Current Status of the X402 Track

Author: Haotian; Source: X, @tmel0211

Let's talk about the current situation of the x402 track and give a brief commentary, for reference only:

1) The phrase "change of leadership" should actually be in quotation marks, but looking back, it's "leading player" that should be in quotation marks.

PING attracted a lot of attention and made the track popular, but it failed to show its kingly dominance. It's all about timing and fate. It's not even close to the GOAT of the past. Who can blame them when the liquidity is dry?

PAYAI's name, Pay, played a big role. Facilitator did play a significant role in 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 the mentality of speculating on MEME.

Therefore, regarding the current track, I tend to think that it's too early to talk about the "top two" players, at least it's not stable yet, but fortunately the track's popularity hasn't waned, waiting for the next turning point; 2) Many people complain that CEXs aren't supporting the x402 track. Yes, I'd also like to know why. But the fact is, the resurgence of on-chain innovation has gone from providing valuable assets for exchanges to the awkward situation of stealing CEXs' attention. This is the fundamental motivation for me to keep advocating for on-chain innovation; once on-chain innovation is passive, more innovation will be stifled. However, we can also see the clues of exchanges' strategies. I wrote a suggestion to Star Xu, and he should have taken it to heart by looking at XLayer's recent actions. In addition, OKX's listing of Virtuals also expresses its attitude; they need to find certainty amidst the chaos. Therefore, it is expected that many more "regulars" in the x402 track will receive offers from OKX. Interestingly, Bybit reacted particularly quickly, quietly launching PAYAI's Alpha when PING was trending, and Mantle is also making a series of moves related to the x402 track. This shows that CEXs are not completely indifferent; the rise of the x402 track is an opportunity for them to break the unfair competition among their peers, and a key juncture for them to pull the industry back from the hype and infighting surrounding MEME to the main theme of technology. Caution indicates they are taking it seriously, which can be seen as a positive sign; 3) Many pessimists compare the x402 track to the early days of inscription and the later AI Agent craze, believing that the hype is only temporary and will eventually end in chaos. I acknowledge the existence of a bubble, and that most projects will inevitably fail, but I am optimistic about its long-term intrinsic value. I've analyzed the reasons for this in previous articles. In short, Inscription is an asset issuance game where inscriptions are merely decorative carvings on gold. x402's current focus is on AI Pay infrastructure services; Launchpad's numerous appearances haven't truly taken off yet, and it's not purely based on operational logic. As for the AI ​​Agent craze, I believe the x402 sector's current popularity is a continuation of the previous AI Agent wave, evolving from meaningless scenarios where AI Agents only chatted to AI Agents participating in payments. This transformation is significant and difficult to disprove. That's all. In short, don't be discouraged. To sum it up in one sentence: The x402 track currently lacks a true main driving force, and many Dev teams are likely preparing new innovative products, gameplay, and mechanics... CEX teams are also quietly preparing their strategies... Be patient, maintain your confidence, and let the dust settle.