jakiro
Author: Haotia; Source: X,@tmel0211
Everyone says that the emergence of x402 meme coin PING is very similar to the BTC inscription craze in 2023. Why is it similar?Like where?Will it evolve and develop like the inscription market?Let me start with the answer: yes.Okay, here’s the specific logic:
1) Why is it like?The core lies in the legal data on the chain + the right of interpretation off the chain.
The operating logic of the inscription is: The user sends a transaction to the BTC main network and owns a specific UTXO, but the BTC main network does not have the ability to determine which transaction is valid, and the Ordinals protocol is the indexer that determines whether the inscription is valid.As a third-party referee, it scans all transactions on the chain and determines which ones are valid and true inscriptions according to its own rules, such as “First is First”.
The operating logic of PING is almost the same formula.: The user sends USDC to a specific address on the Base chain, and the address is dynamically returned by x402scan, which is equivalent to the user sending a “payment request” to the x402 protocol, but the Base chain and the x402 protocol themselves do not know that this is “mint $PING. In their eyes, this is just an ordinary ERC20 transfer.
What really gives this transaction the “mint meaning” is the indexer x402scan: It scans all USDC transfers sent to specific addresses on the Base chain, determines which transactions are “valid mint” according to its own defined rules (1 USDC = 5000 $PING), and then records them in the off-chain database and distributes tokens through the contract.
2) Like where, when Inscription first came out, it was boycotted by the Bitcoin Core team because its existence had no value other than filling the BTC mainnet with a large number of dust transactions.Obviously, following this idea, the existence logic of $PING is similar, but it is the same as the BTC main network.As an open standard, the x402 protocol can’t do anything even if it’s not popular in the short term..
The principle is very simple, after all, our inscribed assets still exist on the BTC main network. The inscription has no meaning of hype anymore, and some BTC can be returned after releasing it. However, our Mint PING is actually in the treasury wallet designated by x402scan.The team was crowdfunding and issuing coins at the same time. The real x402 protocol was just “whoreed” before and after..
Don’t rush to criticize me yet.Such behavior is a “charge” operation, which is of great benefit to exposing and spreading the value of the x402 track..It is equivalent to forcibly creating usage scenarios for the x402 protocol, and the effect is immediate. It can also be regarded as a stress test for the x402 protocol.It is undoubtedly a “singularity of the x402 narrative” and will lead to a series of improvements and possibilities for ecological prosperity..
3) Will it evolve like the inscription market?meeting, As mentioned before, the meaning of PING is actually the x402scan indexer.But obviously it has big problems: for example,Assets are hosted under the name of its own centralized entity, which violates the original intention of the payment channel opened by the x402 protocol for AI Agents. It may not be seamlessly compatible with other x402 protocols, and there is even no unified operating specifications for casting, transfer, and destruction..
Therefore, following the logic of the evolution of BRC20-ARC20-SRC20-Runes, I believe there will be many new “inscriptions” that claim to be more “orthodox”..
For example, ideas such as improving the custody method, changing the form of trading mint, obtaining native protocol support, etc.To put it exaggeratedly, even if the x402scan protocol ran away in the middle, Treasury rolled out the money, etc., it would not be able to stop this wave of wind from blowing.Pandora’s box has been opened!
above.
Let me reiterate a point: the explosion of x402 narrative is inevitable, $PING just sounded the charge, and there may be many ways to evolve the market in the future. The above sharing rights are just cognitive logic and do not make any investment suggestions, but there is no need to be anxious. The next excitement is worth joining in!
