Andy Kudson AKAX1

[AX1 @ax1vc]

Base just nationalized the asset layer. the standard's called B20

Built for issuers it certainly is. But built in a way that will come as a shock. The twist is who gets to be the keeper of the keys.

Every article about this release will read: Base released its native token standard with embedded compliance and bullish RWA. They'll be spot-on. But they won't go any further.

B20 tokens are not smart contracts.

They're precompiled tokens, made via a singleton factory located on the node level. This time your token isn't something that has to be deployed. This is an issuance mechanism that the chain will give you by default.

It is the timing that gives it away. This comes right after Azul, the first Base upgrade independently from OP Stack upgrades. Base gets the independence and immediately uses the newfound flexibility to pull one of the chain's most critical objects, the asset itself, out of the EVM and into a native precompile.

See where Optimism went with this power. Optimism chose cross-chain ERC20s with their SuperchainERC20 standard. In case you forgot, they're called Superchain for a reason. One token across every OP chain.

Base did the exact opposite thing. Native tokens issuance with full sovereignty, compliance-native, with no interest in ever issuing outside Base. Same roots, but entirely different view on token standards.

Now, with the compliance. Frozen, seized tokens. Allowlisting, transfers restrictions. All available and defaulted to fully open mode in B20. Without manual configuration, B20 will be permissionless.

Base didn't impose permissioning upon anyone. It included everything and let the issuer adjust the parameters of the token to create everything from fully permissionless token to a frozen-and-seizable treasury.

What this does not have is identity management. The allowlist here is simply a list of addresses, which means that there will always be an off-chain identity management solution that tells you whose address should be in there.

But this isn't Base absorbing the middleware. This is much bigger and much broader: a bet that the next leg of issuance volumes will be regulated and trying to make compliance chain-native rather than middleware native.

The actual twist lies with the precompile nature of these tokens. With your deployed smart contract, it's your business. With precompiled tokens, it's Base's business. If you were to consider yourself an issuer running upgradeable contracts already, so far so good. But your upgradeability key just got handed to the chain.

For a treasury desk, that's fine. For everyone who showed up for credible neutrality, that's the whole conversation.

[AX1 @ax1vc]

Onchain agent activity should 1,000x this decade

Right now the real money moving through it is down 77% from its peak.
What's actually broken?

The rails are basically done. This week alone: Ripple shipped an agent-payment kit on x402, and Mastercard launched Agent Pay for Machines - its own protocol, but Coinbase and x402 are right there in the partner list. Base MCP's let agents move money straight from a wallet since May. The load went the other way.

@Base keeps posting $50M in agentic payments, except that's cumulative since last summer, and most of the early run was PING - a pay-to-mint memecoin you could loop for near-zero gas.

Pull that out and two trackers for the same protocol can't even agree with each other. x402(.)org says ~$24M last month. x402scan says ~$1.1M.

Same activity, 20x apart, depending whose dashboard you trust.

The true number is probably the low one. x402scan, Artemis, Liquid Mercury, Paddock all land near $1.1M a month, and Artemis has it down ~77% off a $5.15M peak last November.

And $1.1M is still generous.

Someone broke down a single day onchain on June 10: one wallet ran ~87% of the transactions, the median settlement was $0, and nine of every ten transfers came in under three cents.

A lot of the "agentic economy" right now is one bot paying itself nothing in a loop.

To be fair, not all of it is fake.

The stuff people actually pay for stopped being memecoins a while ago. It's compute and data now - StableEnrich, HYRE Agent, that whole lane.

Chainalysis has tester-to-payer conversion up 4x in six months, with retention creeping up and no real hype cycle to explain it.

Demand exists. It's just tiny, and most people are dunking on the wrong bottleneck.

Out of the box, Base MCP makes you sign every transaction yourself. Fine for a $40 swap. Miserable for a $0.001 API call firing a few thousand times an hour.

At that scale the click costs more than the thing it's buying.

That's the version people screenshot to dunk on agentic payments.

But it's the default.

I funded a separate wallet on @BlockRunAI about a month ago, set a spend cap, and the agent just went.

That's the permission layer doing its job: session keys, smart-contract wallets, signed mandates like what Google's pushing with AP2.

The rail isn't really the bottleneck anymore. Manual approval is half-solved for micro-spend. Hand an agent a real budget and the trust problem is still wide open.

So why does this 1,000x?

The market is real and huge. Juniper has agentic commerce at $1.5T by 2030, and Gartner figures 90% of B2B buying runs through agents by 2028.

But most of that still settles on cards, and cards are fine for it. A $40 checkout doesn't need a blockchain.

The part cards don't handle is how agents actually work.

An agent doesn't make one clean $40 purchase. It makes a thousand tiny calls - a model call, a data pull, a tool, another agent - each worth a fraction of a cent, firing all the time.

Stripe's floor is 30 cents plus 2.9%. On a sub-cent call, it's a 30x loss.

That layer has a pretty narrow set of options: it either stays fake / subsidized / bundled, or it settles somewhere else.

And the somewhere else is onchain.

That's the part people miss. This isn't really a market-share bet against cards. Cards keep the checkout layer. Onchain gets the layer cards can't price.

Today that slice does ~$1.1M a month.

The machine-to-machine flow underneath a $1.5T agent-commerce market should be orders of magnitude larger than that.

Catching even a fraction of a percent is where the 100 to 1,000x comes from.

Because this is the one payments layer with nowhere else obvious to live.

Funniest tell: same week, a16z and Paradigm dropped $175M into Morpho at a $2B valuation.

Onchain credit. $11B already in deposits. Demand that showed up years ago.

Capital isn't really betting on agent payments yet. It's betting on the one onchain rail where the load already arrived.

We flagged this in the BASE piece:
https://t.co/l5gAIaKdFb

This is the second one up close.

The micro layer is already solved - session keys handle the sub-cent stuff.

What's not solved is the layer above:
Who gives an agent its first real treasury, and what has to be true before they do?

[AX1 @ax1vc]

$BASE at $40B FDV looks ridiculous until you model the mechanism

It's the stack Coinbase built around it: Coinbase-scale distribution through the Base App, ~$4B in onchain USDC liquidity now plugged into Visa settlement, $78M in sequencer revenue last year.

Looks like a solid start for a flywheel.

And then there's x402. Coinbase wrote it, the payment standard agents actually use - then handed it to the Linux Foundation so nobody owns it, not even them. Visa, Mastercard, Stripe, Google, and AWS all in. And ~85% of it still clears on base.

Does the token capture any of this?

$ARB and $OP don't pass sequencer fees through to holders and trade like it.
$HYPE routes 99% of fees into buybacks and sits at a $54B FDV.
Same exact question. Base just hasn't picked a lane yet, which is the whole trade.

~$15-20B if the token gets real fee-share or a staking sink and Base stays the only profitable L2 at scale.

$40B if the regulatory thaw lets @Base run actual buybacks, x402 becomes THE agentic settlement layer, agentic dollar volume 10x’s off its ~$600M base, and Coinbase funnels its users straight into the token.

Aggressive, but it's also half what $BNB trades at, and BNB doesn't own payment rails.

Watch 2 things - the token gets a buyback or fee-share mechanism and real agentic dollar volume grows.

Hit all two and $40B is the conversation.

[AX1 @ax1vc]

The ai billing problem is bigger than model costs.

Everyone can see the demand side now: usage wants to be metered.
The supply side is already here - just not where anyone is looking.

Per-seat was already mispriced for heavy users. For agents, it barely maps at all.

No one is subscribing their way through a thousand sub-calls a minute.

So this is the missing piece: per-call, budget-bounded settlement, cleared when the work happens.

Web2 will bolt it on painfully, invoice by invoice.

The machine-native version is already running: agents paying per call for inference, search, and data, settling onchain today.

Open-source models cap what labs can charge.

The rail every call clears through decides who actually gets paid.

[AX1 @ax1vc]

Collectible Cards Dune V2 is live

The onchain card market got easier to read.

V1 showed people are already using tokenized collectible cards. V2 starts showing how they use them: flow composition, project comparison, chain behavior, aftermarket activity, and user quality.

Current coverage: @Beezie, @Courtyard_io, @Collector_Crypt, @upshot_cards, @phygitals - across Base, Polygon, and Solana.

Cards are not one market.
They are packs, vaults, redemption, trading, gacha, prediction mechanics, and collector behavior all moving at once.

The question now: which loops bring people back?

We also cleaned up the plumbing, including Beezie methodology around Hub V1/V2.

V2 gets us closer.

Star it, dig in, send feedback.

Best feedback shapes V3.

https://t.co/nSu5UZzJSf

[AX1 @ax1vc]

https://t.co/RvAzFK8TyS

[Andy Kudson AKAX1 @AKudson]

@ax1vc @base Wow)
0x3CA1fa4C20cE31834f3Bb411cfAA919BF1143674

[AX1 @ax1vc]

small leak from the kitchen:

ax1 ~/console is waking up.
@base x agentic.
drop your wallet.

thank me in Q3.

[AX1 @ax1vc]

X Space - Thursday, May 28, 5PM UTC

AX1 is partnering with @UseLucentHQ

Lucent is an Alliance alum building in one of the harder corners of investing: biopharma.

Join us with @JulianMalinak, co-founder of Lucent, to discuss why biopharma may need a much better investing interface.

This market moves on FDA decisions, trial readouts, filings, expert debates, and small signals most investors never learn how to read.

A lot of the information is technically public, but public does not mean understandable.

It is scattered and hard to turn into a view before the market already reacts.

Lucent is building for that gap.

AI-native biopharma intelligence that helps investors track catalysts, understand company and asset-level context, and see why a signal may matter.

Set a reminder.

https://t.co/eQtwcKxW4X

[AX1 @ax1vc]

X Space - Thursday, May 21, 3PM UTC

AX1 is partnering with @freeportmarkets.

Freeport is an Alliance alum building around a simple idea: market-moving events are rarely clean yes/no bets - they are signals.

The bigger retail trading shift is helping users turn those signals into context, conviction, and executable trades.

A market headline hits, a macro move starts spreading, a pre-IPO name gets hot - what does this mean for the market, can I trade it?

Today that path is messy. News in one place, context in another, execution somewhere else.

Freeport brings that flow into one product: AI market context, trade ideas, and one-tap execution.

Join us with @Lihong062, founder of Freeport Markets, to discuss what they’re building and why event-driven trading could become much bigger than it looks today.

That’s the bet we like.

Consumer onchain without making “onchain” the product. Just a faster, sharper way to turn market attention into action.

Set a reminder.

https://t.co/60E8iI6jQy

[AX1 @ax1vc]

https://t.co/UxOFwOGxwq

[AX1 @ax1vc]

We shipped a V1 Dune dashboard for the tokenized Collectible Cards market.

Base, Polygon, Solana.

First batch:

@Beezie - claw-machine packs for physical collectibles

@Courtyard_io - vault-backed tokenized cards

@Collector_Crypt - graded card gacha and marketplace activity

@upshot_cards - prediction cards wrapped into a collectible experience

@phygitals - digital packs backed by vaulted cards

Onchain cards are getting past the “interesting idea” stage.

There’s already behavior showing up:

people ripping packs,
trading,
redeeming physical cards,
moving through vault-backed flows,
playing prediction mechanics,
coming back for another round.

Still early, data will keep improving.

But that’s kind of the point.

The category is forming in public, and we can already start watching which loops actually pull people back in.

The question now, which mechanics create repeat behavior?

https://t.co/nSu5UZzJSf

[AX1 @ax1vc]

Agent activity on @Base is getting easier to see.

For V3 of our Agentic Dune Dashboard, we added a new layer: Tools & Infrastructure.
The rails underneath it.

Projects that help agents pay, route, borrow, execute, and actually do things onchain.

First tracked projects:

@BlockRunAI - an AI agent execution hub, with 500K+ USDC in transactions routed through its contracts since January 2026.

@FloeLabs - agent-native lending through an x402 facilitator, still early and currently in testing.

The useful signal is shifting a bit.

Agent activity still matters.

But the stronger question now is what agents can actually do onchain, and which rails make that possible.

https://t.co/MsL0PTZOII

[AX1 @ax1vc]

Agent activity is clustering around @Base

And x402 is making the payment layer more real.

Introducing Agentic Dune Dashboard V2.

We refreshed the dashboard across the board - updated older datasets, tightened up existing views, and made the whole thing cleaner and easier to work with.

We also added Agentic Gaming - an early category of games built for AI agents, where autonomous systems operate through real tokens and verifiable onchain logic.

All of that now sits on top of an existing view across Base Agentic, Base vs Solana, and broader onchain agent activity - making agent behavior easier to read, compare, and verify.

As real usage forms around actual rails, observability matters more.

https://t.co/MsL0PTZOII

[Base Insights @Base_Insights]

Top 8 @base apps by WTUs this week

1. @clashofcoins

agentic gaming with a $5M tournament, agent heroes, $100K+ in pass sales, and 100K+ monthly players.

2. @Planetix0

strategy game economy on Base with marketplace expansion, p2p asset trading in AIX, drone customization, and more rewards flowing through Base.

3. @ripsapp

mystery coin packs, fast gameplay, and a simple consumer format built around opening packs and pulling coins.

4. @arbase_gm

mini games, around 1K daily active users, 3K+ weekly transactions, and more in-app activity shifting from USDC to $Arbase.

5. @superformxyz

save, swap, send, and earn in one app, with Robinhood onramp, creator rewards, upgraded mobile UX, and ongoing $UP campaigns.

6. @avantisfi

oil markets live with up to 25x leverage, $30M liquidity, tighter spreads, and continued focus on RWAs.

7. @AerodromeFi

Predictive Allocation, the Momentum Fund, deSPXA live on Base, and fresh MEZO incentives. one of the main trading and liquidity venues on the chain.

8. @mamo

1,272 daily check-ins, $2M deposited since boosted rewards went live, and Ethereum Accounts now live inside Moonwell.

[Base Hub 🛡️ @BaseHubHB]

App Of The Week : @clashofcoins

Clash of Coins is a massive PvP MMORPG on Base where autonomous AI agents conquer territories for you, massive player base sitting as top gaming app on @base with over 20K WAU

Key Highlights:

- Currently running a massive tournament where players compete for a 5M USD prize pool.

- Complete hands free grinding where your AI executes your text prompts in live combat.

- Secure onchain ownership for all your territories and NFT assets.

- Highly engaging reward loops with daily bonuses and lucky wheel spins.

This brings the mix of casual strategy and AI automation making it a priority watch for anyone tracking the gaming narrative on base.

[AX1 @ax1vc]

https://t.co/ssF9i2nKyB

[OWB Studio @owb_studio]

OVERRIDE - the first agentic gaming layer built for live systems on @base

Most of the market is still focused on the agent itself.

We’re focused on what makes agents viable inside real environments.

Once agentic products move beyond single-user flows, the bottleneck is no longer model quality or interface design.

It’s whether the agent can operate inside a system with friction and pressure.

That is where the next layer of value will be built.

OVERRIDE is the infrastructure layer emerging from OWB Studio.
The upcoming Agentic Tournament in @clashofcoins is the first public showcase of that direction.

The first live proving ground.

A starting point for a broader technology layer we believe can go far beyond a single game - into more serious agentic applications over time, including B2B and institutional use cases.

We’re still early, but we clearly see:

The next important companies in the agentic market will be defined by the systems they build around them.

More soon.

[AX1 @ax1vc]

Introducing Agentic Dune Dashboard

Agent economy needs 3 things: trust (ERC-8004), payments (x402), observability (Dune).

Built this Dune dashboard as an observability primitive - standardizing onchain agent activity into actionable signals for builders, funds, protocols.

Base-centric + cross-chain comps: @Base Agentic, Base vs Solana, Agentic Gaming, OWB Agentic.

Track real-time verifiable activity in a trustless stack - identity, spend flows, execution traces.

https://t.co/MsL0PTZOII

[AX1 @ax1vc]

Honest DeFAI from @Base Batches 002 finalist

AMA X Space - Feb 26, 4:00 PM GMT

Guest:
Kamil (founder - Delta @deltausd & Tezoro @tezoroio - building one-click DeFi on Base with AI that simplifies yields, risk, and portfolio decisions)

DeFi is still an ops problem - balancing risk vs opportunity is hard even for veterans, and basically impossible for normies. In an agentic world, leaving it like this is a crime. Let’s talk solutions.

Set a reminder.

https://t.co/chOp9hGeWJ