Heretic Research 是专注于 Crypto 与 AI 交叉领域的独立研究机构。我们挖掘人声鼎沸之下的真实数据,并据此深度研究。我们独立于任何市场叙事。
An independent research house at the intersection of crypto and AI. We dig for the real data beneath the noise and build our research on it. We stand apart from any market narrative.
USDC monopolizes 99.8% of settlement — yet that is 0.00073% of global e-commerce payments. The alliance is built; real users have yet to step in.
Stripe is running a textbook barbell hedge, betting four fronts at once with a $1.1B acquisition and its own ecosystem. Whichever path wins, Stripe cannot lose.
x402's necessity today exists only in API micropayments. Retail e-commerce and enterprise SaaS have no reason to migrate on-chain; the growth ceiling remains unproven.
Value capture is brutal: x402 levies no tax and issues no token. If the ecosystem takes off, the upside flows to Circle's reserves, Base's sequencer fees and cloud compute.
The biggest gray rhino may be Ant International's 1.8 billion accounts. The implicit consensus that "agent payment = crypto payment" is being challenged by AMP.
HERETIC RESEARCH
