Written by: David, Deep Tide TechFlow
Recently, the cryptocurrency market has entered a typical garbage time, with market sentiment bouncing back and forth between fatigue and anxiety.
During a silent period lacking significant wealth effects, paying attention to some local hot narratives is a cost-effective choice, such as those that are still continuously building, or even quietly iterating infrastructure.
About 1-2 months ago, we introduced the x402 protocol and the related protocol ERC-8004 released by Coinbase, at that time there was also a 1-2 week opportunity window, and the tokens in the related narrative had good price increases.
(Related reading: Google and Visa are both making moves in this area; what investment opportunities are hidden in the undervalued x402 protocol?)
In my analysis at the time, I determined that the core narrative of x402 v1 lay in solving the problem of "AI owning wallets," enabling AI agents to complete on-chain payments through simple API calls. This was seen as a significant move by Base Chain in the AI field at the time.
Although the logic was verified, x402 was limited by its single-chain environment and single settlement mode, and failed to achieve large-scale adoption.
Just yesterday, unnoticed by many, the developers of x402 quietly released version V2.
If V1 was merely an experimental tool to enable AI to "pay," then the changelog for V2 reveals a much larger ambition:
Full-chain compatibility, a hybrid encrypted and unencrypted payment track, and the crucial "do it first, pay later" credit capability. These features don't appear to be simple fixes, but rather attempts to build a financial foundation truly suitable for a "machine-based business society."
This aligns well with the narrative correctness of AI.
You could argue that the crypto market is no longer profitable, but it's never a bad thing to stay informed about updates to still-active protocols.
What if we find another Alpha?
From giving AI a wallet to enabling AI to "enjoy now, pay later"
For those who have forgotten what x402 is, here's a brief explanation of the original 402 protocol's purpose:
"Reviving the dormant 402 code in the Internet Protocol, enabling AI to automatically purchase data and services by calling APIs through encrypted wallets, just like humans swiping credit cards."
While version V1 made this logic work, it proved to be quite cumbersome in practical applications.
If your AI agent has to sign on the blockchain and pay gas every time it makes inference or retrieves data, this atomic transaction model of "paying money and delivering goods at the same time" is extremely inefficient and costly.
This makes V1 more of a technology demo than an infrastructure capable of handling commercial traffic.
The core change in V2 lies precisely in its attempt to "normalize" the commercial use of AI.
After carefully studying the V2 documentation, I believe the most noteworthy change is the introduction of a deferred payment mechanism.
In the original text, it says this:
This sounds very technical; if translated into financial terms, it would be something like:
This allows service providers and AI to establish an "accounting" relationship: AI can first verify its use of the service (e.g., by calling the computing power interface 1000 times consecutively), the system records the transaction in the background, and then performs a one-time unified settlement.
This may sound like just saving on gas costs, but from a narrative perspective, it means that the AI Agent is beginning to have "credit".
Once "buy now, pay later" is allowed, the niche markets for hype and narratives expand. For example, if the market needs to assess the default risk of an agent, someone will need to provide guarantees for newly created agents.
This is actually laying the foundation for AgentFi, evolving from a simple payment tool into a credit and financial tool.
Besides this hidden "credit layer," V2 also has two significant, overt updates at the infrastructure level:
From "Base-first" to "Multi-chain by default": V1 was heavily experimental within the Base ecosystem, while V2 defined a universal HTTP header interaction standard. This means that whether on Solana, the Ethereum mainnet, or L2, as long as it adapts to the standard, it can be accessed. This breaks down the "cross-chain silos" of funds.
Hybrid Rails: V2 bridges the gap between fiat currency and cryptocurrency. Agents can pay in USDC, while traditional cloud service providers (AWS, Google Cloud) can receive fiat currency directly through the x402 gateway. This is a crucial 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, version V2 seems to want to be more than just a toy on the Base chain; it's more like a VISA network in the AI economy, attempting to provide AI with a universally accepted "credit card."
Solve the efficiency problem of high-frequency trading with "delayed payment".
Solve the funding source problem using "multi-chain compatibility".
For players looking for Alpha, I predict this might hint at two tracks that are about to be re-evaluated:
Who will provide credit ratings and guarantees for these AI systems? That is, the AI credit scoring layer.
Who will be the first to sell computing power to AI through this streaming payment method? This may be related to the implementation of DePIN payments.
Following the clues, which projects are riding the wave of V2?
Once you understand the core upgrade logic of x402 V2, the approach to finding suitable 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 the operation of this network.
Category 1: AI's Credit Bureau and Performance Layer
V2 introduced a "do it now, pay later" subscription model, which directly brought a challenge:
Why should a service provider trust that an anonymous AI agent will pay on time at the end of the month?
Solving this problem requires two layers of protection: first, a credit score to determine if you have the funds to pay; and second, performance verification to determine if the work was done properly. This is precisely where the narratives of x402 and ERC-8004 intersect, as we discussed earlier.
Some projects that clearly fit the narrative include:
Spectral ($SPEC)，@Spectral_Labs
Positioning: On-chain credit scoring and machine intelligence network.
Relevant point: Spectral's core product is the MACRO score (similar to an on-chain FICO). In the x402 V2 environment, service providers can set thresholds: only agents with qualified credit scores can enable the "pay after payment" mode. This is the premise for the "credit" logic to work.
Spectral's Inferchain, which is being promoted, aims to solve the agent verification problem and complements the settlement requirements of x402 V2.
Bond Credit，@bondoncredit
Positioning: A credit lending layer specifically designed for AI agents.
Relevant point: Currently, very few projects use the slogan "Credit for Agents". When a new agent wants to use cloud computing power through x402 V2 but doesn't have the funds, Bond Credit uses TEE to monitor their historical performance and provide credit guarantees, allowing service providers to confidently enable "deferred payments".
It's important to note that the project, DYOR, is in its early stages. However, it operates in a very niche market, filling a gap in AI-driven lending.
CARV（$CARV)，@carv_official
Positioning: Modular data and identity layer.
Connection Point: Solves the "Who am I?" question. x402 V2 supports multiple chains, and CARV's ID standard allows agents to maintain a consistent identity across different chains.
The official Twitter account indicates that actual payment scenarios have already been tested.
Incidentally, the logic of "performance verification" here actually reaffirms our judgment in the previous article about the ERC-8004 standard.
x402 V2 is responsible for the settlement of "cash flow", while the ERC-8004 standard is responsible for the verification of "business flow".
Delayed payment will only be triggered once service delivery is confirmed. The track logic we mentioned before also applies to this x402 V2 update; here's another screenshot:
(Related reading: x402 is gradually becoming more competitive; explore new asset opportunities in ERC-8004 in advance)
Category Two: AI's "Water, Electricity, and Gas" and Inspectors
x402 V2's "Session-based" settlement significantly reduces friction in high-frequency payments. Theoretically, this benefits DePIN, which sells computing power, and also verification protocols that prove "computing power is not fake."
Typical old agreements include:
Akash Network ($AKT)
Positioning: Decentralized computing power market.
Relevant point: Computing power leasing is a typical "per-second/per-use" billing scenario. The x402 V2 allows AI to make streaming payments directly using USDC or even fiat currency channels, greatly lowering the barrier for AI to purchase computing power.
Logically, this is more like a passive benefit, and the connection is not that strong.
Human ($GIZA), @gizatechxyz
Positioning: Verifiable Machine Learning Protocol (ZKML) and DeFi Agent applications.
Relevant point: Giza has a dual role. As the technical layer, it acts as the "inspector" before payment settlement. Before using x402 to pay expensive inference fees, Giza's ZKML technology can prove that "the model is indeed running as required."
As an application, its flagship products (such as ARMA) are themselves DeFi agents that rely on payment tracks like x402 to operate.
The third category: AI's "asset side" and execution layer
The narrative here is: if x402 v2 makes AI payments better, then who is producing these agents? Who is using these tools to help users make money?
An old friend, back to Virtuals Protocol ($VIRTUAL).
As a leading AI Agent distribution platform, x402 V2 essentially provides Virtuals' agents with a "cross-chain passport." Users holding Virtuals-based agents can use the x402 protocol to direct their agents to participate in Solana's initial coin offerings (ICOs) or engage in arbitrage on the mainnet.
Brahma，@BrahmaFi
Positioning: On-chain execution and strategy orchestration layer.
Relevant point: Since Brahma's core business is to help users automate the execution of complex DeFi strategies, they can use x402 to uniformly pay the gas fees and execution fees of various Keepers (executors), achieving complete automation.
This can also identify a type of scenario adaptation for DeFAI. It's a key infrastructure for the transformation of DeFi into AgentFi.
Summarize
Finally, let's turn our attention back and calmly consider the signals released by the x402 V2.
Technically, x402 is a payment protocol, but in a cryptographic context, it can actually lead to many financial transactions.
V2, by introducing "deferred payment (credit)" and multi-chain accounts, can also give AI the concept of a balance sheet.
When an agent is allowed to "serve first, pay later," it acquires liabilities; when it can hold multiple assets across chains, it acquires equity.
Once assets and liabilities are established, AI is no longer just a code script, but becomes an independent economic entity, and the possibilities become much more complex.
This is the true origin of the AgentFi narrative.
For speculators, during the current market downturn, there's no need to fantasize about how AI will build complex business empires in the future; simply focus on the changes in the most fundamental narrative logic:
Previously, when we invested in AI, we were investing in the model layer, that is, "who is smarter"; in the future, when we invest in AI, we will be investing in the financial layer, that is, "who is richer".
The x402 V2 is just the starting gun. Once the market improves, keep a close eye on those who issue ID cards to AI, conduct credit checks on AI, and turn computing power into retail goods.
These projects are the kind that sound incredibly appealing, are difficult to disprove, and have a forward-thinking narrative.
As AI evolves from a tool to an economic entity, these projects selling shovels will collect the first wave of tolls, regardless of whether the market is bullish or bearish.
