x402 The outbreak of the narrative is certain, and $PING is just the bugle call.

Written by: Haotian

Everyone says that the emergence of $PING is very similar to the BTC inscription craze of 2023. Why is it similar? In what ways? Will it evolve like the inscription market? First, the answer: Yes. Now, let’s elaborate on the specific logic:

1) Why is it similar? The core lies in on-chain legitimate data + off-chain interpretation rights.

The operational logic of inscriptions is: users send transactions to the BTC mainnet and occupy specific UTXOs, but the BTC mainnet does not have the ability to determine which transactions are valid. The Ordinals protocol acts as the indexer that judges whether the inscriptions are valid. It serves as a third-party referee, scanning all transactions on the chain and determining which are valid true inscriptions according to its defined rules, such as "First is First."

The operational logic of PING is almost the same formula: users send USDC to a specific address on the Base chain, which is dynamically returned by x402scan. This is equivalent to the user issuing a "payment request" to the x402 protocol, but the Base chain and the x402 protocol itself do not know that this is minting $PING; in their eyes, it is just an ordinary ERC20 transfer.

What truly gives this transaction the "minting significance" is the x402scan indexer: it scans all USDC transfers sent to specific addresses on the Base chain, determines which transactions are "valid mints" according to its defined rules (1 USDC = 5000 $PING), and then records them in an off-chain database and distributes tokens through a contract.

2) In what ways is it similar? When inscriptions first emerged, they faced resistance from the Bitcoin Core team because their existence filled the BTC mainnet with a large number of dust transactions, providing no value. Clearly, following this line of thought, the existence logic of $PING is also similar, but like the BTC mainnet, the x402 protocol, as an open standard, cannot do anything even if it is not well-received in the short term.

The principle is simple: the assets used for inscriptions still exist on the BTC mainnet. Once the hype around inscriptions fades, some BTC can still be returned. However, the PING that everyone mints actually goes into the treasury wallet designated by x402scan. The team is crowdfunding while issuing tokens, and the real x402 protocol has only been "exploited" in the process.

Don’t rush to criticize me; this behavior, as I mentioned earlier, is a "bugle call" action that greatly benefits the exposure and dissemination of the x402 track. It effectively creates usage scenarios for the x402 protocol, and the results are immediate. It can also be seen as a pressure test for the x402 protocol, undoubtedly marking a "singularity in the x402 narrative," which will give rise to a series of improvements and ecological prosperity possibilities.

3) Will it evolve like the inscription market? Yes, as mentioned earlier, the significance of PING's existence is actually the x402scan indexer. However, it clearly has significant issues: for example, assets are held under its own centralized entity, which goes against the original intention of the x402 protocol to open payment channels for AI Agents. It may not be seamlessly compatible with other x402 protocols and lacks unified standards for minting, transferring, and burning operations.

Therefore, following the evolutionary logic of BRC20-ARC20-SRC20-Runes, I believe many new "inscriptions" claiming to be more "orthodox" will emerge.

For instance, improving custody methods, changing the form of transactions for minting, obtaining support from native protocols, and so on. To exaggerate, even if the x402scan protocol were to run away or the Treasury were to abscond with funds, it would not stop this wave from gaining momentum; Pandora's box has already been opened!

That’s all.

I want to reiterate a point: the outbreak of the x402 narrative is certain, and $PING is just the bugle call. How the market evolves next could be very diverse. The above sharing is merely a cognitive logic and does not constitute any investment advice, but there is no need to be anxious; the upcoming excitement is worth joining in!

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