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Research · dated PDFs · CC BY 4.0 · reproducible from the API

Research notes, written up

What the ledger shows, with the definitions, the metric identifiers and the claims it refuses to make.

Agentic Finance Graph · Published 2026-09-27 · Note 01 v2.1 published 27 September 2026

Research Dated, reproducible notes from the ledger, published as PDFs under CC BY 4.0. Each states its definitions in full, cites the metric identifiers behind every figure, and says what it does not assert.

Note 01 · The Binding Record

Nikolai Simonyan, Agentic Finance Graph · version 2.1, 27 September 2026 · A4

How we join an AI agent's identity to the money it moves, why every number above that join depends on it, and what the first census of ERC-8004 agents on Base shows once the join is made honestly. The note specifies the binding record (methods ranked from a signed challenge down to token ownership, a confidence that is a function of the method, validity by block range, closure on resale), derives the counted set and its two exclusions from it, reports the census, and walks through six real agents by transaction, including one wallet whose $34.6M of pre-registration history would otherwise have been reported as agent spending. It closes with the adversarial cases the record resists, what it makes possible for insurers, platforms, agents and auditors, and the open questions.

Open the PDF

Cite as: Simonyan, N. (2026). The Binding Record: how we join an AI agent's identity to the money it moves. Agentic Finance Graph Research Note 01, v2.0, 27 September 2026. https://agenticfinancegraph.com/research/afg-research-note-01-v2-1-the-binding-record-2026-09-27.pdf

Version 1.0 of the same day, a six-page summary of the census, is superseded and remains available. Live values for every figure in the note: the data page and /api/state. Writing about this? The press kit has the numbers with their definitions.

In preparation

  • Note 02 · How AI agent wallets get drained. Drain shapes in our own detections, the May 2026 prompt-injection theft, and where policy is actually enforced.
  • Note 03 · Two populations. The wallets that pay for machine services over x402 and the identities registered under ERC-8004, measured from the seller side on Base and Solana.
  • Note 04 · Agent treasuries. What ranked agents hold, priced, and the flows into lending adapters that dominate counted spending.

To be told when a note is published, connect a wallet on the Desk and tick updates, or write to agenticfinancegraph@proton.me.

Questions people actually ask

How is a research note different from a page on this site?
A note is frozen on its date and states its full method, so it can be cited; the pages bind live values that move with the tape. When a figure in a note changes later, the note is not edited: a new version is published with the change stated, and the earlier PDF stays online.
Where does the data in the notes come from?
From the ledger's own measurements: the ERC-8004 registry read in full, stablecoin transfers read from the chain, receipts checked for routing hops, and recipients identified from verified contract source. Every figure resolves to a metric identifier on /def and a value on /api/state at the stated time.
Can I reuse the figures and the PDF?
Yes, under CC BY 4.0: cite Agentic Finance Graph, the note number and version, and the date the figures are as of. Because the counted set grows as checks clear, every figure is a floor for its date and should be quoted with it.