What is x402 Protocol (PENG)? The First Gasless Token on BNB Chain

One of the latest breakthroughs catching attention is x402 Protocol (PENG), the first successful implementation of the BNB Chain. 

This token isn’t the average meme or speculative asset. Instead, it represents a major step toward gasless transactions, powered by EIP-2612 Permit signatures.

With PENG recently trending, showing an impressive 24-hour gain of over 3,600%, investors and developers alike are asking, what is x402 Protocol (PENG) and why is it such a big deal for the blockchain ecosystem? Read this article to find out more!

What is x402 Protocol (PENG)? 

x402 Protocol (PENG) is not designed as a financial asset, it’s a demonstration token built to showcase the x402 protocol and its capabilities on the BNB Chain.

The project enables gasless token transfers, meaning users can send crypto without paying transaction fees in native tokens like BNB. 

Instead, transfers are authorized using cryptographic signatures, a mechanism based on EIP-2612 Permit signatures, and executed by a trusted facilitator service.

This technology marks a major step toward improving blockchain usability, especially for new users who often struggle with gas fees and complex wallet setups.

Read Also: x402 Protocol (PENG) Price Surges as AI Payment Layer Gains Momentum

The Historical of x402 Protocol (PENG) 

The x402 Protocol (PENG) is historically important because it represents the first time the x402 protocol has been successfully deployed on the BNB Chain.

Previously, x402 could only function on networks that supported EIP-3009, which excluded BNB Chain since USDC wasn’t natively deployed there. 

However, the integration of EIP-2612 Permit support (through Pull Request #485 on the x402 repository) expanded its compatibility to any EVM-compatible network.

This development effectively unlocked the potential for gasless payments across multiple chains, broadening the accessibility of decentralized payments.

Technical Implementation of x402 Protocol (PENG) 

Since there was no existing facilitator on the BNB Chain when x402 Protocol (PENG) was being developed, the team behind the project created the first facilitator service for the BNB Chain.

This service handles all cryptographic verifications, ensuring that only authorized transactions are executed. Once verified, the facilitator processes settlements securely and transparently on-chain.

All code is open source, allowing developers to audit, improve, and implement similar systems on other chains. This open approach reflects the x402’s commitment to decentralization and transparency.

Read Also: x402 Binance Integration: What Does This Mean?

Benefits of x402 Protocol (PENG) 

Here’s the benefits of x402 Protocol (PENG):

1. Gasless Transactions: Users can send tokens without needing to hold native blockchain tokens like BNB for gas fees.

2. Enhanced Security: All transactions are cryptographically verified through EIP-2612 Permit signatures, minimizing fraud and unauthorized actions.

3. Cross-Chain Compatibility: The new implementation allows x402 to operate across any EVM-compatible network that supports the permit function.

4. Developer-Friendly Framework: Being open source, the protocol allows developers to integrate gasless payment functionality into dApps or wallets easily.

5. User-Centric Design: The ultimate goal is to simplify crypto transactions for mainstream adoption by removing the need to manage gas fees.

Read Also: Believe App: The Correlation with Launch Coin (LAUNCHCOIN)

PENG Token Price and Minting Detail

As of today, PENG price is trading at around $0.00375, with a market cap of $3.6 million, according to Dexscreener data.

Meanwhile, PENG is purely a technical demonstration token, it has no utility, monetary value, or investment purpose. Users can mint tokens through two endpoints:

/peng → 5,000 tokens for 1 USD1

/PENG! → 20,000 tokens for 5 USD1 (with a small contribution to support facilitator operations)

The minting process will end after 500 million tokens are minted or within 24 hours, whichever comes first. The team also reserves the right to refund suspicious or duplicate addresses to maintain fairness.

Read Also: Launch Coin on Downtrend: Should I Invest in It?

Conclusion 

So, what is x402 Protocol (PENG) really about? In simple terms, it’s a proof-of-concept showing how gasless crypto payments can work securely and efficiently.

While PENG! may not have financial value, its technology represents an important leap forward in user-friendly blockchain design. By eliminating gas fees and enabling seamless transactions, x402 paves the way for a new era of frictionless decentralized finance.

Whether you’re a developer looking to explore EIP-2612 integrations or a blockchain enthusiast curious about the future of payments, x402 is a name worth remembering.

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FAQ

What is x402 Protocol (PENG)?

The x402 Protocol is a demonstration token showcasing the x402 protocol’s ability to enable gasless token transfers using EIP-2612 Permit signatures on BNB Chain.

Does PENG have any financial value?

No, PENG has no monetary or investment value. It’s purely a technical demonstration project.

What is the x402 protocol used for?

The x402 protocol allows gasless token transfers, enabling users to authorize transactions with cryptographic signatures instead of paying gas fees.

How can I mint PENG! tokens?

You can mint tokens through either the /peng or /PENG! endpoints, with different ratios based on contribution preferences.

Why is PENG important for the crypto industry?

PENG is significant because it marks the first-ever gasless token implementation on BNB Chain, showcasing how blockchain usability can evolve beyond traditional gas fee structures.