this nearly week-long period? After reviewing and analyzing the changes in the x402 ecosystem over the past week, we can provide an answer to the article's title.
The DAT model connects risks and may represent the future. It represents a middle ground between the crypto and capital markets—neither fully belonging to the "crypto circle" nor completely to the "stock market." Strategy has been rated as "junk," but in a sense, this is the first time that a digital asset treasury has qualified for a rating. In the future, how traditional rating agencies quantify Bitcoin risk and how investors view the "crypto version of Berkshire Hathaway" will determine whether DAT can transition from speculative narratives to a part of the financial structure.
On-chain Data
On-chain capital flow situation for the week of October 28
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