x402 Mechanism, x402 Related Tokens, Basic AI Agent Season, etc.
Author: Alea Research Daily Newsletter
Translation: Blockchain Simplified
x402 is a payment protocol developed by Coinbase that utilizes the HTTP 402 "Payment Required" status code, enabling AI agents to make stablecoin payments in API requests. This means that AI agents or human clients can receive a 402 response with pricing details when accessing the API, sign a USDC micropayment, and immediately retry the request, all without leaving the browser or application.
In this issue, we will delve into the mechanism of x402, the surge of x402 related tokens and infrastructure, and why agent platforms like Virtuals are seeing significant inflows of trading volume.
Getting Started — How x402 Works
When a client requests the x402-enabled service, the server returns a 402 response containing the price, a list of accepted tokens, and a payment address. The client signs a payment authorization and returns the request, after which the service's facilitators will verify the request and settle the USDC payment while returning the request data. The facilitators are currently operated by Circle and Coinbase, with payments settled on the Base network, typically taking about 2 seconds.
Unlike credit card processors that charge around $2.9\% + \$0.30, the x402 protocol has zero fees, requiring only Gas fees, which are usually just a few cents on Base. This makes pay-per-request APIs and machine-to-machine (M2M) transactions economically viable even at price levels as low as $0.001.
Since the protocol extends standard HTTP rather than creating a proprietary API, it can operate between browsers, SDKs, and AI agents, without the need for accounts or OAuth processes.
Context
x402 is at the intersection of the agent economy and the AI Memecoin supercycle from Q4 2024 to Q1 2025. Virtuals and its Virtuals agents have seen a massive increase in trading volume after integrating x402 functionality.
Adoption metrics show that x402 transaction volume approached 1 million transactions last week.
We have also seen the rise of tokens like $PING, which are minted through HTTP requests, reaching a market cap of slightly over $70 million.
For configurators, x402 offers a potential $30 trillion opportunity in the agent economy. However, it is still in the early stages, as metrics like 500,000 transactions per week and an $8 billion market cap are very small relative to the global payment scale. The winners are likely to be those platforms that combine payment, coordination, and verification.
The Flourishing Development of x402 Related Projects
Virtuals has integrated its Agent Coordination Protocol (ACP) with x402 to handle hosting, verification, and on-chain settlement. We are seeing many new and existing agents adopting this technology to enable micropayments in agent commerce.
Some notable projects include:
AIXBT: An early AI agent launched by Virtuals in November 2024, focused on tracking cryptocurrency discussions on X to identify trending projects, metaverse initiatives, and market opportunities. They recently integrated x402, allowing users and other agents to query network data through pay-per-use micropayments without monthly subscriptions.
GAME: Another mature AI agent focused on game integration, enabling agents like NPCs or assistants to handle play-to-earn mechanics and in-game transactions. It has integrated x402, allowing agents to make instant payments for services, assets, or computation within the Base gaming ecosystem.
PAYAI: Operating as a facilitator, PayAI settles x402 payments on Solana and EVM chains, handling Gas fees and providing middleware. Previously, this was only offered by Coinbase and Circle, but now PayAI processes over 14% of x402 transaction volume.
Meridian: Meridian introduced a receiver wallet architecture for x402 payments, which they call “Payment Rails as a Service.” Their goal is to create a standardized, interoperable system for AI-to-AI and AI-to-service payments, allowing agents to transact autonomously and frictionlessly across different platforms.
Aurra Cloud: As an AI agent infrastructure platform tailored for crypto-native applications, it provides hosting, tools, and monetization services for agents, workflows, or APIs. By offering Gated Reasoning as a Service and integrating x402, it provides over 200 AI models, allowing pay-per-use access through OpenAI-compatible APIs, smart wallets, and more.
Article link: https://www.hellobtc.com/kp/du/10/6094.html
Source: https://alearesearch.substack.com/p/x402-payment-rails-for-the-agent
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