Arthur Hayes: Agent Commerce, Not Compute, Will Give New Token Value

Hayes' admission reframes the token's value thesis from infrastructure speculation to actual usage by AI agents, which is a sharper, more honest test than most network launches face. The unresolved dispute-resolution mechanism is the critical gap: without it, agent-to-agent commerce lacks a trust layer, potentially capping adoption regardless of compute demand. This highlights a broader industry pivot toward agent-driven economic activity, where token value hinges on operational realities rather than narrative. Whether Flop can design a viable arbitration model—and whether agents will accept it—is the open question that will define its trajectory.