Research
Deep dives on the infrastructure we build (settlement and authority for AI agents) and on the market forming around it. Written by the team, not marketing.
Market Analysis
Agent Payments Is a Solved Problem. Agent Authority Isn't.
x402 is now infrastructure Coinbase and the Cloudflare-backed foundation already own. Every funded team in the category is building payment rails or settlement clearing. Almost nobody is building the layer that decides what an agent is allowed to do in the first place, and the data says that gap is real, not assumed.
Market Analysis
Mapping the Infrastructure Race for Agent-Native Settlement
A market map of the chains and foundations actually funding agent-settlement infrastructure right now, from Circle's developer grants to the sovereign stablecoin chains nobody's covering yet, and what "grant-reachable" versus "well-funded" actually means for where the real money is.
Market Analysis
What Wall Street Is Actually Saying About Agentic Commerce
Two very different institutions, a $1.5 trillion asset manager and a market-making desk built on latency, reached the same conclusion about where the value in agent-driven finance actually sits. Neither one was talking about payment volume.
Engineering
Why On-Chain Policy Enforcement Beats a Standing Allowance
A standing allowance is binary: an agent has it, or it doesn't. Scoped, revocable, on-chain-checked spend policies are a different design entirely. The difference is exactly where a compromised agent stops being a catastrophe and starts being a bounded incident.
Engineering
Multi-Chain Account Abstraction, Explained
EVM, Solana and Move-based chains solve "programmable account" in three fundamentally different ways. Here's what account abstraction actually means on each, and what it takes to give an agent one identity that behaves consistently across all three.
These are our own technical and market observations, not financial advice. Where we describe how our infrastructure works, we describe it at the level we'd describe any engineering system. Some specifics are intentionally withheld while related patent applications are in progress.