Author: Haotian

Discuss the current conditions of the x402 track and provide a brief commentary for reference:

1) The phrase "leading role changes hands" originally made me think to put "changes hands" in quotes, but looking back, the term that truly deserves quotes is "leading role."

PING has attracted tremendous attention, igniting the track but failing to showcase a kingly dominance; it’s a matter of timing and fate, and it’s not even close to the initial GOAT phase, especially since we are currently in a liquidity drought.

The name PAYAI has played a significant role, and the Facilitator indeed has a major impact on the technical architecture of x402, but the overall technical threshold of the x402 track is not high, so most people are still rushing in with a MEME trading mentality.

Therefore, regarding the current track, I tend to think that it is still too early to talk about "leading one and leading two," as it is not yet stable, but fortunately, the enthusiasm for the track has not waned, waiting for the next turning point;

2) Many people complain that CEX is not supporting the x402 track. Yes, I also want to know why. But the fact is, the reversal of on-chain innovative business models has shifted from providing value targets for exchanges to an awkward situation of vying for CEX's attention. This has always been the fundamental motivation behind my calls for on-chain innovation; once on-chain innovation is passive, more innovations will be stifled.

However, we can also see hints of the exchanges' strategies. The suggestions I wrote to Star Xu seem to have been taken into account with XLayer's recent actions. Additionally, OKX's launch of Virtuals also expresses their stance; they need to find certainty amid chaos. Therefore, it is expected that many "regular troops" in the x402 track will receive olive branches from OKX.

Interestingly, Bybit has also reacted particularly quickly, quietly launching the Alpha of PAYAI when PING was booming, and Mantle is also making a series of related layouts in the x402 track.

This indicates that CEX is not completely indifferent; the rise of the x402 track is an opportunity for them to break the unequal competition among peers and a key point for them to pull the industry back from MEME speculation to the main narrative of technology. It should be cautiously noted that this can be seen as a positive sign;

3) Many pessimistic voices compare the x402 track to the initial craze of inscriptions and the later AI Agent trend, believing that the excitement is only temporary and will ultimately lead to a mess.

I agree that there is a bubble, and many projects will inevitably fail, but I am optimistic about the long-term intrinsic value of this matter; I have analyzed the reasons for this in my previous articles many times.

In summary, inscriptions are a game of asset issuance with gold engraving, while the current attention of x402 is still on AI Pay infrastructure services, and the Launchpad is still in a state of flux without truly taking off, which is not purely operational logic.

As for the AI Agent craze, I believe that the heat of the x402 track is a continuation of the previous AI Agent wave, transforming from meaningless scenarios where AI Agents only chat to AI Agents participating in payments. This transformation is significant and is at least difficult to disprove.

In conclusion, do not lose heart; to summarize in one sentence: the x402 track currently lacks a true mainline momentum, but I believe many Dev teams are preparing new innovative products, gameplay, and mechanisms… CEX is also quietly loading their bullets…

Be patient while maintaining confidence, and let the bullets fly a little longer.

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