x402 protocol's Meme coin PING: A replica of the inscription craze or the start of a new narrative?

Recently, everyone in the circle has been saying that the Meme coin PING on the x402 protocol is very similar to the wave of BTC inscriptions in 2023. What exactly is similar? Will it follow the old path of inscriptions from back in the day? I think it will, and the probability is not small.

Core Similarities: On-chain Data + Off-chain Arbiter

Everyone understands the gameplay of inscriptions - sending transactions to the BTC mainnet occupies UTXO, but the mainnet itself does not care whether this transaction counts as an “effective inscription”. The real authority lies with the Ordinals indexer. It acts as the referee, scanning all transactions on the chain and determining who minted the real goods according to the “First is First” rule.

The PING actually uses the same formula. Users transfer USDC to a specific address on the Base chain (the address is dynamically given by x402scan), and this transfer is just a regular ERC20 operation for the Base chain and the x402 protocol, and no one knows you are “minting PING”.

The key role is still that indexer——x402scan. It scans all USDC transferred to a specified address on the Base chain, determines which transactions “count” according to its own rules (1 USDC exchanges for 5000 PING), then records it in an off-chain database, and issues coins through a contract. Do you see? The logic is almost identical.

Unpleasant but unstoppable

When inscriptions first came out, the Bitcoin Core team was quite resistant – the mainnet was filled with dust transactions, what actual value was there? PING is the same, with the x402 protocol being played like this, it does seem awkward in the short term. But just like the BTC mainnet, as an open standard, even if it's unpleasant, it can't be directly prohibited.

What's more subtle is: when minting inscriptions, at least the assets are still on the BTC mainnet, and when the hype cools down, you can still get some BTC back. But for minting PING, the USDC all goes into the treasury wallet specified by x402scan, which means the team is crowdfunding while issuing tokens, and the x402 protocol has been “freeloaded” in various ways.

But don't rush to criticize, this matter is actually the “Charge Horn”. Forcing the x402 to create usage scenarios, the exposure is directly maximized, and it also serves as a pressure test. It can be considered a singular moment in the narrative of x402, and improvements and ecological prosperity might just start from here.

Will it evolve like inscriptions? Yes.

The existence of PING actually serves as the indexer x402scan, but the problem is also very obvious:

• Asset custody in the hands of centralized entities goes against the original intention of x402 to open payment channels for AI Agents.
• It may not be seamlessly compatible with other x402 protocols.
• Lack of unified standards for minting, transferring, and burning.

Looking at the evolution path from BRC20 to ARC20 to SRC20 to Runes, a bunch of so-called “more orthodox” new solutions are bound to emerge: changing the custody method, changing the minting form, obtaining support from the native protocol…

To exaggerate a bit, even if x402scan runs away or treasury absconds with the funds, this wave has already begun. Pandora's box has been opened and cannot be closed.

Lastly, a few words

The x402 narrative explosion is only a matter of time, and PING is just the first shot fired. How the market evolves afterwards is uncertain for anyone; the above is purely a personal understanding shared and does not constitute any investment advice. But don't be too anxious, the upcoming excitement is still worth joining in.