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Jupiter Predict, the prediction market arm of Solana’s favorite DeFi superapp, has announced its biggest product update since launch.

Built natively on Solana, Jupiter Forecast brings the liquidity and trade execution of propAMMs to the versatility and diversity of Prediction Markets.

Forecast comes as Jupiter Predict accelerates its growth trajectory, recoding three consecutive all-time highs in monthly volume ahead of the world’s biggest sporting and prediction spectacle.

Jupiter Forecast to Bring Fresh Liquidity to Prediction Markets Prediction markets have been one of crypto’s great success stories in recent years, with market leaders like Polymarket and Kalshi breaking out of the confines of the industry and hitting critical mass in the Web2 world. 

But despite widespread adoption among retail users, prediction markets have long been plagued by a critical flaw; poor liquidity. Outside major events, liquidity on individual markets is thin, fragmented, and often insufficient for effective trading.

Solana DeFi giant Jupiter is optimistic that prop AMMs may offer a solution. In a critical update to one of its fastest-growing products, Jupiter Forecast brings prop AMM liquidity to its prediction markets. Where prediction markets typically rely on a singular liquidity pool per contract, Jupiter Forecast enables traders to buy shares in any market directly from competing market makers.

While the exact design is still unannounced, Jupiter has implied that individual markets will be tokenized, enabling greater composability across the wider DeFi ecosystem.

Jupiter forecast will make its debut with 15-minute crypto price markets, and is expected to open alternative markets up to prop AMM liquidity in the near future. Jupiter co-founder Siong Ong stipulated that the protocol can “technically create any market”, provided that makers see sufficient demand.

Jupiter Predict Records Third-Straight ATH in Monthly Volume Fortunately for market makers, trading data suggests that the demand for Solana-native prediction markets is accelerating. After originally launching in October 2025, Jupiter Predict has enjoyed a surge of activity and trading volume in Q2, recording three consecutive all-time highs in monthly volume.

The Jupiter Forecast launch comes at an opportune moment for prediction market traders. Expected to engage over 5 billion viewers, the upcoming FIFA World Cup is slated to become the most watched sporting event in history. 

For internet speculators, this year’s event will be the first time in which prediction markets are part of the world’s cultural and financial zeitgeist, suggesting these venues may sit on the cusp of unprecedented economic activity.

Elsewhere in the Solana ecosystem, rival teams are reportedly preparing to launch Solana-native prediction venues. With the network’s most competitive protocols building onchain prediction markets, Solana is finally entering the prediction market race in earnest, seeking to disrupt a field dominated by Polymarket and Kalshi, a powerful duopoly that has collectively raised over $4.5B, boasting a shared valuation of $37B.

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Jito's Lucas Bruder Joins The Big Picture

Jupiter Exchange just made it possible to trade leveraged tokenized versions of US stocks and ETFs directly on Solana. The integration brings Shift RWA’s “Series Tokens” to one of the largest decentralized exchanges in crypto, giving traders access to 2x and 3x leveraged positions, plus inverse bets, without the ever-present threat of getting liquidated.

Think of it like buying a leveraged ETF on Robinhood, except there’s no brokerage account, no KYC for secondary trading, and the market never closes. The tokens trade 24/7 as standard SPL tokens on Solana, which means they slot into the existing DeFi ecosystem like any other token.

How the tokens actually work Each token is backed 1:1 by positions purchased through Alpaca, a brokerage infrastructure provider. When someone mints a new Series Token through Shift RWA, a corresponding position gets opened on the backend. When they burn it, the position closes. The token’s price tracks the performance of the underlying leveraged ETF, not a perpetual funding rate or an oracle-dependent margin system.

In English: you get the same exposure as buying TQQQ or SOXL, but the asset lives on Solana and can be swapped, pooled, or used as collateral in DeFi protocols like Kamino or Orca.

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Jupiter’s integration also includes a dedicated screener that tracks price, trading volume, holder counts, and the discount or premium each token trades at relative to its underlying leveraged ETF.

Shift RWA’s funding and liquidity Shift RWA claims to have raised a $2M seed round and assembled over $40M in liquidity across its products.

The tokens trade permissionlessly on Jupiter and other Solana venues, meaning there’s no KYC gate for buying or selling on the secondary market. Minting and burning, the process of creating new tokens or redeeming them, goes through Shift RWA’s own mechanism, which may involve compliance steps. But once a token exists and is circulating, it moves freely.

Where this fits in Solana’s tokenized equity push Prior integrations from xStocks and Ondo Global Markets laid groundwork, and a major partnership between Securitize, Jump, and Jupiter launched on May 5, 2026.

The tokenized stocks sector has grown to a market cap cited around $1B or more as of May 2026.

Shift RWA’s tokens aren’t just tradeable. They can be deposited into lending protocols, used as collateral, or paired in liquidity pools.

What this means for investors The no-liquidation feature deserves extra attention. Traditional leveraged ETFs achieve this by resetting daily. If TQQQ drops 33% in a day, you lose 33%, not your entire position. Shift RWA’s tokens appear to replicate this mechanic on-chain.

Leveraged ETFs suffer from volatility decay over time, meaning holding them long-term can erode returns even if the underlying asset trends in your direction. A 3x leveraged token that goes up 10% and then down 10% doesn’t return to breakeven, it ends up slightly lower. That math doesn’t change just because the product moved on-chain.

There’s also counterparty risk to consider. The 1:1 backing through Alpaca means traders are ultimately relying on Alpaca’s solvency and Shift RWA’s operational integrity.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

PANews reported on June 17th that the Kobeissi Letter, a capital markets commentary journal, published an article on the X platform stating that SpaceX is driving a surge in tokenized asset trading. In the past 30 days, on-chain tokenized stock trading volume reached $4.3 billion, a record monthly high, and a year-to-date increase of over 140%. Following SpaceX's IPO on June 15th, the 24-hour spot trading volume of tokenized stocks on Solana surpassed $100 million for the first time, with Solana once holding a 99% market share. Jupiter became the largest platform for tokenized SpaceX trading. The cumulative on-chain tokenized stock trading volume has surpassed $20 billion for the first time.

Sports trading is alive and well on Solana, with a surge of World Cup activity pushing weekly trading volume on Jupiter Predict to new all-time highs.

Jupiter’s internal data suggests that sports trading now accounts for ~80% of the platform’s total volume, with 60% coming directly from World Cup related markets.

Despite trailing market leaders Kalshi and Polymarket, Solana’s budding prediction market scene is home to a diverse range of creative and experimental apps reimagining onchain events contracts.

Sports Trading Pushes Jupiter Predict Volume to All-Time High With the first week of World Cup action behind us, it’s safe to say that traders are flocking to prediction markets at unprecedented scale. Prediction markets across the industry have recorded new all-time highs in weekly volume, and Solana-based venues are no exception.

According to Blockworks data, Jupiter Predict just closed out its biggest week ever, witnessing over $2.9M in weekly trading volume, a new all-time high. 

Shared exclusively with SolanaFloor, Jupiter’s internal data suggests that around 80% of this volume has been generated through sports markets, with 60% of the total being transacted through World Cup events.

Jupiter Predict’s growing activity is an encouraging sign for Solana’s prediction market sector. While the wider market is currently dominated by Kalshi and Polymarket, one of Jupiter Predict’s providers, onchain data suggests that Solana-native DeFi users are eager to trade events contracts on home soil.

Users who placed their debut predictions on the protocol on June 11, the first day of the World Cup, appear to have become some of Jupiter Predict’s most engaged users. Returning users have trended significantly higher since June 11, suggesting traders continue coming back to place more predictions on future games.

In a bid to streamline access to events contracts, Jupiter has natively integrated its prediction markets directly into its wallet.

Kalshi Commands Dominant Lead in Sector Outside Solana, prediction market leaders are also enjoying their best weeks ever, solidifying their case as the breakout crypto application of the past year. While Polymarket has historically dominated the sector, Kalshi has since eclipsed the incumbent in recent months. 

According to Artemis data, Kalshi now commands 64% of all prediction market share, recording $6.4B in weekly trading volume. Solana onchain figures are certainly insignificant in the face of the prediction market duopoly, but the disparity represents a sizable opportunity for the DeFi economy, which enables democratized access to these markets at global scale.

Solana Ecosystem Experiments with Prediction Markets Despite Solana’s slow start in the prediction market race, the network’s DeFi economy is making up for its low volumes through the diversity of its app layer. Prediction Market-adjacent applications are cropping up all over the ecosystem, enabling creative new methods of trading events contracts.

Solana-based applications like Melee Markets, worm.wtf, and RideMarkets are reinventing how users interact with prediction markets. Where incumbents like Polymarket and Kalshi rely on tried-and-tested liquidity models, platforms like Melee Markets transform prediction markets into memecoin-esque assets. Worm.wtf brings leverage, and RideMarkets trades a collective narrative.

More recently, Jupiter Predict debuted Forecast, bringing prop AMM liquidity to prediction markets. Initially rolled out on short term crypto price markets, Forecast trading activity has been relatively low compared to Jupiter Predict’s main markets, though this is more likely due to the product’s infancy rather than any liquidity limitations.

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The crypto market is bracing for significant token unlocks in the third week of August 2025. Approximately $1 billion in new token supplies will hit the market. 

Three prominent projects, LayerZero (ZRO), KAITO (KAITO), and Soon (SOON), will release substantial token volumes, potentially driving market volatility and influencing short-term price dynamics. 

1. LayerZero (ZRO) Unlock Date: August 20 Number of Tokens to be Unlocked: 25.71 million ZRO (2.57% of Total Supply) Current Circulating Supply: 111.15 million ZRO Total Supply: 1 billion ZRO LayerZero is an interoperability protocol designed to enable seamless communication across different blockchains. It supports censorship-resistant, permissionless development with immutable smart contracts. 

On August 20, LayerZero will release 25.71 million ZRO tokens, valued at approximately $51.9 million. These tokens account for 23.14% of the current circulating supply. 

ZRO Token Unlock in August. Source: TokenomistOverall, the allocation includes 13.42 million ZRO for strategic partners, 10.63 million tokens for core contributors, and 1.67 million ZRO for tokens repurchased by the team. 

2. KAITO (KAITO) Unlock Date: August 20 Number of Tokens to be Unlocked: 23.35 million KAITO (2.3% of Total Supply) Current Circulating Supply: 241.38 million KAITO Total Supply: 1 billion KAITO Kaito is an artificial intelligence (AI)-powered Web3 information platform that aggregates and analyzes cryptocurrency market data from diverse sources like social media, governance forums, news and more. The KAITO token serves as a medium of exchange, governance tool, and incentive mechanism within the platform. 

On August 20, the team will unlock 23.35 million tokens, representing 9.68% of the current circulating supply. The supply is worth approximately $24.73 million.

KAITO Token Unlock in August. Source: TokenomistThe team will split the unlocked tokens three ways. The foundation will receive 1.19 million tokens. Furthermore, the team will direct 7.16 million KAITO for ecosystem and network growth and 15 million tokens for long-term creator incentives.

3. Soon (SOON) Unlock Date: August 23 Number of Tokens to be Unlocked: 41.88 million SOON (4.32% of Total Supply) Current Circulating Supply: 235.06 million Total Supply: 969.9 million SOON is a high-performance Solana Virtual Machine (SVM) Rollup, designed to implement the Super Adoption Stack. It includes three main components: SOON Mainnet,  SOON Stack, and InterSOON.

The network will unlock 41.88 million tokens worth around $11.74 million. The unlocked supply accounts for 17.82% of the current supply in circulation. 

SOON Token Unlock in August. Source: TokenomistSOON will allocate 26.67 million tokens to SOONer, a collection of non-fungible tokens (NFTs) built on the Solana (SOL) blockchain. Moreover, it will keep 8.30 million tokens for an airdrop to NFT holders. 

The team has earmarked 4.17 million SOON for the ecosystem, 2.22 million tokens for community incentives, and 520,830 tokens for airdrop and liquidity.

In addition to these three, other major projects will release tokens during this period. Investors can look out for token unlocks from Avail (AVAIL), Pixels (PIXEL), Polyhedra Network (ZKJ), and IOTA (IOTA).

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In a thread on X (formerly Twitter), the popular crypto analyst known as cyclop (@nobrainflip) delivered a bold forecast to his substantial following of 394,000. He proclaimed, “We are close to the biggest altseason in history. Everyone will make x50-x100 on their entire portfolio. $5k portfolio will be around $250k-$500k in 2025. All you need is to buy the right lowcaps.”

This assertion hinges on a strategic selection of low market capitalization cryptocurrencies, which, according to Cyclop, are poised for an exponential surge in value. Cyclop elucidates his strategy by detailing the liquidity flow typically observed during a bull market phase, a sequential process starting with Bitcoin (BTC) and cascading down to meme coins.

He explains, “Here is a typical bull run liquidity flow: 1: BTC pump 2: ETH pump 3: High cap alts pump 4: Low caps pump 5: Memecoin pump.” Importantly, he highlights that high cap memecoins have already experienced their growth phase, suggesting that “lowcap/lowcap memecoins – next” are primed for significant value appreciation.

Within this framework, Cyclop underscores the potential for staggering returns without the necessity for professional day trading expertise. “It’s cause each coin has its maximum, and if its MC is already high, it’s not so far away. But when the market cap is almost at zero, the potential is enormous,” he advises, promoting a hands-off investment strategy focused on the ‘right’ coins.

Crypto Watchlist: Top-10 Lowcap Coins Cyclop’s watchlist is a selection of ten recently launched projects with low market caps and, in his view, substantial growth potential:

#1 Wolf Wif (BALLZ): A meme coin that took the Solana blockchain by storm, achieving a $75 million market cap within a day of its launch. Despite a subsequent correction, Cyclop views this as an optimal entry point, confidently stating, “I’m holding my BALLZ tight.”

#2 Entangle (NGL): Positioned as a potential leading messaging infrastructure for the Web3 space, Entangle aims to enhance liquidity within the ecosystem. It offers secure, flexible, and interoperable solutions for blockchain data communication, positioning itself as a critical infrastructure for dApps and builders.

#3 StarHeroes (STAR): This esports-centric, multiplayer third-person space shooter game is making waves with its dynamic and competitive gameplay. Cyclop sees this as a revolutionary blend of gaming and blockchain technology, offering intense gaming emotions and a new avenue for esports within the crypto realm.

#4 Heroes of Mavia (MAVIA): A blockchain strategy game that allows players to build bases, engage in battles for cryptocurrency rewards, and form partnerships with landowners. Cyclop highlights its potential in the play-to-earn space, marking it as a standout project.

#5 VoluMint (VMINT): This project introduces a decentralized, AI-driven market-making service, aiming to redefine market-making in the era of blockchain. Cyclop is bullish on its ability to unlock the potential of crypto projects, emphasizing its innovative approach.

#6 SatoshiVM (SAVM): As a decentralized Bitcoin ZK Rollup Layer 2 solution, SatoshiVM bridges the gap between Bitcoin and Ethereum’s EVM, using BTC as gas. This project aims to combine the value and security of Bitcoin with the programmability of Ethereum, creating a powerful ecosystem for decentralized applications. Cyclop notes, “SAVM’s unique positioning as a bridge between BTC and EVM ecosystems presents a groundbreaking opportunity for growth.”

#7 Graphlinq Chain (GLQ): Offering a no-code interface for automating blockchain tasks, Graphlinq Chain simplifies the creation and deployment of blockchain automations. Its suite of tools, including an IDE, App, Engine, and Marketplace, is designed to make blockchain automation accessible to a wider audience. “GraphLinq Protocol demystifies blockchain automation, paving the way for innovative applications and efficiencies,” Cyclop remarks.

#8 zKML (ZKML): This project addresses the pressing need for privacy in digital transactions and communications. By combining zero-knowledge proofs, homomorphic encryption, and multi-party computation (MPC), zKML offers a secure and private framework for blockchain interactions. “ZKML’s focus on privacy-enhancing technologies is timely and critical, offering a secure haven for digital transactions,” observes Cyclop.

#9 Monai (MONAI): Monai stands out for its development of uncensored generative AI tools, integrated with its blockchain, Monad. It features an advanced, unrestricted Large Language Model as its flagship product, aiming to revolutionize the way we interact with AI. “Monai’s pioneering approach to generative AI within the blockchain space is a game-changer, offering unparalleled possibilities,” Cyclop asserts.

#10 EMC Protocol (EMC): Dedicated to AI applications, EMC Protocol is a blockchain network that includes a computing power consensus mechanism. It aims to facilitate the execution of AI tasks within a decentralized framework, including validator, smart router, and computing power nodes. “EMC’s innovative approach to integrating AI and blockchain could redefine the landscape of decentralized applications,” Cyclop concludes.

At press time, cyclop’s top pick – BALLZ – traded at $0.04231, down almost 50% from its alltime-high.

BALLZ price, 2-hour chart | Source: BALLZUSDT on TradingView.com Featured image from Shutterstock, chart from TradingView.com

AI Agents are evolving from passive assistants into active economic participants. This report is structured into six chapters, systematically examining the core infrastructure stack, the explosion of application ecosystems, and the evolving industry landscape of the Agent economy.

At the macro level, it analyzes the market outlook for Agentic Commerce and identifies key infrastructure gaps. At the protocol layer, it provides an in-depth analysis of three complementary protocols: x402, ERC-8004, and Virtuals Protocol. At the application layer, it uses OpenClaw as a case study to explore the real-world deployment path of the Agent economy. Finally, it offers a comprehensive industry assessment across multiple dimensions, including competitive landscape, payment rails, security risks, and business models.

x402 (Payment Layer), jointly launched by Coinbase and Cloudflare, embeds stablecoin micropayments directly into the HTTP protocol layer. As of the end of 2025, it has processed over 100 million transactions, with an annualized payment volume reaching $600 million.

ERC-8004 (Trust Layer), proposed by the Ethereum Foundation’s dAI team in collaboration with MetaMask, Google, and Coinbase, provides AI Agents with three core on-chain registries: identity, reputation, and verification. It went live on the Ethereum mainnet on January 29, 2026.

Virtuals Protocol (Commerce Layer) has built a full-stack Agent commercialization platform, enabling autonomous transactions between Agents via ACP. It has deployed over 18,000 Agents, with aGDP exceeding $479 million.

OpenClaw (Application Layer), developed by Austrian developer Peter Steinberger, surpassed React with over 250,000 GitHub stars in just four months, becoming the fastest-growing open-source project in GitHub history. By natively embedding AI into more than 20 existing messaging platforms, it has catalyzed the crypto community to organically build on-chain economic infrastructure on top of it—making it a key case study for observing real interactions between Agents and on-chain protocols.

Chapter 1: Macro Background 1.1 Market Size Forecast The Agentic Payment sector is in a phase of rapid expansion, with multiple institutions offering optimistic projections for its market size:

1.2  Infrastructure Gaps Existing infrastructure is fundamentally hostile to the Agent economy: OAuth requires human interaction, credit card forms rely on manual input, and data silos prevent autonomous access. While Agents have already achieved autonomy at the “capability layer” (thinking and acting independently), they remain constrained at the “economic layer,” locked into infrastructure designed for humans (identity, coordination, and economic activity).

Two evolutionary paths are currently emerging:

Centralized, compliance-driven path: Communication via A2A, tool integration via MCP, and payments via AP2/ACP (led by OpenAI and Stripe, purely Web2) Decentralized, permissionless path: x402 + ERC-8004 / 8183 + ACP (Agent coordination framework) 1.3 Key Timeline Note: As of March 2026, the average daily transaction volume has significantly declined from its December peak, with infrastructure-related transactions experiencing the largest drop (>80%).

Chapter 2: x402 Protocol – Agent Payment Layer x402 is an open-source payment protocol that revives the HTTP 402 status code, allowing any HTTP request to natively carry stablecoin payments. This enables AI Agents to perform instant pay-per-use transactions.

It is important not to think of x402 as just another payment protocol. It represents a redesign of the fundamental unit of economic activity: moving from “register → review → authorize → use” to “pay → use.” In essence, x402 = “Swift for agents.”

The current API economy operates under an implicit assumption: a human is involved in the middle. The process to obtain an API key—register → enter email → approval → copy key → paste into code—assumes human participation at every step. This workflow fails in an Agent economy because AI Agents cannot register themselves, fill forms, or manage keys.

x402 addresses this by leveraging the HTTP 402 status code to enable native stablecoin payments. When an Agent receives a 402 response, it directly pays on-chain (e.g., in USDC) and receives a proof-of-payment, enabling seamless pay-per-use interactions.

2.1 Protocol Overview and Workflow Core Roles Five-Step Transaction Workflow Request Resource: The client sends a standard HTTP request to the resource server (e.g., GET /api/weather). Return Quote: The server responds with an HTTP 402 status code, including structured payment instructions in the response headers (currency, amount, wallet address, network). Sign Payment: The client constructs and signs a payment authorization using its wallet private key, placing the signed payload in the X-PAYMENT request header and resending the request. Verify & Settle: The server forwards the payment information to a Facilitator for verification. Once confirmed, the Facilitator executes the stablecoin transfer on-chain. Deliver Resource: Upon confirmation, the server returns the requested data/content/computation result to the client. The entire process—from initiating the request to receiving the resource—takes approximately 2 seconds.

Comparison with Traditional Payment Methods Key Features: No account registration, no API key, no subscription, and no human intervention required. Payments are as natural as sending an HTTP request—this is why x402 is called the “Internet-native payment layer.”

2.2  Key Metrics Data Quality Note: According to Artemis analysis, the ratio of Real to Gamed transactions in x402 is close to 1:1 (e.g., on 2026.01.11, Real: 520K vs. Gamed: 518K). The true organic scale should be interpreted with a discount.

Distribution by Blockchain Classification by Use Case (On-Chain Snapshot as of 2026.01.11) 2.3 Top Project Usage Rankings (as of March 2026) Data Source: Dune Analytics – x402 Transactions per Project dashboard

2.4 Core Upgrades in V2 Wallet Identity + Reusable Sessions
In V1, every API call required a full on-chain transaction. V2 introduces the Sign-In-With-X (SIWx) mechanism: once an Agent verifies its wallet identity, subsequent calls can reuse the session without on-chain confirmation each time. Essentially, this upgrades pay-per-call to a subscription model, addressing performance bottlenecks in high-frequency scenarios.

Multi-Chain Unification + Traditional Payment Compatibility
V2 standardizes the identification of networks and assets, creating a unified payment format (x402) that works across chains and traditional payment rails. Base, Solana, other L2s, as well as ACH, SEPA, and card networks, are all integrated into the same payment model. This is the most critical upgrade—x402 evolves from a “crypto-only payment protocol” into a neutral payment layer bridging crypto and traditional finance.

Service Auto-Discovery
V2 introduces a Discovery extension, allowing x402 services to expose structured metadata for automatic crawling and indexing by Facilitators. AI Agents can automatically discover services, understand pricing, and initiate payments. This is especially crucial for the Agent economy—Agents no longer need prior knowledge of a service provider’s payment interface and can autonomously discover and pay for services at runtime.

Modular SDK
With a plugin-based architecture, new chains are added as independent packages, reducing integration costs. Cloudflare has proposed a deferred payment scheme, including Circle’s Gateway solution, which is still under development.

2.5 Ecosystem Participants Foundation and Protocol Layer

2.6 Agent Payment Stack Landscape Detailed Protocol Comparison

Key Insight: It’s not about who replaces whom, but how they are combined. Google has partnered with Coinbase to release the A2A x402 extension, while AP2 natively integrates x402 as a crypto payment rail. The real competitive risk lies in standards fragmentation.

2.7  Key Risk Signals Average daily transaction volume dropped from approximately 731K in Dec 2025 to around 57K in Mar 2026 (-92%). The real transaction volume is roughly $14K/day (per Artemis, during the December peak of $250K/day, 95% was Gamed). Ecosystem market capitalization stands at $7 billion (LINK $6B + Virtuals $0.6B), showing a significant divergence between valuation and actual usage. Infrastructure-related projects experienced the largest declines in usage: x402secure.com (-80%+), AgentLISA (nearly zero), pay.codenut.ai (significantly contracted). Three-Layer Cause Analysis Layer 1: Disappearance of Catalysts
The transaction surge from October to December 2025 was driven by three factors: the meme token craze, multiple project TGEs (Token Generation Events) expectations, and Facilitators competing to boost their Dune rankings.

Layer 2: Fundamental Supply-Demand Mismatch
x402 solves the problem of “AI Agents autonomously paying to call APIs,” yet the vast majority of AI Agents still access services via API keys and subscription models. Truly autonomous Agents with economic decision-making capabilities are nearly nonexistent in the industry, and very few API providers are willing to accept USDC pay-per-use. In short, the road is built, but the cars haven’t been made yet.

Layer 3: Overall Cooling of the Crypto Market

Positive Signal: Stripe’s integration with x402 is a significant development. Stripe co-founder John Collison predicts that the “tsunami of agentic commerce” will arrive in the coming months and years. By simultaneously deploying ACP (Web2 credit card rail) and x402 (Web3 stablecoin rail), Stripe acts as a hedge across both pathways.

x402 has given rise to a batch of new middleware projects that essentially help Agents more easily and autonomously access various services—from AI inference to Web2 APIs—under the “pay-as-authorization” paradigm. A programmable, permissionless, 24/7 crypto payment rail is the natural choice for autonomous Agents. However, this only matters if Agents truly require permissionless operation. If Agents always operate under human authorization (Phase 2: controlled agents), traditional payment rails combined with virtual cards are sufficient. Only when Agents begin conducting economic activity independently of humans (Phase 3: autonomous economy) does permissionless capability become a necessity.

Additionally, credit cards have a chargeback mechanism, allowing consumers to dispute transactions and recover funds—a consumer protection system developed over decades. On-chain payments, however, are final settlement: once paid, the funds are gone with no chargeback. This means that if an Agent misbehaves (e.g., via prompt injection attacks), users can call the bank to recover funds under a credit card system, but with x402, the money is already on-chain and irretrievable. This represents x402’s real disadvantage compared to traditional payments.

Many frictions caused by humans acting as “human middleware” moving between systems are actually trust-establishing mechanisms: fraud prevention, access control, accountability, dispute resolution, and audit documentation. These frictions sustain the operation of commercial systems.

Potential solutions may include:

On-chain escrow mechanisms: funds are locked in smart contracts and only released after service delivery confirmation. Insurance protocols: providing coverage for Agent transactions. ERC-8004 reputation systems: reducing the likelihood of transactions with untrusted parties. However, all of these approaches are currently immature.

2.8 VC Investment Perspective Promising Investment Directions

API Service Providers with Real Payment Demand (Sellers): Data analytics, web scraping, oracles, security audits, pay-per-inference, compliance/KYC, etc. Evaluation criterion: They can already make money under traditional models; x402 serves only as an additional distribution channel. Dispute Resolution and Payment Guarantee Layers (Gateways): On-chain payments cannot be rolled back or chargebacked, so high-value transactions require dispute resolution mechanisms. Representative projects: Circle Gateway – non-custodial pre-deposit + off-chain batch settlement Kamiyo – Agent reputation, fund custody, oracle-based judgment, ZKP arbitration Dashboard / FinOps Tools: Help enterprises manage multiple Agent expenditures (how much is spent, on what, value assessment, cost-saving strategies). Analogous to cloud computing tools like CloudHealth / Cloudability, with acquisition potential in the $300–500 million range by large tech companies. Chapter 3: ERC-8004 – Agent Trust Layer ERC-8004 is a set of on-chain coordination standards that establish a trustless discovery and interaction framework among Agents via three registries: Identity, Reputation, and Validation.

3.1 Standard Overview and Core Distinctions In traditional interactions, Agent-to-Agent engagement often requires pre-established trust or relies on third-party institutions, restricting interactions within the same ecosystem. In an open environment, the key challenge is: how can Agents discover partners, review historical performance, and verify reliability?

Important Distinction: ERC-8004 is not a token. While it uses ERC-721 NFTs internally to represent Agent identities, the standard itself is about coordination and trust, carries no economic value, and is non-transferable.

3.2 Three Registries Identity Registry
Built on ERC-721 + URIStorage, each Agent receives an NFT identity linked to an agentURI pointing to a registration file (JSON) containing name, description, service endpoints (A2A/MCP/Web), x402 support status, etc. The URL can be stored on:

IPFS – decentralized and censorship-resistant HTTPS server – simple but centralized On-chain encoding – fully decentralized but expensive Reputation Registry
Provides standard interfaces to publish and retrieve feedback signals, supporting both on-chain scoring and off-chain algorithms. It can attach x402 proofOfPayment as an economic endorsement trust signal. Agents rate each other, but to prevent score manipulation, ERC-8183 assists in proving real job interactions between Agents.

Validation Registry
Introduces TEE (Trusted Execution Environment), PoS staking mechanisms, and ZK (Zero-Knowledge Proofs) to verify and authenticate Agent task outputs:

TEE: Verifies that tasks are executed in a secure black-box environment, with code and data unobserved or tampered with externally. PoS: Validators stake assets to participate in tasks; malicious behavior results in slashed stakes. ZK: Verifies the correctness of an Agent’s reasoning process without revealing internal weights. 3.3 Development Milestones Supporters: ENS, EigenLayer, The Graph, Taiko. Approximately 1,000–2,000 developers have joined.

However, the current limitations of ERC-8004 are acknowledged even by its creator, Crapis: “8004 is essentially a set of registries.” It provides Agents with an identity and a rating mechanism, but it cannot guarantee that an Agent’s behavior is trustworthy. True verification requires:

Behavior audit: What has the Agent actually done in the past? Execution environment proof: Evidence that tasks ran in a TEE. Intent verification: Did the Agent actually do what it claimed it would do? The TEE component of the Validation Registry is still under community discussion and far from mature.

In other words, 8004 is necessary but not sufficient. It solves the question “Who is this Agent?” but not “Can this Agent be trusted?” The latter requires a combination of 8004 + TEE + behavior audit, which no one has fully implemented yet.

There is also an underestimated direction: in the human economy, credit systems are built on balance sheets and credit history—how much you have, how reliably you’ve repaid loans. Agents lack these, but they do have behavioral data: how many tasks they’ve completed, success rates, average response times, complaints received, etc. If this behavioral data can become a financial primitive, then the ERC-8004 reputation system is no longer just positive or negative reviews, but a credit score in the Agent world.

A high-reputation Agent could gain:

Higher credit limits (pre-authorization of more funds) Lower transaction costs (lower risk) Priority task allocation (employers choose high-reputation Agents first) ERC-8004’s Identity and Reputation registries are only the foundational data layer. Value creation lies in who can build Agent credit assessment and financial services on top of this data layer—Agent lending, Agent insurance, Agent credit lines—essentially forming the entire financial services stack.

3.4 Relationship with Other Protocols 3.5 ERC-8183: Ethereum Standardization of ACP ERC-8183 is the Ethereum open-standard version of the internal ACP protocol used by Virtuals (released on March 10, 2026, currently in Draft stage).

The core primitive is the Job—an on-chain state machine (Open → Funded → Submitted → Completed/Rejected/Expired) where funds are held in a programmable escrow and independently adjudicated by an Evaluator. Once delivery quality is confirmed, the payment is automatically settled. The protocol supports Hooks extensions for features like reputation thresholds, bidding, milestone payments, etc.

Key Design: Each completed Job automatically generates an interaction record that feeds into ERC-8004’s Reputation Registry—analogous to a “Yelp review that requires a completed transaction and includes a third-party adjudicator.” This is the connection point where ERC-8183 and ERC-8004 form a symbiotic loop.

Chapter 4: Virtuals Protocol – Agent Commerce Layer 4.1 Project Overview Virtuals Protocol is a decentralized, full-stack AI Agent infrastructure that allows anyone to create, tokenize, co-own, and monetize autonomous AI Agents on-chain. The project was originally founded in 2021 as PathDAO (a gaming guild) and pivoted to AI Agents in early 2024. Its main deployment is on Base, with expansions to Ethereum, Solana, and Ronin.

Core Team:

Jansen Teng – Founder, former BCG consultant, BSc in Biotechnology & Business Management from Imperial College London Weekee Tiew – Imperial College Biotechnology BSc + MSc in Management from London Business School, PE/BCG background Headquartered in Kuala Lumpur, Malaysia, the team comprises approximately 38 members.

Funding History: During the PathDAO phase, a seed round raised $16M, led by DeFiance Capital and Beam.

4.2 Technical Architecture: Four Pillars Pillar 1: GAME Framework – Internal Decision-Making of a Single Agent GAME acts as the brain: it equips an Agent with goals, personality, perception abilities, and executable actions, allowing it to autonomously plan “what should I do next” and decompose tasks for internal Workers to execute. All of this happens within the boundary of a single Agent.

Architecture Core: Hierarchical Planning separates “what to think” from “how to act”:

Task Generator (High-Level Planner / HLP): Generates tasks based on the Agent’s goals and assigns Workers Workers (Low-Level Planners / LLP): Each has a specific set of executable Functions Functions: Execute API calls, on-chain transactions, data retrieval, etc. Supported Base Models: Llama 3.1 405B (default), Llama 3.3 70B, DeepSeek R1, DeepSeek V3 — designed to be model-agnostic. With the release of OpenAI/Google Agent frameworks, GAME’s differentiation is now minimal: it is the only Agent framework with native integration of the on-chain economic layer (ACP + VIRTUAL token).

Pillar 2: ACP – the “Commercial Law” Between Agents Agent Commerce Protocol (ACP) is an on-chain standardized protocol that enables Agents to discover, hire, negotiate, escrow funds, deliver, and settle with each other without human intervention.

ACP Four-Stage State Machine:

Pillar 3: Butler – The User’s Super Gateway Butler is the consumer-facing gateway of the ACP network—essentially an Agent that orchestrates the ACP protocol, built on top of an LLM. It translates user natural language into on-chain multi-Agent collaborative workflows.

Butler has a two-layer architecture:

Surface Layer: LLM conversational interface (currently backed by Gemini 3 Pro) Underlying Layer: ACP protocol orchestrator, executing the full process: Agent discovery → quote confirmation → Escrow lock → task routing → delivery verification → fund release. Users see a chat interface, but Butler handles contract-level scheduling behind the scenes. Butler Pro Mode clearly separates planning from execution:

Planning Phase → Review Phase (users can optimize the plan) → Execution Phase (autonomously orchestrates the full workflow) Built-in capabilities include Token Swap, DCA investments, perpetual contracts, and Fund of Funds.

Pillar 4: Launch Platform – Wall Street for Agents A three-tier launch system covers the full lifecycle of Agent projects, from 0 → 1 → 100:

Titan Launch Projects:

XMAQUINA ($DEUS): A DAO holding equity in embodied intelligence companies such as Figure AI, with a $60M FDV Fabric Foundation ($ROBO): Partnering with OpenMind on the robotics economy 4.3 Agentic GDP（aGDP）Analysis aGDP (Agentic Gross Domestic Product) is a custom core ecosystem metric defined by Virtuals, measuring the total economic value generated within the ecosystem by all autonomous Agents through services, coordination, and on-chain activities.

aGDP Growth Trajectory

aGDP Quality Issues – Three Warning Signals:

Revenue Volatility Exposes Speculative Dependence:
Daily protocol revenue dropped from $1.02M in Jan 2025 to $35K by the end of Feb (-97%). Revenue mainly comes from Agent Token transaction fees (1%), rather than sustained payments for Agent services. Severe Concentration at the Top: Ethy AI: a single Agent contributed $218M aGDP (45.5% of the entire ecosystem) Top three Agents combined: $407M (84.9%)
All three are transaction-execution Agents; their aGDP largely reflects handled transaction volume rather than actual Agent service revenue. Luna, as a flagship IP Agent, has a take rate near 100% Ethy AI has a take rate of only 0.26% $3B Target Assumptions:
Scaling from $470M to $3B requires a 6.4× growth. If speculative elements dominate aGDP, this target effectively bets on Agent Token market hype rather than organic growth of the Agent economy. 4.4 Token Economics $VIRTUAL’s Fourfold Value Capture Mechanism

ACP Tax Structure:
When a user pays 100%, 90% goes to the Agent’s wallet (can be withdrawn or used to hire other Agents, compounding on-chain aGDP), and 10% goes to the Treasury (of which 1% flows into the G.A.M.E Treasury). Treasury revenue is continuously used to buy back Agent Tokens, aligning long-term incentives.

Supply Structure:

Total supply: 1 billion VIRTUAL, fixed, with no initial inflation Current status: fully unlocked and circulating Potential issuance: up to 10% per year over the next 3 years, subject to governance approval veVIRTUAL: Staking grants governance voting rights + eligibility for Agent Token airdrops 4.5 Ecosystem Data Overview Benchmark Agent Cases

4.6 Competitive Landscape and Moat Moat Hierarchy (from Strongest to Weakest):

Network Effects + Token Flywheel (Strongest):
Over 18,000 Agents and 650,000+ holders form a two-sided market. Each Agent is paired with VIRTUAL, creating a positive feedback loop. This cannot be replicated by open-source frameworks—LangChain lacks a native economic settlement layer between Agents. Standard-Setting Power (Strong):
The combination of ACP → ERC-8183 (co-released with Ethereum Foundation) + ERC-8004 + x402 competes to establish the “legal foundation” for the AI Agent economy. First-Mover Advantage + Brand (Moderate):
Leading mindshare in AI Agent + crypto space, backed by institutions like Grayscale and Fundstrat. Technical Capability (Weakest):
GAME’s hierarchical architecture offers design advantages, but it relies on third-party LLMs, lacks proprietary models, and its orchestration layer can be replaced by stronger frameworks.

Chapter 5: OpenClaw – Application Ecosystem Special Study 5.1 Project Background and Breakout In November 2025, Austrian developer Peter Steinberger published a weekend project on GitHub. By March 2026, just four months later, the project had surpassed React to become the most starred software project in GitHub history—with 250K+ stars, while React took 13 years to reach the same number.

Amid the broader trend of AI products evolving from passive tools to proactive Agents, OpenClaw introduced a key shift: AI no longer waits for users to find it, but actively helps users on platforms they already use. It resides on the user’s computer and connects to WhatsApp, Telegram, Slack, Discord, Signal, iMessage, Feishu, and over 20 other channels. Through the MCP protocol, it can operate email, calendar, browser, file system, and code editors.

Andrej Karpathy coined the term “Claws” for such systems: locally hosted AI Agents that run in the background, making autonomous decisions and executing tasks. The term quickly became the general way in Silicon Valley to refer to locally hosted AI Agents.

Every mainstream model release now highlights Agent capabilities because Agents act as a demand multiplier validating AI infrastructure investment: a simple chat query consumes hundreds of tokens, whereas an Agent performing multi-step reasoning with tool calls consumes tens of thousands to hundreds of thousands of tokens.

Although the founder banned cryptocurrency discussions on Discord, the Crypto community spontaneously built a full set of on-chain economic infrastructure on top of OpenClaw, including token launches, identity registration, payment protocols, social networks, and reputation systems.

The breakout of OpenClaw provides, for the first time, a real, large-scale environment to observe how Agents interact with on-chain infrastructure, while also giving the Crypto community a host with an actual user base on which to anchor economic activity.

5.2 Technical Architecture Analysis Layer 1: Messaging Channels – Identity Problem OpenClaw connects to 20+ platforms. From the Agent’s internal perspective, it knows it is the same Agent, with unified memory, configuration, and SOUL.md. However, from an external perspective, how can others tell that the Agent on Telegram is the same as the one on Discord? Each platform has its own user ID system, and these systems are isolated with no visibility into cross-platform behavior. This is precisely the core problem that ERC-8004 aims to solve.

Layer 2: Gateway – Security Problem The Gateway acts as OpenClaw’s brain and scheduler: it routes user messages to the correct Agent, loads the Agent’s session history and available Skills, and defines permission boundaries before the Agent begins thinking.

Whitelist mechanism: When a message arrives at the Gateway, the system dynamically generates a tool whitelist based on the message’s channel, user ID, group ID, etc. Only tools on the whitelist are injected into the Agent’s context. The Agent cannot see or access tools outside the whitelist. This design pre-emptively enhances security, but all permission control depends on the Gateway as a single point of trust. If compromised or misconfigured, the Agent could gain unauthorized privileges.

Layer 3: Agent Core (ReAct Loop) – Predictability Problem The Agent’s operation follows the ReAct (Reasoning + Acting) loop:
Receive input → Think (LLM call) → Decide action → Call tool → Get results → Re-think → Loop

OpenClaw implements engineering optimizations such as:

High-frequency message scheduling with Steer/Collect/Followup/Interrupt strategies LLM dual-layer fault tolerance (authentication rotation + model fallback) Optional multi-level reasoning mechanism (6 levels) However, LLMs are inherently probabilistic, and outputs are non-deterministic. Agents execute actions non-deterministically in non-deterministic environments.

Context compression leads to constraint loss: Security constraints are part of the context. When context is lossy-compressed, constraints can be discarded. Prompt injection: Malicious actors embed hidden instructions into content that the Agent processes, tricking it into executing unintended commands. Both issues arise because Agent behavior boundaries are defined in natural language, which is ambiguous, manipulable, and lossy when compressed.

Example: Meta’s Superintelligence Lab alignment lead Summer Yu instructed an Agent to “suggest emails that can be deleted,” but the Agent ended up deleting hundreds of emails. Compression of the context window caused the key constraint (“suggest”) to be lost.

In such cases, what is needed is not better prompt engineering, but structural safety mechanisms:

Auditable action logs Programmable permission boundaries Economic systems that allow accountability and compensation when errors occur These are precisely the areas where smart contracts and on-chain infrastructure excel.

Layer 4: Memory System – Persistence and Portability Issues OpenClaw implements two types of memory:

Daily working memory (YYYY-MM-DD.md files) Long-term distilled memory (MEMORY.md, key preferences deduplicated and categorized) Retrieval uses a hybrid of vector search and BM25.

Session Reset: By default, sessions reset daily at 4:00 AM. Context Compression: The context window is continually compressed and summarized. When approaching the token limit, OpenClaw triggers session compression, using the LLM to summarize previous conversations into a shorter version. Memory Flush: Before compression, a Memory Flush occurs, giving the Agent a chance to write key information into long-term memory. This relies on the Agent to know what information is important, which is inherently uncertain in a non-deterministic system. Key limitations:

All memory exists on the local file system; changing computers causes memory loss. There is no shared memory mechanism when collaborating with other Agents. The Agent’s knowledge and experience are locked to the machine it runs on. Sub-Agent collaboration is limited to the same OpenClaw instance. Cross-instance or cross-organization collaboration is currently impossible. Developer feedback on GitHub: Decision records exist in chat history but aren’t persisted as artifacts, handovers are ambiguous, and knowledge transfer is incomplete.

5.3 Structural Problems in the Agent Economy Context Doesn’t Flow: The Root of All Problems

The technical analysis points to one fundamental issue: Context in today’s AI systems doesn’t move. 

Each one optimizes the agent experience within its own walled garden. 

Context immobility shows up five ways:

Spatial Lock-in: An agent’s memory and knowledge are locked to the machine it runs on. Switch devices and it’s gone.

Trust Isolation: Agent A claims “the user preferred X last week.” Agent B has no way to verify it. No shared source of truth.

No Discovery Mechanism: Want an agent skilled in DeFi? There’s no standard way to find one.

Unpriced Value: Agents learn domain expertise and user preferences—both genuinely valuable. But there’s no way to price either or trade them. Temporary by Default: Context gets compressed, summarized, or discarded when sessions reset. Nothing’s designed to persist. For context to actually flow, it needs all five simultaneously:

— Cross trust boundaries

— Economic value

— Discoverable without intermediaries

— Traceable decision history

— Responsive to user needs

No protocol delivers all five. MCP solves how models call tools. A2A solves how agents talk to each other. x402 solves how agents pay. What’s missing is how agents autonomously discover, evaluate, and use context data across untrusted environments. 

That answer doesn’t exist yet.

Coordination Paradox

An Agent only needs enough context to reason, but cross-organization coordination requires all historical context.

For example, when an Agent considers “Should I book this flight?” the current session’s compressed information is sufficient. But if it needs to coordinate with a supply chain Agent, finance Agent, and calendar Agent (possibly on different platforms and run by different organizations), questions arise: Which context is shared? How is it verified? Who owns it? Gartner predicts that by 2027, over 40% of Agentic AI projects will be canceled due to rising costs, unclear business value, or insufficient risk control. Yet 70% of developers report that the core problem is integration with existing systems. The root cause: Agents are non-deterministic executors, while enterprises require deterministic outcomes. A non-deterministic executor in an uncertain environment collaborating with uncertain partners cannot produce reliable outputs without a verifiable trust layer.

Currently, cross-platform Agent collaboration demand is minimal. Users just want an AI that helps them get work done—they don’t care if it can coordinate with other Agents. The coordination paradox is a real technical issue, but whether it becomes a large-scale business problem depends on whether Agent usage evolves from personal tools to multi-Agent collaboration networks.

Architecture Concept

Lower layer: where Agents perform reasoning. Characteristics: transient, token-bound, fast, focused on current tasks. Examples: OpenClaw, Claude Code, Cursor. Upper layer: where coordination occurs. Characteristics: persistent, verifiable, economically priced. Accumulates cross-organization knowledge, maintains provenance, operates reputation. These two layers have conflicting requirements:

Agents need simplicity; organizations need historical records. Agents need speed; auditing requires permanence. Agents operate probabilistically; enterprises require deterministic results. Most current architectures attempt to merge these layers, which is unlikely to succeed.

Proposed idea: add a modular, permissionless middleware deployable across all Agent systems.

Properties: trusted neutrality, persistence, verifiability. Provides a controlled interface between layers: Downward flow: injects relevant subgraphs from a decentralized knowledge graph before execution. Upward flow: submits operations as verifiable on-chain transactions with provenance and reputation updates after execution. The core assumption is that context flow is valuable:

If most Agent users never need cross-platform collaboration (e.g., a single OpenClaw handles everything), the middle layer has no real demand. If the middleware only provides portable context, it will likely fail.

Success is more likely if it focuses on: Verifiability of economic activity in multi-party, untrusted scenarios Transferable reputation with clear economic incentives IronClaw is an attempt toward such an abstract middle layer—separating execution environment and credential management into a verifiable secure layer—but it remains internal to the Near ecosystem, lacking cross-platform generality.

The Real Crypto Entry Point

Most of the demand in the Agent economy can actually be solved with Web2 solutions. Crypto’s irreplaceable value in the Agent economy only exists in one scenario: when you need cross-organization, cross-platform, permissionless interoperability and the participants do not have pre-established trust.

For example:

Agent A (running on OpenClaw, owned by User Alpha) needs to hire Agent B (running on Claude Code, owned by User Beta) to complete a task. They have no shared platform, no shared account system, and no prior business relationship. In this scenario, on-chain identity (ERC-8004), on-chain payment (x402), and on-chain reputation are more suitable than any centralized solution—because no single centralized platform can cover all Agent frameworks simultaneously.

However, just because an Agent can pay doesn’t mean it should pay. For instance, some F500 companies lost $400 million because Agents repeatedly paid in retry loops. Once Agents can autonomously pay, the most valuable infrastructure is the decision-making framework that tells Agents whether a payment is justified.

Currently, crypto in the Agent economy is “nice to have”, unless cross-platform economic interactions between Agents reach a sufficient scale. When enough Agents are no longer tied to a human bank account (i.e., Agents become independent economic entities rather than human tools), traditional financial rails cannot cover them. At that point, stablecoins become the best (or even the only) solution for large-scale fund transfers.

There are three potential triggers for crypto to become a “must-have”:

Agents begin large-scale hiring of other Agents For example, different vendor Agent systems in an enterprise IT environment need to interoperate—similar to today’s enterprise API integrations but far more complex. Agents begin 24/7 cross-border transactions An Agent-orchestrated workflow might call a US LLM endpoint, a European data provider, and a Southeast Asian compute cluster simultaneously. It shouldn’t require three separate payment rails. Stablecoins are global and always-on, which is a bigger advantage for Agents than humans in always-on, cross-timezone scenarios. Micro-payments reach a frequency beyond the capacity of traditional rails Currently, on-chain microtransactions (API calls, data queries, compute resources) average $0.09 per transaction, while Stripe fees alone are $0.35 + 2.5%, 4× higher than the transaction itself. If an Agent needs to call tens of thousands of APIs, traditional payment processors cannot underwrite this merchant risk, and the fee structure becomes a true bottleneck. Security Threats and the Necessity of On-Chain Infrastructure

The “Siri Paradox” is a key framework for understanding the entire Agent sector: Siri is safe because it’s neutered; OpenClaw is useful because it’s dangerous. For AI to truly take action—handling emails, booking flights, deploying code—it must have broad system permissions. Broad permissions naturally mean a larger attack surface.

A notable positive example on OpenClaw: a user asked an Agent to book a restaurant, but OpenTable had no available slots. The Agent didn’t give up; it found AI voice software, installed it, and called the restaurant to successfully book. This kind of autonomous problem-solving ability is highly desired. But the same autonomy also means that errors propagate at machine speed.

Some have called Steinberger joining OpenAI the “iPhone moment for AI Agents”. But before that, there must be a phase with security infrastructure in place. Otherwise, large-scale adoption equals large-scale losses. Chopping Block predicts “AI-generated $100M+ hacks”—if that happens, there are two paths:

Public panic causes a regression in Agent adoption (similar to Ethereum’s downturn after the 2016 DAO hack). It catalyzes a real Agent security infrastructure (similar to the boom of smart contract auditing post-DAO). We lean toward the latter, because the demand for Agents is real:

Malicious Agent detection → ERC-8004 Reputation System If each Agent has an on-chain identity and public reputation record, malicious behavior leaves an immutable record. Other Agents can check on-chain reputation before trusting. The reputation system must be mature—multi-dimensional, time-weighted, with anti-manipulation mechanisms, not just simple ratings. Malicious Skills auditing → Validation Registry If Skills’ code audits are recorded in the ERC-8004 Validation Registry, verified by independent evaluators (staked services, zkML verifiers, TEE oracles), typosquatting risks are greatly reduced. Checking the on-chain validation status before installing a Skill suffices. Credential leakage → x402 “pay-per-access” x402 eliminates API key management problems. Agents don’t need to store long-term credentials—they pay on demand for temporary access. Coupled with EIP-712 signature binding (binding service usage rights to the payment address), even if a token leaks, it cannot be used by others. Behavioral runaway → On-chain audit logs + programmable permissions Whether it’s prompt injection by an attacker or context loss during compression, the result is the Agent performing unexpected operations. Smart contracts can define Agent behavior boundaries—e.g., “single transaction ≤ X amount,” or “deletion requires multisig approval.” On-chain logs are immutable and auditable. This is far more reliable than embedding “ask for approval first” in a prompt, because prompt-level constraints can be lost during compression, whereas contract-level constraints persist. Of course, on-chain infrastructure can only mitigate consequences, not prevent attacks. Smart contracts can limit “single transaction ≤ X amount,” but what if an injected Agent continues malicious actions within the limit? For example, 10,000 malicious $0.09 transactions still total $900.

True security requires a dual approach:

Agent runtime layer (TEE/sandbox) On-chain layer (permissions/audit) Relying on the on-chain layer alone is insufficient.

Chapter 6: Industry Comprehensive Analysis

Traditional technical moats—engineering capability, team size, execution efficiency—are being commoditized by AI tools. Anyone with an idea can quickly build a product prototype using OpenClaw or Claude Code. This implies:

Small teams’ window of opportunity is shorter than ever (and large teams can catch up even faster using the same tools). First-mover advantage at the idea level is more valuable than before, because your Agent can iterate faster than any competitor. The scarcest resource is judgment about the right problems to solve, not technical capability. The Real Competition in the Track Isn’t Within Crypto

Many people compare which L1/L2 executes Agents better—Base vs Solana vs Ethereum vs Near. But the true competition is Crypto solutions vs Web2 solutions.

For example, Sapiom raised $15.75M to provide Web2-based Agent service access management. In an extreme scenario, if Sapiom’s solution is good enough—Agents can access all Web2 services through it without touching on-chain payments—then x402 has no reason to exist. If Stripe’s virtual card solution can resolve anti-automation issues through commercial agreements (convincing merchants to remove CAPTCHAs for specific virtual cards), the Phase 2 model could last longer. This is exactly the battlefield Visa, Mastercard, and Stripe are currently fighting over: controlled Agents within the authorized scope. The core is virtual cards + dedicated payment APIs, shifting the trust from “trust an uncertain AI” to “trust a parameterized payment tool controlled by the issuer.” This works best at scale for now, but as B2B agentic scenarios grow to the next level, programmability limits of authorization info and the data constraints of credit cards will become bottlenecks.

For x402 to win, its “pay-as-you-go equals authorization” model must outperform the “middle-layer Agent management” model in cost, latency, and developer experience. Currently, x402 has an edge in micro-payment scenarios (as low as $0.001 per transaction), but in complex enterprise scenarios with sophisticated permission management, Web2 solutions might still be better.

Similarly, for ERC-8004 to win, on-chain identity and reputation must be more useful than centralized identity management (e.g., ClawHub’s own verification mechanism). Adoption of 8004 is still limited; checking on-chain reputation is not as convenient as looking at a platform’s rating. Meta acquiring moltbook also reflects this—acquiring Agent identity verification and directory capabilities to control the Agent identity layer internally.

Crypto solutions cannot rely on being theoretically better. They must match or exceed Web2 solutions in developer and user experience, or they risk becoming another “great decentralization idea that nobody uses because it’s too cumbersome.”

Legacy Payment Giants Define the Adoption Timeline

The market is expected to evolve in three stages. Over the next 3–5 years, Stripe/Visa solutions will dominate the early market—they offer unmatched backward compatibility, allowing Agents to immediately transact with millions of merchants worldwide that already accept credit cards.

Stage 2 emerges as this scales: virtual cards with proprietary payment APIs, giving enterprises limited programmability and basic controls. It works for a time. But beyond five years, structural limits become unbearable: authorization systems that cannot adapt to agent-specific context, insufficient capacity to encode rich agent identity data (reputation, transaction history, credentials), microtransaction fees that kill economics at scale, and cross-border settlement that remains slow. At that point, the market naturally shifts to Crypto infrastructure.

This means Crypto solutions don’t need to beat Stripe today. Instead, they need to perfect the infrastructure over the next 3–5 years, so that when Stage 2 limitations peak, they can take over. Right now, it’s an infrastructure race, not a market-share battle.

Of course, infrastructure must be in place ahead of time, but infrastructure alone does not drive adoption—it requires an application-layer breakout to activate it. TCP/IP was invented in the 1970s, but it wasn’t widely used until the World Wide Web browser appeared in the 1990s.

Currently, we can see infrastructure gradually improving, but nobody is using it at scale yet. For example, x402 in most of 2025 was technically ready but lacked killer use cases. 

We need more applications to emerge and link these infrastructure pieces into a usable stack. The explosive adoption of OpenClaw/Moltbook is the first visible demand engine—suddenly, hundreds of thousands of Agents need payment, identity, and reputation, turning x402 and 8004 from “available” to “actively used.”

Selling Shovels Beats Panning for Gold

The entire Base Lobster ecosystem validates an old investment adage: the most reliable way to profit during a gold rush is to sell shovels.

Felix made $75,000. But Clanker, from 64,000 token deployments, earned far more in fees. ClawRouter sells LLM routing services ($0.003 per request). ClawCloud sells Agent compute power. Venice sells reasoning capacity and financializes compute via the VVV/DIEM model. The business models of these infrastructure providers are far more mature and reliable than Agents making money autonomously.

The infrastructure that all Agent categories need—identity, payments, security, coordination, compute resources—will be required regardless of which Agent framework wins (OpenClaw, IronClaw, or OpenAI’s next-generation products).

The term “Claws” coined by Karpathy captures a trend bigger than OpenClaw itself—localized, persistent, autonomous AI Agents represent an entire category. Crypto infrastructure must serve the whole Claw category. IronClaw (Near’s TEE-secured version), various enterprise-custom Agent frameworks, and OpenAI’s upcoming integrated Agents all belong to this category. OpenClaw is a pioneer, but it will not be the only player.

Product-Agent Fit Will Replace Product-Market Fit

Multiple platforms have begun banning OpenClaw user accounts, because Agents simulate browser operations to bypass anti-scraping mechanisms. The platform operators and Agent users are inherently at odds. Platforms monetize human attention, but Agent users consume data without generating advertising value.

Traditional marketing relies on the attention economy—beautiful images, video ads, limited-time buttons—targeting human impulse. Agents, however, are perfectly rational decision-makers, caring only about whether API returns are clear and parameters are complete. They compare product specs, historical prices, delivery times, user reviews, even carbon footprint. There is no mindshare to capture.

Future moats won’t be built on brand (Agents don’t care about brands), nor on UX (Agents don’t use interfaces), but on data structuring, API stability, MCP compatibility, and on-chain verifiable service quality records.

Internet business models may shift toward pay-per-scrape: Agents as service consumers no longer rely on ad-supported free models but pay directly for data retrieval. Each data query, API call, or service usage requires a small payment and ensures compliant access for the Agent. This is exactly the problem x402 solves—directly paying for data access while supporting microtransactions. Early forms are already emerging: Lord of a Few launched over 80 x402 paid endpoints in one week, each costing $0.50 to build and charging a few cents to tens of cents per call.

Moreover, when both buyers and sellers are Agents, how is the profit pool redistributed?

Conclusion We are in a rare window of opportunity: the infrastructure is in place, but killer applications have yet to emerge. History has repeatedly shown that true transformation does not announce itself in advance—it only strikes unexpectedly, at a moment when everyone suddenly realizes that the old world is over.

References

[1] McKinsey & Company, “The Agentic Commerce Opportunity,” 2025.

[2] Morgan Stanley Research, “AI Agentic Shoppers: The Next Frontier of E-Commerce,” 2025.

[3] Edgar Dunn & Company, “Agentic Commerce: The Future of AI-Driven Retail,” 2025.

[4] Dune Analytics — x402 Transactions per Project Dashboard

[5] Artemis Analytics

[6] x402 White Pape

[7] EIP-8004

[8] ERC-8183 — ETH Foundation dAI Team, March 2026

[9] Virtuals Protocol Documentation

[10] SecurityScorecard — OpenClaw Exposure Report, 2026.03

[11] The Block, Phemex, Allium Labs — Various x402 Data Reports

[12] MarketsandMarkets, “Agentic AI in Retail and eCommerce Market Report,” 2025.

App Review Summaries and Replies Are Now Live in the Solana dApp Store Publishing Portal

Ratings & Reviews is live in the Solana dApp Store publishing portal. Every rating, every review, an AI-powered weekly digest, and the ability to reply directly, all from the publishing portal. This is the most-requested feature from dApp Store publishings, and it’s available today at https://publish.solanamobile.com/ 

The Solana dApp Store now hosts over 900 apps. Your users have been rating and reviewing your dApp since the day you launched. Thousands of reviews are flowing in every week across the ecosystem. Until today, that feedback existed in a place publishers couldn’t reach from their own tools.

Now you can actually see what they’re saying — and respond to your user base.

Ratings & Reviews is live in the Solana dApp Store publishing portal. Every rating, every review, an AI-powered weekly digest, and the ability to reply directly, all from the publishing portal. This is the most-requested feature from dApp Store publishings, and it’s available today at https://publish.solanamobile.com/ 

What’s New in the Updated Publishing PortalReview AnalyticsThe publishing portal now gives a full picture of how your app is performing since its first release. Star distribution, total review count, and reply rate — all visible at a glance, plus review quality filters.

The data and filters are there to help you get more signal and less noise. If your 1-star reviews are climbing after a specific release, you’ll see it immediately. If 87% of your users are on the latest version but your rating is dropping, that tells you the update broke something. 

AI Weekly Digest

Every week, the publishing portal generates an AI-powered summary of your recent reviews. LLMs read every review from the past seven days and tell you three things: what users love, what’s broken, and what they’re asking you to build next.

The digest identifies patterns across reviews that you might not catch reading them one by one. If twelve users in the same week mention wallet connection issues — phrased twelve different ways — the digest catches that and surfaces it as a single, actionable takeaway. If a cluster of 5-star reviews all mention the same feature, you know what’s working and can double down.

It also flags review quality. Not every 5-star review is organic, and not every 1-star review is legitimate. The digest notes when high-rated reviews look like gibberish or don’t reference your product, so you can separate real user feedback from spam before making product update decisions.

Key takeaways from the digest are listed at the bottom of each summary with priority flags, so you can scan them in thirty seconds and know where to focus your next sprint.

Reply to ReviewsYou can now respond to any review directly from the publishing portal. One reply per review. When you respond, the user gets notified — which means your reply can directly engage with your user base and let them know when fixes arrive.

This matters more than it sounds. A user who leaves a 3-star review about a bug and gets a direct response saying it’s fixed in the next release is a user who updates their review. A user who feels heard is a user who stays.

Replies are public, so other users browsing your app’s reviews will see that there’s an active team behind the product. For developers and founders building trust with a new audience, that signal compounds.

Start NowIf you have an app on the Solana dApp Store, your reviews are already loaded and waiting. Log in to the publishing portal, navigate to Ratings & Reviews, and see what your users have been telling you.

publish.solanamobile.com 

New to building on Solana Mobile? Start with the developer documentation at docs.solanamobile.com or apply for Solana Mobile Builder Grants at solanamobile.com/grants to get funded, get users, and get your app in front of 100,000+ active Seeker device owners.

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In brief Australian crypto traders are diversifying their portfolios beyond Bitcoin, anonymized Kraken wallet data reveals. Ethereum makes up 33% of Australian wallets, nearly double the global average of 19%, while Solana and meme coins appear more often in Australian portfolios. Kraken’s Jonathon Miller says Australia’s “speculative streak” reflects culture as much as strategy. Australians appear to be trading on curiosity and culture as much as conviction, according to a new analysis by crypto exchange Kraken.

The company’s latest wallet report, based on an anonymized dataset covering millions of wallets between August 2024 and August 2025, shows Australians leaning heavily toward Ethereum and smaller tokens while reducing exposure to Bitcoin and older altcoins.

For the average Australian wallet, Ethereum takes up roughly 33% of the cache, nearly double the global ratio of 19%. Bitcoin remains the most commonly held digital asset, with more than 36% of Australian users holding some BTC compared to about 34% globally, per Kraken’s findings.

Yet by value, Bitcoin accounts for a smaller share of local portfolios, with the average BTC balance at AU$17,409, well below the global average of AU$29,830.

Those numbers suggest Australian crypto holders are taking broader bets across decentralized finance and alternative ecosystems, spreading risk across newer assets rather than concentrating in Bitcoin.

Kraken attributes the shift to the country being “more densely populated with professional traders than other regions” it operates in.

Australia’s “speculative streak”But the trend’s underlying character, says Jonathon Miller, Kraken’s managing director for Australia, might be more about consumer psychology.

Kraken’s report shows Australians are a bit more likely than global users to hold Solana (13.79% vs. 11.93%), which spawns meme coins faster than other chains, owing to the popularity of so-called meme coin factories such as PumpFun.

Australian crypto investors are also significantly more engaged in meme coins such as WIF, PEPE, BONK, and FARTCOIN, than the global average, the Kraken findings show.

Miller attributes this to the Australian “larrikin spirit” at work: a cultural disposition toward irreverence and play, though one that some might read as proof of the market’s immaturity.

“I think it's fair to say Australians have always had a bit of a speculative streak, we're willing to have a go,” Miller told Decrypt.

When it comes to crypto investing, such an attitude could translate into a “readiness to engage with new and unconventional assets,” he added.

“Aussie culture and sense of humour may play into our propensity to engage with meme coin offerings just as much as potential gains. Many see these tokens as a low-stakes way to engage with crypto communities and trends,” he said.

That said, Miller cautioned against making generalizations. "It's always a bit dangerous to try to extrapolate things like user intentions from the cold data of average wallet analysis,” he said.

In May, figures for global adoption were published by crypto exchange Gemini, showing that most meme coin owners also hold Bitcoin and Ethereum.

Some 31% of U.S. holders bought meme coins before going after other larger cap assets. Australian meme coin buyers ranked second for the same stat by a narrow margin.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Solana-based meme coin dogwifhat (WIF) price has surged more than 25% in the past few hours with massive trading volumes. This comes following the WIF listing by South Korea’s largest crypto exchange amid bullish momentum in the broader crypto market.

Upbit Announces Dogwifhat Listing South Korea’s largest crypto exchange Upbit revealed plans to list dogwifhat, according to an official announcement on May 6. This has sparked massive reactions within the crypto community.

The token is now available for trading in KRW, BTC, and USDT pairs, opening it to a massive new audience in one of the world’s most active crypto markets. Users can start trading WIF at 16:00 KST today.

Upbit listings have historically acted as a catalyst for meme coins, providing liquidity, visibility, and massive buying pressure. The crypto exchange pointed out that deposits and withdrawals are supported only on the Solana network.

“Please be sure to check the network before depositing digital assets. Deposits and withdrawals via networks other than the listed networks are not supported,” Upbit said.

WIF Price Jumps More Than 25% WIF price has broken key trendline and resistance levels, climbing from around $0.19 to highs near $0.25. Dogwifhat price action shows strong bullish momentum, with the token outperforming many peers in the meme coin sector.

WIF price is currently trading at $0.241, with a massive more than 416% jump in trading volume. Solana-based meme coins are also rising today as the community moves to capitalize on the Upbit listing announcement.

JUST IN: $WIF (dogwifhat) surges 25.4%, driven by its listing on Upbit. pic.twitter.com/thO8oaei5h

— CoinGecko (@coingecko) May 6, 2026

The derivatives market showed massive buying in the last few hours, as per CoinGlass data. At the time of writing, the total WIF futures open interest has surged almost 50% to $160.96 million in the past 24 hours.

The 4-hour dogwifhat futures open interest was up more than 37%. Notably, WIF futures OI on Binance, OKX, and Bybit climbed more than 48%, 49.50%, and 72%, respectively. However, traders must keep an eye on potential profit booking after the sharp rise.

If you’re looking to buy meme coins amid recent upside momentum in the broader crypto market, check out our top dog-themed meme coins recommendations list.

Securitize Expands Tokenized CLO Fund To Solana As Ethena Plans $250M Allocation

Crypto Theft Hit Nearly $400 Million in January 2026

A recent report highlighted three major reasons Solana (SOL) has struggled to keep pace with Ethereum (ETH), at least from a market performance perspective that goes beyond day-to-day price movements. 

Market expert Dominic Basulto from The Motley Fool pointed to factors that, in his view, have shaped investor sentiment and affected Solana’s momentum in key areas.

The Meme Coin Hangover One of the most important drivers, Basulto said, is how many investors still associate Solana with the meme coin craze of 2024. During that period, Solana became the preferred destination for people minting and trading meme coins, and the conversation frequently included the idea of a “meme coin supercycle.” 

At its high point, the meme coin market was valued at around $150 billion. Today, Basulto said the segment is worth less than $40 billion, and many individual meme coins are still far below their 2024 highs. 

For some investors, according to the expert, the connection between Solana and that hype cycle never fully faded, which may have contributed to lingering hesitation toward the network.

A second explanation involves Solana’s attempt to build a mobile-first crypto ecosystem—and the belief that it never took off as its early ambitions suggested. 

Back in June 2022, Solana announced the launch of a mobile device called Saga, along with a broader mobile strategy. Basulto noted that the Saga was positioned as a breakthrough, but at a price of $999, it struggled to compete with mainstream smartphones. 

While Solana later introduced a cheaper alternative, the bigger idea of creating a mobile crypto environment did not seem to catch on with investors or consumers at the scale required to create a sustained advantage.

Solana ETF Momentum Falls Short The third reason Basulto raised centers on Solana exchange-traded funds (ETFs) and the expectation that they would draw in a meaningful wave of institutional interest. 

He noted that eight spot Solana ETFs are now trading in the US, but they have not achieved the momentum seen with spot Bitcoin (BTC) ETFs, which launched in January 2024. 

The rollout of spot Solana ETFs was widely viewed as a potential catalyst—something that could bring more institutional capital into the space. 

Instead, Basulto said Solana ETF momentum has remained limited. He estimated that total assets under management (AUM) for spot Solana ETFs are currently about $1.1 billion, which contrasts sharply with spot Bitcoin ETFs that reportedly pulled in $100 billion in less than 12 months.

Even so, Basulto’s overall conclusion was not pessimistic. He argued that Solana may still represent a stronger long-term investment compared with Ethereum, based on what he described as a visible shift in Solana’s direction. 

In his view, Solana is pivoting away from meme coins and moving toward stablecoins, while also strengthening its presence in decentralized finance (DeFi).

Basulto added that Solana remains faster and cheaper than Ethereum, and that these advantages could keep drawing developers and users toward Solana over time.

The 1D chart shows SOL’s consolidation below $90. Source: SOLUSDT on TradingView.com At the time of writing, SOL was trading at around $86, with losses recorded across all time frames, amounting to a 51% drop year-to-date (YTD). Meanwhile, ETH was trading just above $2,100, also recording losses across all time frames and a YTD drawdown of 20%. 

Featured image created with OpenArt, chart from TradingView.com 

Wed 07 Jan 2026 ▪ 5 min read ▪ by Mikaia A.

Summarize this article with:

Stablecoins are proliferating. Almost every week, a new initiative arises in the crypto-sphere. Their promise? Stability backed by the US dollar, but blockchain-style. While the United States multiplies economic fronts, these digital tokens backed by (more or less) solid reserves present themselves as the new guardians of digital financial balance. And what if, behind this explosion of stablecoins, there was a geopolitical asset? Or, to put it more bluntly: are stablecoins a golden parachute for the dollar?

In brief JupUSD is backed 90% by the BUIDL fund via USDtb, and 10% in USDC. Jupiter unifies its crypto products around a native stablecoin usable everywhere on Solana. Ethena Labs orchestrates the JupUSD reserve, with transparent management and traceable on-chain flows. The approach appeals to institutions and traders: a home stablecoin becomes a strategic liquidity lever. JupUSD: the Trojan horse of the dollar in the DeFi universe Jupiter, one of the DeFi locomotives on Solana, has just pulled out JupUSD, a native stablecoin of its ecosystem. The main ingredient of this new recipe? BlackRock’s BUIDL fund, via the USDtb stablecoin. 90% of JupUSD’s reserves are backed by this regulated asset, the rest being in USDC to guarantee immediate liquidity via Meteora.

The JupUSD token was designed as an SPL token, Solana’s native standard, with a clear intention: “to unify the user experience” across all bricks of the Jupiter ecosystem. From perpetuals to market prediction, including mobile and limit orders, everything aligns around the home digital dollar.

Transparency? It materializes through institutional custody ensured by Porto (via Anchorage Digital), with multiple audits before launch. Jupiter emphasizes this point:

JupUSD was designed with a security-centered approach. This implies institutional-level self-custody ensured via Porto by Anchorage Digital. Furthermore, the source code is fully open source, with three independent audits conducted by Offside Labs, Guardian Audits, and Pashov Audit Group before launch.

Ethena Labs: the craftsman of the JupUSD stablecoin mechanisms Behind the facade of JupUSD lies Ethena Labs, a discreet but strategic player. They orchestrate reserve operations, flow management, and asset allocation. Their expertise has already been proven with USDe and USDtb. For JupUSD, Ethena uses distinct and public on-chain addresses, ensuring traceability of operations.

The goal is clear: to create a stable token that is resilient, flexible, and productive. Thanks to Jupiter Lend, users can deposit their JupUSD and receive jlJupUSD, a token offering unique promotional rewards, in addition to classical lending gains. This strategy incentivizes long-term holding and strengthens liquidity.

Ethena doesn’t hide its ambitions:

We believe that JupUSD will demonstrate how protocols, by mastering the economics of their stablecoin integrations, can: 1. make their products more efficient, 2. increase the value redistributed to their ecosystem and their users. 

Crypto and digital dollar: towards a backstage war of stablecoins? The multiplication of so-called “native” stablecoins seems to be turning into a global strategy. MetaMask, Klarna, SoFi, Hyperliquid… all want their own dollar-parity token. Why rely on a USDT or USDC when you can hold the key to your own liquidity?

At Jupiter, the narrative is clear: it is about unifying dollar liquidity across the entire infrastructure. Result: 500 million dollars in USDC will gradually migrate to JupUSD, notably in the Jupiter Perps pool.

And this trend appeals beyond individual traders. Institutions can strike or buy JupUSD at any time via single transactions on Solana, with capacities published in advance.

The current dynamic shows that every DeFi player wants to control their flows, margins, and currency. Decentralization no longer excludes hyper-integration. Perhaps this is the real turning point of the crypto industry: no longer depending on the stablecoin “sacred cows.”

Some key figures and facts 90% of JupUSD reserves are in USDtb, backed by BlackRock’s BUIDL fund; 500 million dollars of USDC are in the process of being converted to JupUSD; JUP, Jupiter’s native token, soared 18% in one week; JupUSD is an SPL token, natively compatible with the entire Solana ecosystem; The global stablecoin market is worth about 308 billion dollars. As the year closes, USD1, the stablecoin supported by Donald Trump, surpasses 3 billion dollars in market capitalization. Another piece in the American digital monetary puzzle. While the world wonders who will dominate the next era of the crypto-dollar, some have already placed their tokens.

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

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Just hours away from the US presidential elections, PolitiFi tokens have seen a remarkable boost. The sector has experienced a nearly 10% surge in the last 24 hours, with Trump-themed memecoins leading the way. Following the recent performance, some investors forecast a massive rally for these tokens in the coming days.

Trump-Themed Memecoins See 30% Jump The PolitiFi sector gained popularity after several memecoins inspired by US politicians registered a massive performance earlier this year. Some tokens had their market capitalization break above the $100 million mark, with a couple still holding the feat.

Memecoins inspired by the former US President and Republican candidate Donald J. Trump have led the sector throughout his presidential campaign. The tokens recorded massive rallies this year, hitting their peak during Q2.

Cryptocurrencies like MAGA (TRUMP) and Doland Tremp (TREMP) hit the $17 and $1.5 marks, respectively, as their all-time high (ATH), fueled by Trump’s crypto-friendly statements. However, most of these cryptocurrencies have retraced significantly since June, pulling back over 70% in most cases.

Now that the elections are just hours away, the PolitiFi sector is soaring again, surging around 10% in the last 24 hours, while the crypto market sees a 1.5% retrace. Memecoins themed after Trump held their lead, registering green performance during the past day.

TRUMP has seen a 26% surge in the last 24 hours, trading above the $3.8 range. Meanwhile, MAGA Hat (MAGA) records a 32.6% price jump in the same timeframe, nearing a $90 million market cap earlier today.

MAGA’s daily trading activity has also increased nearly 30%, registering a $41.7 million trading volume on the last day.

PolitiFi Tokens In The Hands Of The Election The sector’s rally is seemingly fueled by the anticipation surrounding the elections. Notably, volatility is forecasted to peak in the following days as speculation about the election’s outcome increases.

Some investors believe the PolitiFi token’s rally will continue in the following days, with Trump-themed memecoins expected to skyrocket in case of Trump’s victory.

Just 10 hours before the election, the Republican candidate’s winning odds are considerably higher than the Democratic nominee, Kamala Harris. Polymarket’s live forecast shows that Trump leads the prediction market with a 15% gap.

Trump’s winning odds 10 hours before the presidential elections. Source: Polymarket Following the presidential debate, the former president lost ground to the US Vice President in early September. At the time, the Democratic nominee surpassed Trump’s winning odds by 4%. However, these have seen a significant retrace in the last month.

The Republican candidate regained his lead in October, recording a considerable 33% gap between his winning odds and Harris’. By the end of the month, Trump led the predictions market with a 66% chance of winning, which has now retraced to 57%.

Amid Trump’s winning odds, the memecoins inspired by the US VP have recorded a considerable decrease in the past day. Kamala Horris (KAMA), the largest Harris-inspired token, retraced nearly 25% in the last 24 hours, seeing a 34% decrease in daily trading activity.

TRUMP’s performance in the three-day chart. Source: TRUMPUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

The recent announcement that President Joe Biden tested positive for COVID-19 has reverberated through political and crypto markets. In response, speculators on the decentralized betting platform Polymarket have drastically adjusted their forecasts regarding Biden’s political future,

Moreover, there has been a sharp decline in a Joe Biden-themed meme coin.

Jeo Boden Meme Coin Plummets, Kamala Horris Shoots UpToday, the odds of President Biden withdrawing from the presidential race surged to 69% on Polymarket. This marked shift accompanied Biden’s health revelation, along with a staggering $17 million in bets on this outcome.

“I tested positive for COVID-19 this afternoon, but I am feeling good and thank everyone for the well wishes. I will be isolated as I recover, and during this time, I will continue to work to get the job done for the American people,” Biden announced on X (Twitter).

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

The heightened speculation reflects concerns over his ability to continue campaigning, especially after Biden stated he would reconsider his run if medically advised due to a severe condition.

The impact of President Biden’s diagnosis extended into the crypto market, particularly affecting the Biden-themed meme coin, ‘Jeo Boden’ (BODEN). In the past 24 hours, BODEN’s value plummeted by nearly 25%. This downturn in value mirrors the broader uncertainties now overshadowing his re-election efforts.

Jeo Boden (BODEN) Price Performance. Source: BeInCryptoMeanwhile, Vice President Kamala Harris has experienced a surge in betting odds, surpassing Biden on Polymarket as the more likely Democratic candidate. In contrast, the Kamala Harris-themed meme coin, ‘Kamala Horris’ (KAMA), skyrocketed over 101% following the news of Biden’s COVID-19 diagnosis.

The market’s enthusiastic response to Harris’s improved odds suggests a growing belief among investors that she might lead the Democratic ticket.

Furthermore, this political and economic turbulence coincides with significant events affecting other key US political figures. Notably, former President Donald Trump’s chances of winning the next election climbed to 64% after an assassination attempt last Saturday.

Read more: 11 Top Solana Meme Coins to Watch in July 2024

US Presidential Election Winner Odds. Source: PolymarketDuring the incident, a bullet grazed Trump’s right ear, prompting an immediate response from Secret Service agents. Despite the ordeal, Trump’s defiant gesture to his supporters—a fist pump—appeared to enhance his image and electoral prospects

The Joe Biden-inspired meme coin Boden (CRYPTO: BODEN) on Solana (CRYPTO: SOL) is showing signs of rebounding from recent lows, up over 75% on the day.

What Happened: According to data from DexScreener, Boden (BODEN) is currently trading at $0.011, with a market cap of $7.8 million.

The token has seen a 24-hour trading volume of $1.7 million, with buyers outpacing sellers in recent transactions.

“Uptober + October pre-election hype = $BODEN mooning,” pseudonymous crypto trader ChimpZoo tweeted, referencing the market’s seasonal bullish trend.

The trader has been vocal in his belief that the current hype cycle, combined with political momentum ahead of the U.S. elections, could catapult BODEN back to significant highs, rhetorically asking “Are you ready for $1?”

ChimpZoo further emphasized his stance, stating, “$1 TARGETS STILL ALIVE AND WELL.”

Despite losing over 99% of its value from its all-time high of $1.08 earlier this year, BODEN’s recent price movement has caught the attention of market participants.

ChimpZoo had previously acknowledged the coin’s risky nature but identified a buying opportunity in the steep price drop.

In an earlier tweet, he noted, “There's a real risk this coin goes to zero, but I believe there is a significant chance that we see a 5x-40x in price in the near future.”

ChimpZoo has openly disclosed that he has “loaded a huge bag at these levels,” demonstrating his confidence in the coin’s future performance.

Boden’s surge also coincides with increased activity and sentiment in the broader crypto market.

Also Read: Pay Taxes With Bitcoin? Ohio Senator Proposes Bill For Crypto Tax Payments, But There’s A Catch

Why It Matters: The history of BODEN has been turbulent, with previous stories highlighting the massive losses faced by traders due to its volatility.

In one instance, a trader reportedly saw their investment of $8 million in Boden dwindle down to just $85,000, highlighting the risks associated with meme coins tied to specific narratives.

Despite these cautionary tales, ChimpZoo remains bullish, attributing the latest rally to the upcoming election cycle and what he calls “BODENOMICS.”

The ongoing price action of Boden is indicative of the volatile nature of meme coins, particularly those intertwined with political events and figures.

With the U.S. presidential election looming and October’s historical market trends often favoring upward movements, traders like ChimpZoo are betting on another explosive rally.

The future of BODEN, however, remains uncertain, hinging on both market sentiment and the rapidly shifting dynamics in the world of cryptocurrency.

What’s Next: The current landscape and the implications for meme coins like BODEN will be key topics at Benzinga’s Future of Digital Assets event on Nov. 19.

Read Next:

The Dollar Is Weakening—Here’s Why That Could Be Good For Bitcoin: 10x Research Image created using artificial intelligence with Midjourney.

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Rubio: US and Iran to continue technical consultations at the end of this month

Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)

5 hours ago

Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.

According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.

5 hours ago

Bitcoin falls below $60,000

According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.

5 hours ago

US Treasury Secretary: AI boom may boost productivity and help curb inflation.

US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.

5 hours ago

US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.

According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.

5 hours ago

During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.

According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.

5 hours ago

Rubio: US and Iran to continue technical consultations at the end of this month

Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)

5 hours ago

Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.

According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.

5 hours ago

Bitcoin falls below $60,000

According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.

5 hours ago

US Treasury Secretary: AI boom may boost productivity and help curb inflation.

US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.

5 hours ago

US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.

According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.

5 hours ago

During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.

According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.

5 hours ago

Best Crypto Presale in 2025? LivLive ($LIVE) Outshines Notcoin and Solana With Real-World Earning Power

Ondo Finance has made its largest single asset expansion to date, adding 173 tokenized stocks and exchange-traded funds to its Ondo Global Markets platform. The move pushes the platform's total catalog beyond 430 assets across Ethereum, Solana, and BNB Chain.

What's New in the Expansion The largest asset addition to date broadens $ONDO's coverage across artificial intelligence, robotics, quantum computing, defense technology, and other sectors attracting heavy public-market demand. The new listings also include tokenized exposure to private company shares, active ETFs, Treasury products, and covered-call strategies, with SpaceX's SPCX token highlighted among the additions.

Ondo Global Markets brings traditional public securities onchain, with tokens that are freely transferable and usable in DeFi. The tokens are custody-backed, with underlying securities held at US-registered broker-dealers, while onchain holders receive economic exposure rather than shareholder rights.

A Platform Built Across Multiple Chains Ondo Global Markets extends beyond Ethereum and BNB Chain, where it launched in late 2025, to now include Solana. The platform is described as the world's largest tokenized stock and ETF platform by total value locked. With its Solana deployment, Ondo Global Markets became the largest real-world asset issuer on the network by asset count, representing approximately 65% of all tokenized real-world assets currently live on Solana.

Ondo Finance plans to expand from tokenized stocks and Treasuries into managed onchain investment portfolios, as tokenized assets surpass $30 billion in value and draw interest from major financial institutions. For non-US investors, the platform offers a direct route into US equity markets without a traditional brokerage account, with institutional-grade custody and access to deep traditional market liquidity.

Sources:
Crypto Adventure: Ondo Adds 173 Tokenized Stocks and ETFs
CoinDesk: Ondo Finance Brings 200+ Tokenized U.S. Stocks and ETFs to Solana
CoinDesk: Ondo Finance Pushes Into Tokenized Investment Products

Ondo Finance expanded Ondo Global Markets with 173 new tokenized stocks and ETFs on Tuesday, lifting the platform's total catalog past 430 assets on Ethereum, Solana, and BNB Chain. The batch brings AI, robotics, quantum, defense tech, critical materials, and data center energy names onchain alongside BlackRock active ETFs and covered call strategies.

Ondo Finance added 173 tokenized stocks and ETFs to Ondo Global Markets on Tuesday, pushing its catalog past 430 assets available across Ethereum, Solana, and BNB Chain.

Ondo Finance's official X account announced the expansion on June 17. The batch spans some of the most capital-intensive corners of public markets: AI, robotics, quantum computing, defense tech, critical materials, and data center energy. Also included are BlackRock active ETFs and covered call income strategies, products largely inaccessible to crypto-native investors before tokenization. Analytics platform Birdeye added support for all 173 new assets, bringing its tracked Ondo Finance total past 430 as well.

The Platform Behind the CatalogOndo Global Markets is a tokenized-securities platform that gives non-US investors onchain access to publicly traded U.S. stocks and ETFs. Each token is backed 1:1 by the underlying security, purchased and held in custody by a U.S.-registered broker-dealer. Tokens track the total return of the underlying position, including dividends, and can be minted or redeemed around the clock on weekdays. The platform crossed $1 billion in total value locked on May 11, the first tokenized-stocks platform to reach that threshold, in under eight months from launch. Cumulative trading volume has surpassed $18 billion.

Ondo Finance holds more than 70% market share among tokenized equity issuers, per RWA.xyz. Its reach extends through integrations with Binance, MetaMask, Blockchain.com, and Ledger hardware wallets. In April, Ondo partnered with Broadridge Financial Solutions to let tokenized-stock holders submit proxy votes on underlying shares, a governance feature rare in the tokenized-asset space. Ondo is also in the process of acquiring Oasis Pro, a U.S. SEC-registered broker-dealer and alternative trading system, to extend its regulated infrastructure toward domestic U.S. access.

Multi-Chain DeliveryThe 173 new assets went live across all three supported chains simultaneously. That approach avoids a recurring problem in tokenized-securities rollouts: liquidity concentrating on a single network while users on other chains cannot access the same catalog.

BNB Chain joined Ondo Global Markets in October 2025. Solana launched with over 200 tokenized U.S. equities in early 2026 and has since become the largest network for Ondo-backed assets by count. Ethereum remains the foundation of the platform's institutional integrations.

The sector spread in this batch reflects where institutional and retail capital has concentrated in public markets. AI infrastructure, defense contractors, robotics, and quantum computing have each drawn sustained inflows over the past year. Critical materials and data center energy extend that theme into the physical infrastructure supporting the technology expansion.

Context in the RWA ArcTokenized stocks have emerged as the fastest-growing asset class on Ethereum in 2026, with Ondo and xStocks leading the sector, according to Token Terminal data. The category runs alongside tokenized Treasuries, where Franklin Templeton alone has exceeded $2.5 billion in assets under management.

The expansion follows Ondo's tokenization of five Franklin Templeton ETFs in March, which brought growth, large-cap, fixed income, equity income, and gold funds onchain. Felix, a protocol built on Hyperliquid, launched access to over 250 Ondo-backed tokenized equities in March, extending the catalog into perpetuals and derivatives infrastructure.

An Ondo executive said in May the company expects the tokenized equity market to reach between $2.5 billion and $3 billion by year-end, per TheStreet. Adding 173 assets in a single batch, across three chains at once, is the most direct expression of that trajectory so far. Ondo has not publicly disclosed how much of the new batch has been minted since the June 17 announcement.