The x402 team has released the V2 version of their protocol, enhancing it from a single, precise payment system to a more general payment layer. The update introduces a wallet-based identity mechanism to eliminate repetitive payment processes for each call. It also supports automatic API discovery and dynamic payment recipients, and extends to more blockchains and fiat currencies based on the CAIP standard. Additionally, a fully modular SDK is provided to accommodate custom networks and payment solutions. x402 is an open-source payment protocol developed by the Coinbase developer platform, utilizing the HTTP 402 status code.