Why AI Agentic Finance Isn't Ready Yet

Donovan argues AI agents on blockchains remain mostly a meme: x402 onchain transactions peaked in November 2025 then collapsed, with merchants offering only speculation plays rather than useful services. Three binding constraints prevent growth: discovery (no registry of x402-enabled services), identity (no way to verify unknown wallets), and reputation (no chargeback mechanisms). The missing layer is an agentic PageRank combining onchain volume, attestation reviews, and completion rates—whoever builds it could own the agentic economy's monetization funnel, potentially larger than Google's AdWords.