ERC-8004 registered 24,549 agent identities in two weeks — then x402 transactions dropped 92%

Blockchain agent infrastructure shipped fast in early 2026. On-chain identities, wallets, and commerce protocols all went live within the same two-week window — Coinbase launched Agentic Wallets, Stripe shipped x402 payments on Base, and Virtuals Protocol hit $470M+ in Agentic GDP. But x402 daily transactions collapsed from 731,000 in December to 57,000 by February, proving that wallets without governance don't produce sustained commerce.

https://www.agentpmt.com/articles/half-a-billion-in-agentic-gdp-24-549-on-chain-identities-and-a-92-transaction-collapse