تحول PING و PAYAI: من ميم خالص إلى تصورات لمسار البنية التحتية

Recent discussions about $PING and $PAYAI have been quite intense, and the core疑惑 is nothing more than——these two projects haven’t really pumped their prices, so what are they actually doing? One is labeled MEME but is stubbornly building Launchpad, while the other is a utility token that insists on migrating and swapping pools, which looks like a sign of giving up. Indeed, it is filled with uncertainty.

Honestly, in such a big environment, no one has a clear idea. But I can share some of my understandings.

Why these two projects are doing this is actually quite reasonable

As long as the market fundamentals improve, these actions are definitely beneficial. The fundamental problem is——MEME’s most deadly shortcoming is the lack of a持续的赋能机制 (continuous empowerment mechanism), relying solely on consensus and sentiment. While utility tokens have technical content, their ceiling is fixed, and the barriers are not high, resulting in both projects currently lacking support in terms of「信心面」(confidence aspect).

The recent moves of $PING and $PAYAI , frankly, are all about plugging their own漏洞 (holes). PING is weakening the pure MEME label through the Launchpad platform, while initiating a positive循环——靠不断发行的项目去赋能平台币 (empowering the platform coin through continuously issued projects). PAYAI, on the other hand, aims to upgrade from a simple utility token to a基础设施协议层 (infrastructure protocol layer) through token migration. Both moves are opening up new imaginations.

How to view this logically

The expected story has not been fully fulfilled yet, so we can only look at the logic now. It’s not surprising that PING is building a Launchpad——in a bear market where sentiment and consensus can’t sustain prices, the narrative of x402 is easily killed off by excessive MEME化. But from another perspective, the Launchpad platform coin is very different. Launching one project, two projects, three projects, constantly trial and error, as long as encountering a good liquidity node, can achieve a brilliant turnaround. This strategic adjustment still holds some value.

As for PAYAI’s token migration, it easily invites suspicion. Many voices say that the project team is trying to wash their hands and use migration to control the situation. But the opposite logic applies——if they really had bad intentions, why not just do FUD directly? I tend to believe that the project team has seen the ceiling of the utility attribute and wants to upgrade to the protocol layer to give continuous empowerment to the token. Staking mechanisms, reward systems, ecological incentives, CEX locking—these can all come into play. Looking at it over a longer cycle, this move is not bad either.

Why the market can’t understand

It’s still the same problem: most people entered the x402 track with a MEME炒作 (speculation) mindset, still thinking in terms of “one wave in, one wave out”. But the growth logic of the x402 track is completely different from MEME, and it won’t show results in the short term.

PING’s Launchpad is just the starting point of the x402 asset issuance narrative. Whether successful or failed, more Launchpad projects are brewing. Looking at the signals from those projects in the c402 Market, it’s clear——the new generation of Launchpad is not just about issuing a bunch of useless tokens. Business models like Gamefi and Socialfi with real scenarios can be integrated, which is a big step forward from pure chatting.

PAYAI’s protocol layer upgrade is even more interesting. I heard that this team adopts a technical engineering approach, which is actually a good thing in a bear market——there’s enough time window to prove themselves. The facilitator segment itself has great value capture and commercial extension potential. The new positioning is that the team is starting to continuously inject energy into this tool, ultimately changing the status and value capture ability of Facilitator within the x402 ecosystem.