Recently, the focus of the cryptocurrency market has been reignited by a new concept—the x402 protocol and its ecosystem tokens. According to statistics from several blockchain data platforms, since mid-October, trading activities related to x402 have experienced unprecedented explosive growth. In just one week, the number of transactions processed by the protocol surged from less than 5,000 to nearly 500,000, an increase of up to 10,000 times (approximately 10,780%). Meanwhile, the total market capitalization of its ecosystem tokens rose by over 265% within 24 hours, reaching approximately $180 million.

The x402 protocol is an open payment protocol led by Coinbase in collaboration with companies like Cloudflare, aimed at providing a native payment method for the internet that does not require traditional accounts and complex processes. Its name is derived from the HTTP status code "402 Payment Required," which was originally defined in 1997 but has long been unused. The x402 protocol activates this status code, making it a functional payment mechanism.

The core logic of the protocol is as follows: when a client (human user or AI agent) requests access to a resource, the server can return the HTTP 402 status code, indicating "payment required." The client then completes the transaction by adding a signed stablecoin payment (such as USDC) in the HTTP request header, and the server verifies it before returning the requested content or service.

The x402 protocol is characterized by no account requirement, low cost, and on-chain instant settlement, making it suitable for micropayments and automatic payments by AI agents. Additionally, the protocol design considers payment security and privacy protection.

Currently, x402 has been tested and integrated by several technology platforms, particularly gaining attention in AI agent and web service billing.

However, there remains uncertainty about whether the x402 protocol can achieve widespread implementation. First, while its features of no account requirement, low cost, and on-chain instant settlement are conceptually appealing, they still face challenges in practical application regarding technical compatibility and infrastructure completeness. Integration between different blockchains and payment systems, as well as transaction processing speed and security, still require long-term validation.

Secondly, the actual use cases for AI agents and micropayments are still in the early stages, and user habits and merchant adoption levels have not yet formed a scalable demand, which may affect the sustainable growth of the ecosystem.

In simple terms, the x402 protocol is like equipping AI agents with a "digital wallet." Through the HTTP 402 status code and on-chain payment functionality, AI can complete payments without human intervention. When an AI agent needs to call a paid API or access paid content, the server acts like it is sending a "payment reminder," allowing the AI to complete the payment directly in the request using a signed stablecoin, and upon verification, it immediately receives the required resources.

To put it in layman's terms, it's like AI checking out at a supermarket: no human needs to swipe a card or operate a phone; it can simply scan to pay for whatever it wants. This way, AI can automatically subscribe to services, call third-party APIs, and even complete high-frequency small payments, achieving true "self-service economic behavior."

The micropayments and instant settlement supported by x402 are like giving AI agents a "pocket change wallet," allowing for pay-per-use and instant receipt without needing to pre-load a large sum of money or wait a long time for settlement. This greatly reduces transaction friction, enabling AI to operate more flexibly and efficiently.

With the dual boost of financial innovation and AI concepts, x402-related tokens have also surged, with several x402 ecosystem tokens doubling in price within just a few days, and community enthusiasm continuing to rise. For example, PayAI saw its market capitalization skyrocket tenfold in just four days, surpassing $50 million, becoming one of the leading tokens in the x402 ecosystem. PING, as the first token issued on Coinbase's x402 protocol, also briefly exceeded a market capitalization of $80 million.

However, the explosive growth of these tokens has also been accompanied by high market volatility. For instance, PING's price increased more than 20 times over two days from October 23 to 24, followed by a significant correction, with its market capitalization falling from its peak to about $34 million.

It is important to note that during the previous hype surrounding AI, many so-called AI tokens saw their market capitalizations soar to billions of dollars, but in reality, most tokens had little practical use. Their popularity often relied on being associated with a hot AI project or a smart robot gimmick, lacking genuine technological or commercial support.

While the no-account, on-chain instant settlement micropayment mechanism offers new possibilities for AI agents and the digital economy, the short-term surge in token prices indicates that the market is more reliant on conceptual speculation rather than actual application. There remains a significant gap between technological potential and practical implementation: AI micropayment scenarios are not yet mature, and infrastructure compatibility and user adoption rates remain real challenges.

While chasing the new technology dividend, one must also be wary of being blinded by concept-driven bubbles.

Related: "After the 'suspended 100% tariff' falls flat: Who is quietly changing the direction of this rebound?"

Original article: “The ‘HTTP 402’ payment protocol emerges, is the AI token frenzy conceptual speculation or an ecological revolution?”

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