x402 V2 Release: When AI Agents Start to Have "Credit Cards," Which Projects Will Be Reevaluated?

Still waters run deep, revisiting the subtle narrative of 402.

Written by: David, Deep Tide TechFlow

Recently, the cryptocurrency market has entered a typical garbage time, with market sentiment fluctuating between weakness and anxiety.

In this silent period lacking obvious wealth effects, focusing on some local hot narratives can be a cost-effective choice, such as those infrastructures that are still being built and even quietly iterated.

About 1-2 months ago, we introduced the x402 protocol released by Coinbase and the associated protocol ERC-8004 relatively early. At that time, there was a 1-2 week window of opportunity, and the tokens related to that narrative saw good gains.

In the analysis at that time, I judged that the core narrative of the x402 v1 version was to solve the problem of "AI having a wallet," allowing AI Agents to complete on-chain payments through simple API calls. This was seen as an important move for the Base chain in the AI track.

Although the logic was validated, x402 was limited by a single-chain environment and a single settlement model, failing to explode on a large scale.

Just yesterday, what went unnoticed was that the developers of x402 quietly released the V2 version.

If V1 was merely an experimental tool that allowed AI to "make payments," then the update log of V2 reveals greater ambitions:

Full-chain compatibility, hybrid crypto and non-crypto payment tracks, and crucially, the credit capability of "doing the work first, then paying." These features do not seem like simple patches but rather attempt to build a financial foundation truly applicable to a "machine commercial society."

This aligns well with the correct narrative of AI.

You could say that the cryptocurrency market currently lacks profit-making effects, but it’s not a bad thing to be aware of the updates of protocols that are still alive.

What if we find Alpha again?

From giving AI a wallet to allowing AI to "enjoy first and pay later"

For those who have forgotten what x402 is, here’s a one-sentence explanation of the original version of the 402 protocol:

"Reviving the dormant 402 code in internet protocols, allowing AI to automatically purchase data and services through encrypted wallets by calling APIs, just like humans swipe cards."

Although the V1 version ran this logic, it appeared cumbersome in practical applications.

If your AI agent has to sign on-chain and pay Gas every time it makes an inference or retrieves data, this "pay on delivery" atomic transaction model is highly inefficient and costly.

This made V1 more like a technical demo rather than an infrastructure capable of supporting commercial traffic.

The core change in V2 is precisely that it attempts to normalize AI's commercial behavior.

After carefully studying the V2 documentation, I believe the most noteworthy change is the introduction of the deferred payment mechanism.

In the original text, it states:

This sounds very technical, but if translated into financial language, it roughly means:

Allowing a "bookkeeping" relationship to be established between service providers and AI: AI can first use the service (for example, continuously calling the computing power interface 1000 times) through verification, the system keeps a record in the background, and finally settles in a one-time unified manner.

This seems to only save on Gas fees, but from a narrative perspective, it means that AI Agents begin to possess "credit."

Once "enjoy first and pay later" is allowed, the segmentation of hype and narratives expands, such as the market needing to assess the default risk of this Agent, requiring someone to provide guarantees for the newly born Agent.

This is essentially laying the groundwork for AgentFi, evolving from a simple payment tool to the realm of credit and finance.

In addition to this hidden "credit layer," V2 also has two significant explicit updates at the infrastructure level:

From "Base Priority" to "Default Multi-chain": V1 had a strong experimental flavor of the Base ecosystem, while V2 defines a universal HTTP header interaction standard. This means that whether on Solana, Ethereum mainnet, or L2, as long as it adapts to this standard, it can connect. This breaks through the "cross-chain islands" of funds.
Hybrid Rails: V2 bridges the gap between fiat and cryptocurrency. Agents can pay in USDC, and through the x402 gateway, traditional cloud service providers (AWS, Google Cloud) can directly receive fiat. This is a key step for AI to move from on-chain self-indulgence to real-world procurement.

To better understand the scope of this iteration, I have compiled a core comparison table between V1 and V2:

In summary, the V2 version seems to aim not just to be a toy on the Base chain but leans more towards being the VISA network in the AI economy, attempting to give AI a universally applicable "credit card":

Using "deferred payment" to solve the efficiency problem of high-frequency trading.
Using "multi-chain compatibility" to solve the funding source problem.

For players looking for Alpha, I predict this may hint at two upcoming re-evaluated tracks:

Who will provide credit ratings and guarantees for these AIs? This is the AI credit layer.
Who can first sell computing power to AI through this streaming payment? This may relate to the payment landing of DePIN.

Following the clues, which projects are positioned at the windfall of V2?

After clarifying the core upgrade logic of x402 V2, the thought process for finding targets becomes clear.

If x402 V2 is the "Visa settlement network" in the AI economy, then the following three types of protocols constitute the key nodes for this network to operate.

First Category: AI's Credit Bureau and Performance Verification Layer

The introduction of the "do the work first, then settle" subscription model in V2 directly brings a challenge:

On what basis can service providers trust that an anonymous AI Agent will pay on time at the end of the month?

Solving this problem requires two layers of assurance: first, credit scores to determine if you have the money to pay, and second, performance verification to assess whether the work was done well. This is precisely where the narrative of x402 intersects with ERC-8004.

Some projects that clearly align with this narrative include:

Spectral ($SPEC), @Spectral_Labs

Positioning: On-chain credit scoring and machine intelligence network.

Connection Point: Spectral's core product is MACRO scoring (similar to on-chain FICO). In the x402 V2 environment, service providers can set thresholds: only Agents with qualifying credit scores can activate the "post-payment" mode. This is the premise for the "credit" logic to hold.

Spectral is promoting Inferchain, which aims to solve the Agent verification problem, complementing the settlement needs of x402 V2.

Bond Credit, @bondoncredit

Positioning: A credit lending layer specifically designed for AI agents.

Connection Point: Currently, there are very few projects that promote the slogan "Credit for Agents." When a new Agent wants to use cloud computing power through x402 V2 but lacks funds, Bond Credit utilizes TEE to monitor its historical performance, providing credit guarantees that encourage service providers to initiate "deferred payments."

It is important to note that the project is in its early stages, so DYOR. However, the track is very vertical, filling the gap in AI lending.

CARV ($CARV), @carv_official

Positioning: Modular data and identity layer.

Connection Point: Solving the "who am I" problem. x402 V2 supports multi-chain, and CARV's ID standard allows Agents to maintain a unified identity across different chains.

Official tweets indicate that there are already practical payment scenario tests in place.

By the way, the "performance verification" logic here actually reaffirms our judgment in the previous article about the ERC-8004 standard.

x402 V2 is responsible for the settlement of "fund flows," while the ERC-8004 standard is responsible for the verification of "business flows."

Only after confirming that the service has been delivered will the deferred payment be triggered. The related track logic we mentioned at that time is also applicable in this wave of x402 V2 updates, and here’s the diagram again:

Second Category: AI's "Utilities" and Inspectors

The "session-based settlement" of x402 V2 significantly reduces the friction of high-frequency payments. Theoretically, this benefits DePIN that sells computing power and also benefits those verification protocols that prove "computing power is not fabricated."

Typical old protocols include:

Akash Network ($AKT)

Positioning: Decentralized computing power market.

Connection Point: Computing power leasing is a typical "per second/per quantity" billing scenario. x402 V2 allows AI to make streaming payments directly with USDC or even fiat channels, significantly lowering the threshold for AI to procure computing power.

Logically, this is more like a passive benefit, with less direct correlation.

Giza ($GIZA), @gizatechxyz

Positioning: Verifiable machine learning protocol (ZKML) and DeFi Agent applications.

Connection Point: Giza has a dual identity. As a technology layer, it acts as a "verifier" before payment settlement. Before using x402 to pay for expensive inference fees, Giza's ZKML technology can prove that "the model is indeed running as required."

As an application, its flagship products (like ARMA) operate as DeFi Agents relying on payment tracks like x402.

Third Category: AI's "Asset Side" and Execution Layer

The narrative logic here is that if x402 V2 makes AI payments better, then who is producing these Agents? Who is using these tools to help users make money?

Old friends, we return to Virtuals Protocol ($VIRTUAL).

As a leading AI Agent issuance platform, x402 V2 essentially gives Agents on Virtuals a "cross-chain passport." Users holding VIRTUAL series Agents can, in the future, command Agents to participate in new offerings on Solana or arbitrage on the mainnet through the x402 protocol.

Brahma, @BrahmaFi

Positioning: On-chain execution and strategy orchestration layer.

Connection Point: Brahma, due to its core business of helping users automate complex DeFi strategies, can use x402 to unify the payment of various Keeper (executors) Gas fees and execution fees, achieving complete automation.

This can also lead to a category of scenario adaptations regarding DeFAI. The key infrastructure for DeFi's transformation into AgentFi.

Summary

Finally, let’s take a step back and calmly reflect on the signals released by x402 V2.

Technically, x402 is a payment protocol, and in the context of cryptocurrency, it can actually lead to many financial play possibilities.

By introducing "deferred payments (credit)" and multi-chain accounts, V2 can also give AI the concept of a balance sheet.

When an Agent is allowed to "serve first and pay later," it possesses liabilities; when it can hold various assets across chains, it possesses equity.

Once there are assets and liabilities, AI is no longer just a code script but transforms into an independent economic entity, expanding the gameplay.

This is the true origin of the AgentFi (Agency Finance) narrative.

For speculation, during the current market downturn, there is no need to fantasize about how AI will build complex business empires in the future; we only need to focus on the changes in the underlying narrative logic:

Previously, we invested in AI at the model level, i.e., "who is smarter"; in the future, we will invest in AI at the financial level, i.e., "who is wealthier."

x402 V2 is merely the starting gun. Once the market improves, we can closely monitor those projects that issue ID cards to AI, provide credit for AI, and turn computing power into retail products.

These projects are the kind that sound very attractive, are hard to falsify, and possess forward-looking narratives.

In the process of AI upgrading its narrative from a tool to an economic entity, these shovel-selling projects will collect the first wave of tolls, regardless of whether the market is bullish or bearish.

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