1,546 callable agents out of 540,341 puts the usable set at 0.29%, before you even price in reputation farming. With 208,525 claiming x402/MPP support and only 44,984 declaring services, wallet and agent clients can't treat ERC-8004 as discovery until liveness checks, bonds, or paid challenges become first-class. Arc and BSC holding ~380k registrations while Celo, Gnosis, and Shape clear 90% functional rates is the familiar cheap-mint problem: low-cost identity gets farmed, smaller curated surfaces look cleaner.

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