The x402 Protocol, an open-source payment platform created by
Coinbase
, has seen a dramatic spike in usage, with weekly transaction volume soaring by 492.63% compared to the previous week. This rapid expansion, fueled by the introduction of the PING token, has established the protocol as a significant force within the Base ecosystem and underscored Coinbase's growing role in fostering developer-led advancements, as reported by
Coinfomania report
.
Data from x402scan reveals that the protocol's transaction numbers jumped 701.7% in the last week, reaching 163,600 transactions. Trading activity surged by 8,218.5%, amounting to $140,200, while the count of new buyers exploded by more than 1.5 million percent to 31,000 addresses. Experts attribute this surge to the launch of PING, the inaugural token released under the x402 standard by the decentralized analytics platform Ping Observer.
Following its debut, the PING token's market value exceeded $20 million within just a few days, and further gains pushed it above $33 million in early October, according to
CoinoTag
. This swift uptake has created a "spillover effect," increasing engagement with other x402-based tokens and servers. Major nodes like ue1xscho.nx.link and api.ping.observer processed tens of thousands of transactions, highlighting the protocol's importance in enabling autonomous AI agent transactions, as noted by
LookonChain
.
Coinbase's approach of supporting developers with open-source resources is showing results. Over the last month, x402 transactions have risen by 629.5%, with trading volume reaching $191,000 and a total of 213,000 transactions, as outlined in
a LookonChain feed
. Buyer numbers have jumped by more than 11,000%, while the number of sellers increased by 137%. This progress affirms Coinbase's aim to provide a streamlined framework for token creation and management across various chains and platforms.
The PING token's structure, which lets users mint tokens for $1 to obtain 5,000 PINGs, has drawn parallels to earlier token models like runewords and inscriptions, as mentioned in
a LookonChain feed
. Yet, PING's performance has far surpassed these earlier projects, with its 24-hour trading volume hitting $13 million and its price climbing 802% in a single day, according to
LookonChain
. Despite its impressive growth, analysts warn that PING and similar tokens currently lack substantial use cases beyond speculation, echoing concerns about the volatility of
meme
coins.
The broader Coinbase ecosystem, including the Base chain, has also seen gains. Tokens such as CLANKER and
VIRTUAL
reached market capitalizations of over $55 million and $4.2 billion, respectively, as the Base network's total value locked (TVL) increased, a trend noted in
a LookonChain post
. This ongoing momentum has strengthened Coinbase's reputation as a center for decentralized finance (DeFi) innovation, with the x402 protocol acting as a link between established infrastructure and grassroots experimentation.
