[Coinbase-supported x402 protocol sees average daily trading volume of only $28,000, proxy payment narrative far exceeds actual adoption] Deep Tide TechFlow reports, on March 11, according to CoinDesk, the AI payment protocol x402 supported by Coinbase aims to integrate stablecoin micropayments into the internet communication layer to enable automated payments between AI agents. However, on-chain data shows that the protocol currently has an average daily trading volume of only about $28,000, with approximately half of the transactions being test or 'wash trading' activities rather than genuine commercial use. Despite the ecosystem valuation of approximately $7 billion (including Chainlink LINK tokens), actual usage is significantly misaligned with the valuation. Analysts point out that the true value of x402 will only become apparent after the widespread adoption of AI-driven pay-as-you-go services, as the current proxy payment narrative is clearly ahead of actual adoption.