$PING is the first token issued based on the x402 network native payment protocol. $PING is distributed through a minting process that costs approximately $1 per token to mint, yielding 5,000 $PING tokens. Currently, the $PING token has no specific utility functionality. x402 is an open source payment protocol developed by Coinbase to enable payments native to the Internet, especially for artificial intelligence agents and machine-to-machine transactions. It is based on the HTTP protocol's 402 status code (Payment Required), allowing developers and service providers to process stablecoin payments directly through standard HTTP requests without the need for account registration, OAuth verification or complex signatures.