Does the PING of the x402 protocol resemble the BTC inscription from back in the day? Will this wave repeat?

Recently, everyone in the circle is talking about the Meme coin PING on the x402 protocol, which is simply a replica of the crazy wave of BTC inscriptions in 2023. Is it really similar? Where is it similar? Will it replay the gameplay of the inscription market back then?

My opinion: close enough.

Let's first see why it looks like this

The core gameplay is actually on-chain data legality + off-chain rules take precedence.

Looking back on how inscriptions were played back then - you would send transactions on the BTC mainnet, occupying specific UTXOs, but the mainnet itself doesn't care which transactions count. The Ordinals protocol is the referee, scanning all transactions on the chain and determining which ones are true inscriptions according to custom rules like “First is First.”

The PING trap is almost identical: you transfer USDC to a specified address on the Base chain (this address is dynamically provided to you by x402scan), and in the eyes of the Base chain, this is just a regular ERC20 transfer, with no special meaning.

The key is the x402scan indexer - it scans all USDC transfers to a specific address on the Base chain, determining which ones count as “valid mint” based on its own rules (1 USDC exchanges for 5000 PING), then records the transactions in its database, and finally sends the coins to you through the contract.

Where is it like? The points of contention are also very similar.

When inscriptions first came out, the Bitcoin Core team was quite unhappy - what practical value does this thing have besides filling the mainnet with junk dust transactions? Following this logic, PING is the same. But just like the BTC mainnet, the x402 protocol, as an open standard, cannot be avoided even if it's not liked in the short term.

The logic is simple: at least the assets from inscriptions are indeed on the BTC mainnet, and if the inscriptions cool down, you can still get back some BTC. But what about the PING you minted? It all went into the treasury wallet designated by x402scan. While the team was crowdfunding, they were also issuing coins, and the x402 protocol was taken advantage of in one go.

Don't be in a hurry to criticize me—this operation is actually a “charge”, which is greatly beneficial for the exposure and dissemination of the x402 track. It is equivalent to forcibly creating usage scenarios for the x402 protocol, and the effect is immediate, serving as a secondary stress test. This is definitely a singular moment in the narrative of x402, which will give rise to a bunch of improvement proposals and the possibility of ecological prosperity.

Will it evolve like the inscription market?

Will.

As mentioned earlier, the core of PING is actually the x402scan indexer. However, it clearly has several issues: assets are held under the name of a centralized entity, which goes against the original intention of the x402 protocol to open payment channels for AI Agents; it may not seamlessly integrate with other x402 protocols; and there isn't even a unified standard for minting, transferring, and burning operations.

So following the evolutionary path of BRC20→ARC20→SRC20→Runes, there will definitely be a bunch of new protocols claiming to be more “orthodox”.

There are many ideas for improving the custody method, changing the minting form of transactions, and gaining native protocol support… To exaggerate a bit, even if the x402scan protocol runs away or the treasury absconds with the funds, it won't stop this wave that has already started. Pandora's box has been opened and cannot be closed.

Reiterate: The outbreak of the x402 narrative is destined. PING is just the clarion call; there are too many possibilities for how the market may evolve afterward. The above is just a sharing of cognitive logic and does not constitute any investment advice. But there is no need to be anxious—what is about to happen next is indeed worth joining in.