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I'm being asked what x402 is, so here's why you should care:
a) Background:
- The x402 protocol enables agents to make payments onchain
@a16zcrypto 2025 "State of Crypto" Report specifically mentioned x402 in the context of agentic payments, which is anticipated to hit $30 trillion in autonomous txs value by 2030
- It's dubbed the "Payments MCP" [Model Context Protocol];
I'll link my MCP article below so you have an understanding, but the "quick and nasty" is that MCP enables agents to interact with real world data, so payments MCP enables agents to transact with their own wallet
b) Backers: @coinbase @Cloudflare
- So you'll see the bulk of this activity on @Base; But it's also cross-chain (Solana, Polygon, Near etc)
- It's why you've seen several @virtuals_io x402 agents pop off in the past few days - several of the ecosystem agents use the x402 protocol
- The acquisition of Echo by Coinbase took centre stage earlier this week; but this is Coinbase AI Agent baby; and IMO (I'm biased) far bigger. Sorry @icobeast
c) Relevant x402 protocols:
- @pingobserver - first token minted by x402
- @heurist_ai
- @virtuals_io
- @questflow
- @AnchorBrowser
- @GoKiteAI announced its partnership with @brevis_zk this week for privacy around payments with agents; it uses x402
- @Cloudflare Agents SDK Google A2A payment protocol
- @PayAINetwork
- $DREAM (Virtuals)
- $SANTA (Virtuals)
- $GLORIA (Virtuals)
- $AURA (Virtuals)
Honestly the list could go on, so I'd advise researching before spraying and praying.
NFA on these - they're simply affiliated with using the x402 and it doesn't necessarily mean value will accrue to these tokens. If anything it'll accrue to the protocol backers itself - COIN.
You can check x402scan.com (see thumnail)
d) Other Insights:
1) @circle has an ongoing relationship with Coinbase and the main currency transacted by these agents is Stablecoins to pay for compute etc. So as you can imagine USDC will likely be the stable of choice
2) Neo Banks are gearing up for AI Agent payments:
- @tether launched its wallet development kit; the tagline is that there's anticipated to be trillions of wallets. These obviously won't be human wallets, so I'll let you connect the dots
- @useTria partnered with several AI protocols and this week with @billions_ntwk for zkKYC as privacy around payments comes to the forefront
- @Visa @Mastercard announced their AI Agent programs a few months ago and are rolling out the infra for trillions of transactions. Almost all of these Cards from these Neo Banks are VISA/Mastercard.
- @PayPal ventures led the $18m Series A for Kite AI; PyUSD coming in hot here for agentic stablecoin usage?
Next step: Robots will have their own crypto wallets with virtual cards to make payments in the real world. Welcome to physical AI!
3) @a16zcrypto report on AI referenced x402 specifically when talking about AI Agents and payments, anticipating $30 trillion in agentic purchases by 2030
Interesting quote: "x402 is what the internet was supposed to be - payments via https" - @_imhamzah
4) @RibbitCapital released their 2025 "Token Letter" which discusses agents payments (see "knowledge" tab on their website):
- Page 1/2: AI systems are economic participants that will earn and spend
- P33/34: Stripe and upstarts like PayOS will capture a lot of value building this infra for agents
- P33-35: Stablecoins and programmable money will be used by both humans and agents for payments and asset mgmt.
- P39/40: AI agent payments will become new financial rails for autonomous entities
TLDR: AI Agents Payments is only going to get bigger. x402 is positioning itself at the enabler of this parabolic payment boom.
The cats out of the bag, so how would you capitalize on the upside?
Taking a cut in fees on trillions of txs isn't a bad idea.
It's been an eventful week as the CSGO skins market falls into turmoil, Echo is acquired by Coinbase, CZ is pardoned and @a16zcrypto releases its 2025 "State of Crypto" report:
"Crypto may be the only viable payment rails for AI Agents...Gartner estimates that by 2030, $30 trillion in purchases will be made or influenced by AI Agents"
Keep an eye on those emerging Neo Banks and the associated integration of AI for payments... x402 season?
Here's the DeAI roundup since Monday:
- @GoKiteAI (tokenless) partners with @brevis_zk for (you've guessed it) AI Agent payments! This will enable a verifiable computation and payments system. We've seen a boom in privacy coins recently, so the intersect of these two could well be the catalyst for the next leg up for not just DeAI, but for crypto more broadly
- @AlloraNetwork (tokenless) releases information on its $ALLORA tokenomics, including 30% to community and network emissions
- @the_nof1 "Alpha Arena" continues to gain attention as Qwen's portfolio surges 60% in the past 24 hours; giving AI a portfolio of $10k to trade to see which model (grok, openAI, Qwen etc) has the best performance
- @surfai crosses 50k users following the reveal of its mobile app, this now offers a comprehensive AI crypto copilot as it partners with several prominent entities like UpBit more
- @openservai partners with @getdomeapi (YC 2025 Batch) to push forward AI prediction markets; the token rallies 30% on the news; why? It aggregates the best price and connects all the relevant markets (Kalshi, Polymarket, Limitless etc) - This goes beyond speculation... you can hedge real businesses e.g. farming crop production weather
- @bluwhaleai token goes live, hitting $340m FDV and settling around the $220m FDV mark with $100m in volume in a 24 hour period
- @useTria (tokenless) churns a million USD in revenue, mostly through its "Best Path" AI swap solution; it also partnered with @billions_ntwk to bring zkKYC; privacy popping up again! AI Payments cropping up again...
- @eigencloud (verifiable AI) $EIGEN is LIVE on Google Cloud’s Faucet
- @hippius_subnet becomes the first TAO subnet to be listed on a CEX with @MEXC_Official
- @arbitrum's grant for the @USDai_Official Auto vault strategy will be distributed imminently
- @cookiedotfun delivers $12m in rewards for its cSNAPS campaigns with several users bagging 5 figures [soon to be 6 ;) ] from various rewards programs. What I don't think people realize is the product has a plethora of AI Agents amalgamating data on the crypto market - a top notch research tool as well as an infoFi platform
- @gaib_ai reveals that it has deployed $50.4m into AI & Robotics financing deals at avg ~16% APY; more than $700m to come!
- @FractionAI_xyz to launch 2,500 AI powered NFTs with @FOXX_NFT
- @farcaster_xyz has acquired Clanker. As a result 3% of the $BNKR supply has been burnt
- @sire_agent increases its alpha Vault to $500k which subsequently fills; think agentic oddsmaker as the ROI offers double digit returns
- @vooi_io (tokenless) uses AI to aggregate all the best pricing on Perp DEX positions. But the interesting part is that it initially raised through Echo (acquired by Coinbase) and is also backed by YZiLabs. Both these behemoths have a vested interest in the success of this protocol - step aside Aster...
- @ridges_ai sells some alpha tokens into its LP, bringing runway to $4m to launch their product w/o needing to worry about runway
- @almanak (tokenless) Founder @NeoAlmanak provides insights into its Bribe markets and associated token value accrual ahead of the token launch; Fees from vaults/AI compute accrue to veALMANAK via emissions, governance
Bonus (Trad AI to watch):
a) Amazon rolls out its smart glasses to all its delivery drivers; why is this significant? It is providing real world visual data that can be used to train Robots
b) Google Willow ran an algorithm (Quantum Echoes) computing a 150-year problem in 2 hours; 13,000x faster than the best classical algorithm on one of the world's fastest supercomputers; pay attention to tech that is trying to keep your assets secure (quantum resistance)
Let me know in the comments if I've missed anything and I'll append below!
Disclaimer: I hold several tokens and have partnerships with some projects mentioned in this post.
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There has NEVER been a more obvious time for open source, decentralized AI to have its renaissance moment
This is a huge wake up call
Jun 13
The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees.
The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance.
Access to all other Claude models is not affected.
We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible.
Read our full statement: anthropic.com/news/fable-myt…
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Which open source decentralized AI protocols (training, inference etc) are you most bullish on?
There are so many hot opportunities in the market:
- Venice
- Bittensor (inc Chutes, Targon, Macrocosmos, Score, Vanta etc)
- Nous research
- Prime intellect
- Gensyn
- Openserv
- Render
- Eigencloud
- Akash
- Ionet
- Nunet
- open gradient
- Openmind
- Virtuals
- Near
- Fetch
- ICP (inc caffeine)
- Graph Protocol
- Kite
- Sahara AI
- Dolphin AI
Who else?
Don’t even get me started on robotics opportunities - physical AI will be next!
There has NEVER been a more obvious time for open source, decentralized AI to have its renaissance moment
This is a huge wake up call
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My biggest takeaway from the Claude Fable 5 release was that open source AI won't just survive, it'll thrive
The release itself told me everything about where the closed labs are heading:
i) cyber, bio, chem & distillation queries reroute to Opus 4.8, a weaker model
ii) the safeguards are tuned conservatively and by Anthropic's own admission catch harmless requests
iii) the ungated Mythos 5 ships only to approved orgs through Project Glasswing
iv) even gated access comes off subscription plans on June 23, moving to usage credits
Frontier capability is now allocated by approval status
I read every refusal, downgrade and capacity gate as a demand signal
Capital is already pricing it:
a) Manifold Labs, the team behind Targon, raised a $10.5M Series A
b) DCG anchored Yuma's asset mgmt. arm with $10M
c) Grayscale went from trust launch to spot ETF filing in 18 months, a path that took Bitcoin a decade
d) six institutional TAO vehicles now exist, none of them pre-date 2024
Bittensor launched in 2021 with no pre-mine, no VC allocation and no permission required
It has grown into one of, if not, the most active capital markets for open source AI with an incredibly diverse set of subnets solving different complex problems
The report below tracks the full history, from genesis to dTAO, to the pending ETF
This is a useful trip down memory lane, and a vital reference point for an ecosystem projected to be worth hundreds of billions, if not trillions, in the years to come
Jun 11
AI stocks outperformed every major index in 2025
Model development consolidated behind a few closed labs controlling the most capable models and the most valuable training data
A generation of crypto-native AI entrepreneurs chose an alternative path
Bittensor launched in January 2021 and is now the most developed public market for open-source AI intelligence
128 subnets with an aggregate market cap grew from $4M at launch to a peak of $1.5B
The market decides which subnets get fed with emissions flowing to subnets showing traction
Our latest report maps the three investment eras of Bittensor:
1) Era 1 - Genesis (2021-2024)
2) Era 2 - dTAO (2024-2025)
3) Era 3 - Institutional Era (2025 )
We also share a few subnets we are keeping a close eye on along with index options for those who want a hands off approach
Full report in the next post below
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Which open source decentralized AI protocols (training, inference etc) are you most bullish on?
There are so many hot opportunities in the market:
- Venice
- Bittensor (inc Chutes, Targon, Macrocosmos, Score, Vanta etc)
- Nous research
- Prime intellect
- Gensyn
- Openserv
- Render
- Eigencloud
- Akash
- Ionet
- Nunet
- open gradient
- Openmind
- Virtuals
- Near
- Fetch
- ICP (inc caffeine)
- Graph Protocol
- Kite
- Sahara AI
- Dolphin AI
Who else?
Don’t even get me started on robotics opportunities - physical AI will be next!
There has NEVER been a more obvious time for open source, decentralized AI to have its renaissance moment
This is a huge wake up call
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If you’re curious about TAO we’ve covered a few reports on that ecosystem and will continue to published more as opportunities arise:
Jun 11
AI stocks outperformed every major index in 2025
Model development consolidated behind a few closed labs controlling the most capable models and the most valuable training data
A generation of crypto-native AI entrepreneurs chose an alternative path
Bittensor launched in January 2021 and is now the most developed public market for open-source AI intelligence
128 subnets with an aggregate market cap grew from $4M at launch to a peak of $1.5B
The market decides which subnets get fed with emissions flowing to subnets showing traction
Our latest report maps the three investment eras of Bittensor:
1) Era 1 - Genesis (2021-2024)
2) Era 2 - dTAO (2024-2025)
3) Era 3 - Institutional Era (2025 )
We also share a few subnets we are keeping a close eye on along with index options for those who want a hands off approach
Full report in the next post below
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Wait, what??
Is Anthropic gaslighting us into thinking we are using Fable 5 when we are actually using Opus 4.8 most of the time??
I get that some categories default to opus 4.8 (cybersecurity, chemistry etc) but this falls outside that scope
What is this snake oil salesman tactic??
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classic x.com/AnthropicAI/status/206…
Jun 13
The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees.
The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance.
Access to all other Claude models is not affected.
We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible.
Read our full statement: anthropic.com/news/fable-myt…
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The SpaceX IPO has a 4.3% float and earlier investor shares are locked up for a year
Typical IPOs are between 15-20% float
Investor minimum was reduced from $500k down to $2k participation to get every man and his dog in
What do you think happens when circulating is constrained and sell pressure is locked up?
Recall the low float high FDV period and private market value capture?
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This chart is spot on for shape, although I reckon finger in the air only 30% drawdown post hype
x.com/ThierryBorgeat/status/…
Here's the problem with SPCX, and no analysis can solve it.
There is no chart.
We have three rules for every IPO:
– Never buy on day one
– Wait for the "Good Chart" to form, enough price history to read trend, support, and the real level
– Ask whether you'd buy at this price if it were already listed
So look at how these stories usually trade. A pop as retail piles in. A long grinding melt as expectations meet reality, often down 50% or more. Then dead money, one to four years of nothing while the company grows into its valuation. And only then, the real move.
Amazon fell almost 90% after listing before it became Amazon. The class of 2021 was brutal: Robinhood -92%, Coinbase -92%, Rivian -95%, Oatly -97% from their day-one highs.
A great business and a great investment are not the same thing. The price you pay decides which one you get.
SpaceX may well be the most important company of the next fifty years.
Which is exactly why there's no rush to overpay on the first afternoon.
The rocket launches today.
The Good Chart launches later.
We'll wait for it.
Full breakdown in this week's Weekly by arvy.
Link via bio.
ALT @mariusschober
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Hyperliquid starting to become a pretty good proxy for pre-markets on traditional private markets
x.com/mlmabc/status/20654340…
Hyperliquid (Tradexyz) traders predicted the exact opening price of SpaceX.
The Hyperliquid SpaceX perp was trading at 171 just 1 minute before they announced the starting price of $171 per share.
app.hyperliquid.xyz/trade/xy…
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0xSammy retweeted
Jun 11
AI stocks outperformed every major index in 2025
Model development consolidated behind a few closed labs controlling the most capable models and the most valuable training data
A generation of crypto-native AI entrepreneurs chose an alternative path
Bittensor launched in January 2021 and is now the most developed public market for open-source AI intelligence
128 subnets with an aggregate market cap grew from $4M at launch to a peak of $1.5B
The market decides which subnets get fed with emissions flowing to subnets showing traction
Our latest report maps the three investment eras of Bittensor:
1) Era 1 - Genesis (2021-2024)
2) Era 2 - dTAO (2024-2025)
3) Era 3 - Institutional Era (2025 )
We also share a few subnets we are keeping a close eye on along with index options for those who want a hands off approach
Full report in the next post below
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0xSammy retweeted
Jun 11
been spending more time learning about everyone building on bittensor these last few months
a decentralised and coordinated effort by people all around the world who want to build something greater than their centralised counterparties
this is what crypto was supposed to be about but along the way we lost most of that original cypherpunk vision
but I think it's still alive in bittensor as the open source/decentralised alternative to big centralised companies
now we are seeing real businesses form and generate real revenue, showing actual pmf
sure there's some grifters and people trying to extract, but such is the case in any industry or business
this report was a great trip back in time, looking at the inception of bittensor and the evolution to where it is today
it aint perfect but it has grown from this experiment into something that is working and helping new startups form in this new world
bullish on the future of open source
Jun 11
AI stocks outperformed every major index in 2025
Model development consolidated behind a few closed labs controlling the most capable models and the most valuable training data
A generation of crypto-native AI entrepreneurs chose an alternative path
Bittensor launched in January 2021 and is now the most developed public market for open-source AI intelligence
128 subnets with an aggregate market cap grew from $4M at launch to a peak of $1.5B
The market decides which subnets get fed with emissions flowing to subnets showing traction
Our latest report maps the three investment eras of Bittensor:
1) Era 1 - Genesis (2021-2024)
2) Era 2 - dTAO (2024-2025)
3) Era 3 - Institutional Era (2025 )
We also share a few subnets we are keeping a close eye on along with index options for those who want a hands off approach
Full report in the next post below
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0xSammy retweeted
Jun 11
Bittensor has evolved significantly since their TGE in 2021, we've met a majority of subnet owners and the scale of innovation is incredibly ambitious
To me, Bittensor represents a shining flag for open source: that people from around the world and come together to co-create new technologies & commercialise them together
That message is very optimistic for humanity
power back to the people
our updated ecosystem map on the subnet eco below
Jun 11
AI stocks outperformed every major index in 2025
Model development consolidated behind a few closed labs controlling the most capable models and the most valuable training data
A generation of crypto-native AI entrepreneurs chose an alternative path
Bittensor launched in January 2021 and is now the most developed public market for open-source AI intelligence
128 subnets with an aggregate market cap grew from $4M at launch to a peak of $1.5B
The market decides which subnets get fed with emissions flowing to subnets showing traction
Our latest report maps the three investment eras of Bittensor:
1) Era 1 - Genesis (2021-2024)
2) Era 2 - dTAO (2024-2025)
3) Era 3 - Institutional Era (2025 )
We also share a few subnets we are keeping a close eye on along with index options for those who want a hands off approach
Full report in the next post below
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