X402 Track Analysis: Leadership Changes, CEX Strategies, and Future Prospects

The X402 track is currently undergoing significant transformations, warranting careful consideration of several key aspects. The following is a brief analysis of the current state, focusing on leadership dynamics, the role of centralized cryptocurrency exchanges (CEXs), and future prospects:

1. Leadership Changes:

Initially, the term "leader" was expected to be merely a symbolic title, but over time, it has come to refer to a changing reality. Despite the significant attention garnered by PING, it has not been able to establish absolute dominance. The current conditions, characterized by a liquidity crunch, have played a role in this. The name PAYAI, and its role as a facilitator in the X402 technical architecture, have contributed to its success, but given the low technical barriers in this track, a large portion of the trading is driven by a meme mentality. Therefore, it is premature to speak definitively about "leaders." However, the continued interest in the track is a positive sign, awaiting a new turning point.

2. CEX Involvement:

The lack of involvement by many CEXs in the X402 track raises questions. The shift from providing value to trading platforms to competing for attention presents a challenge. However, there are signs of CEX interest in the track. For example, the recent actions of XLayer suggest that they may have taken some advice. In addition, OKX's launch of Virtuals shows an interest in exploring opportunities in this area. It is expected that several "organized" projects in the X402 track will receive offers from OKX. It is also worth noting that Bybit was quick to respond, launching the alpha version of PAYAI when PING was gaining traction, and Mantle is also making developments related to X402. These moves indicate that CEXs are not completely indifferent to the X402 track, and view its rise as an opportunity to break unequal competition and drive the industry towards a focus on technical narrative rather than mere meme speculation.

3. Future Prospects:

Although some compare the X402 track to fleeting trends such as inscriptions and AI Agents, and warn of a potential bubble, there is long-term value in this track. Unlike inscriptions that focus on asset issuance, X402 is currently focused on AI-powered payment infrastructure services. In addition, X402 represents a significant evolution from AI Agents that are limited to chatting, now enabling AI Agents to participate in payments. This transformation is significant and difficult to refute. Overall, one should not give in to despair. The X402 track still lacks a major driving force, but many development teams are working on developing innovative products and mechanisms. CEXs are also preparing to enter this space. Therefore, patience and confidence are needed, and give new ideas a chance to mature.