I just spent half an hour reading @ Leozayaat's epic article It's a bit nerve wracking, but it's a very interesting thought, especially for the judgment of the future Agent Economy era Previously, it was believed that the best entry point for Crypto in the economic activities of the Agent world was payment. Even in the past two years, there has been a mainstream view in the industry that blockchain is not built for humans, but for agents, because having a wallet is too easy and small payments are too suitable Just a few days ago, DragonFly's @ hosseeb posted a tweet, including his similar viewpoint in 2049. He believed that his previous judgment was wrong, and that Agents do not need Crypto, which makes us humans need it What he meant by 'not needed' here mainly refers to payment In the past year, companies such as Visa and Stripe have been actively deploying Agent payments, with the vast majority of Agent payments being completed through traditional card organizations and the financial world. The proportion of Crypto protocols such as X402 is negligible Agent does require payment, but that doesn't mean it needs a completely new payment network What if the new scenario of Agent Economy is not payment, but rather a hidden gem in the financial market? Leo's article is about this matter Let me briefly summarize the framework of the original text first “ The Agent Economy may go through three stages. Phase 1: Agents buying from humans. Agents represent humans in purchasing services such as APIs, data, and computing power. The core issue is how to enable agents to make autonomous payments. Phase 2: Agents buying from agents. Agents begin to purchase services from each other, and the issue shifts from payment to fulfillment: how to ensure delivery from the other party? The article proposes using Bond/Collateral to constrain agents. For agents that can create identities infinitely, reputation can easily be abused, and the collateral that can truly be confiscated is the more reliable constraint. Phase 3: Disposable Markets. The most imaginative part. For example, an agent temporarily requires 1000 hours of GPU computing power to complete a task, but is concerned that the supplier may not be able to deliver it on time. It can create a market on demand, allowing other participants to price the specific risk of "whether suppliers can deliver on time" and bear the corresponding risk with funds. The market does not need to be listed in advance, nor does it need to recruit market makers in advance. As long as there is a genuine need, one can try to find capital willing to take risks. This means that the financial market itself can become an on-demand infrastructure. ” Tell me my feelings after watching it 1. In the first stage of payment, X402 does have some "falsified" feelings at present, which is also the reason why Haseeb actively "admitted the mistake". Of course, the early stages of the track are just beginning, and it is too early to assert that this is not the case 2. The reputation of the second stage is what ERC8004 is doing, similar to X402. Based on current data, it is also a track that leans towards "falsification". Leo's original text contains evidence for this viewpoint, so we will not elaborate on it in detail. Simply put, having an on chain identity does not necessarily mean having a trustworthy reputation; having a reputation record does not necessarily mean having a real transaction history, and the cost of building an agent's reputation is extremely low 3. Phase 3 Disposable Markets - Agents can create disposable markets on demand, price specific risks, and seek capital willing to take on risks. This is a completely new economic form, logically speaking, in the silicon-based life world, it is Make Sense because their search, discovery, decision-making, communication, and pricing of information are completely different from human society, and their efficiency is N orders of magnitude higher than that of humans No one knows if it's really like this, it's just a deduction, but at least it's logical and opens up new imaginative space and possibilities Especially with the recent launch of Grok Bot and Meta Muse, I feel that it will accelerate the evolution of Agent Economy. At that time, various new forms of financial markets will definitely emerge, not just payment If you have time, I recommend reading the original text. It talks about various economics and finance experiments conducted by foreign laboratories using agents, which is very interesting