单日涨超8倍，PING会再次掀起「铭文热潮」吗？

marsbitОпубликовано 2025-10-23Обновлено 2025-10-24

编者注：近两天，最大的金狗或许就是 Base 上的 $PING 了。它通过 x402 协议发行的第一枚代币。x402 是由 Coinbase 开发的一种开放支付协议，它使 AI agents 能够自主完成交易。其铸造流程，让人想起了 2 年前的铭文。关于更多 PING 和 x402 协议的介绍，可参阅：《像铭文的 30 倍大金狗，x402 协议是什么？》。

目前，PING 市值已突破 3000 万美元，24 小时涨超 8 倍，这也引发了人们对于第二次「铭文热潮」的期待。加密研究员 Haotian 也对此次热潮做出了自己的分析，以下为原文内容：

大家都说 $PING 的出现很像 2023 年的 BTC 铭文热潮，为什么像？像在哪里？会向铭文市场一样演化发展吗？先说答案：会。好，以下阐述具体逻辑：

1. 为什么像？核心在于链上合法数据+链下解释权。

铭文的运作逻辑是：用户向 BTC 主网发送交易并占有特定的 UTXO，但 BTC 主网并没有决断哪笔交易有效的能力，而 Ordinals 协议就是那个判断铭文是否有效的 indexer 索引器。它作为第三方裁判，扫描链上所有交易，按照自己定义的规则，比如「First is First」来认定哪些是有效真铭文。

PING 的运作逻辑，也几乎是同样的配方：用户在 Base 链上发送 USDC 到特定地址，地址由 x402scan 动态返回，相当于用户向 x402 协议发出了一笔「支付请求」，但 Base 链和 x402 协议本身并不知道这是在"mint $PING，在它们眼里，这只是一笔普通的 ERC20 转账。

真正赋予这笔交易「mint 意义」的是 x402scan 这个 indexer：它扫描 Base 链上所有发往特定地址的 USDC 转账，按照自己定义的规则（1 USDC = 5000 $PING），认定哪些交易是「有效 mint」，然后在链下数据库记录并通过合约分发代币。

2. 像在哪里

铭文刚出来时候，遭到了 Bitcoin Core 团队的抵制，因为它的存在除了让 BTC 主网上堆满大量粉尘交易，没任何价值。显然，顺着这个思路，$PING 的存在逻辑也类似，但和 BTC 主网一样，x402 协议作为开放标准，即便不讨喜短期看也无能为力。

原理很简单，大家打铭文的资产好歹还是存在了 BTC 主网上，铭文没了炒作意义，释放一下还能返回一部分 BTC，但大家 Mint 的 PING，其实都到了 x402scan 指定的 treasury 钱包内，团队一边众筹，一边发币，真正的 x402 协议前后都只是被「白嫖」了一番。


先别着急怼我，这样的行为我前文说了是一次「冲锋号」行动，对于曝光传播 x402 赛道的价值大有裨益。等于强行为 x402 协议制造使用场景，且效果立竿见影，也算是一次对 x402 协议的压力测试，无疑是一次「x402 叙事的奇点」，会催生一系列改进和生态繁荣可能。

3. 会向铭文市场一样演化吗？

会，前边说了，PING 的存在意义实际上是 x402scan 这个 indexer。但显然它存在很大问题：比如，资产托管在自身中心化实体名下，违背了 x402 协议为 AI Agent 开通的支付通道的初衷，不一定能和其他 x402 协议进行无缝兼容，甚至没有统一的铸造、转账、销毁等操作规范。

所以，顺着 BRC20-ARC20-SRC20-Runes 演进的逻辑，相信还会有很多自称更「正统」的新「铭文」出现。


比如改进托管方式，改变发交易 mint 的形式，获得原生协议支持等等思路等等。夸张点说，中间即便出现 x402scan 协议跑路，Treasury 卷款走等已经阻挡不住这波风刮起来了，潘多拉的魔盒已经开启！


以上。

还是重申一个观点，x402 叙事的爆发是一定的，$PING 只是吹响了冲锋号，后续市场如何演化可能也很多很多，以上分享权当认知逻辑，不做任何投资建议，但大可不必焦虑，接下来该凑的热闹值得凑凑！

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