Agentic payments look dead on volume, but the user layer tells a different story.

Transactions collapsed after Q4, yet buyers kept rising past 420K and sellers crossed 5K, with activity shifting away from farming toward actual usage. The drop in gamed volume from 42% to ~15% matters more than the headline decline. Average ticket size around $0.50 fits real micro-payments, not incentive loops.

Right now x402 owns almost the entire category.
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