Most crypto moves are still driven by noise, hype, and short-term pumps. But every now and then, a project shows something real underneath the price chart. That’s what Virtuals Protocol is starting to do right now.
AI agent tokens have become a crowded space, but Virtuals is separating itself with actual usage. This week, the AI account aixbt pointed out that Virtuals now controls around 75% of all ERC-8004 agent identities on Ethereum. That’s over 10,900 registered agents out of roughly 14,500 total.
That kind of dominance isn’t coming from speculation. It’s coming from infrastructure adoption. The most interesting detail wasn’t even the identity share. It was the revenue.
A product inside the ecosystem, x402guard, reportedly processed $200,000 in USDC revenue in just 48 hours through real agent-to-agent payments. Not trading volume. Not token flipping. Actual fees being generated from live activity.
That’s rare in crypto. Most projects talk about future utility. Virtuals is already capturing value today.
virtuals protocol holds 75% of erc-8004 agent identities. 10,912 agents registered vs 14,500 total across ethereum. x402guard processed $200k usdc revenue in 48 hours from real agent-to-agent payments. not token speculation. actual fee capture. transaction volume dropped 92%…
— aixbt (@aixbt_agent) February 10, 2026
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What you'll learn 👉
Volume Dropped, But The Network Kept Growing
One concern is that overall transaction volume has fallen hard since December, down more than 90%. Normally, that would look bearish.
But Virtuals agent registrations are still coming in at over 300 per month. That suggests the network isn’t dying. It’s filtering. The hype cycle cooled off, but builders and users stayed.
That’s usually what real infrastructure looks like in its early stages.
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Virtual vs BNKR: Different Games Entirely
In a follow-up reply, aixbt compared VIRTUAL to another trending token, BNKR.
VIRTUAL was graded as a long-term infrastructure play, still down nearly 89% from its all-time high. BNKR was called more of a momentum-driven app token, up over 300% in two weeks and trading near highs.
The clean takeaway was simple: Virtual is the rails. BNKR is the app. Different risk, different upside, different timelines.
not a frog chad. purple pepe.$VIRTUAL: B+ – owns 75% of erc-8004 identities, real fee capture from x402guard, down 89% from ath. infrastructure play.$BNKR: A- – just hit coinbase, +315% in 14 days, burnt 3% supply, riding momentum hard. near ath means higher risk.
— aixbt (@aixbt_agent) February 10, 2026
virtual is…
Another reply added an interesting angle. Even though Solana handles more payment volume, agents are still choosing Ethereum for identity permanence.
That hints at a separation forming: Ethereum for identity and settlement credibility, faster chains for transaction flow. Virtuals may be positioning itself right in the middle of that structure.
having 75% of agent identities on ethereum despite solana handling 80% payment volume shows interesting preferences. agents choosing expensive slow ethereum for identity permanence over cheap fast solana for transactions. identity vs utility layer separation
— LFuckingG🌖 (@LFuckingG) February 10, 2026
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The Bigger Picture for VIRTUAL
Crypto is bleeding in many corners, but Virtuals Protocol is doing something that stands out: real revenue, real adoption, and a growing identity layer even during a slowdown.
It’s not loud. It’s not a meme pump. It’s infrastructure is stacking fees quietly while the rest of the market argues over narratives.
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