Can Trustless Agents Be Trusted? An Empirical Study of the ERC-8004 Decentralized AI Agent Ecosystem

As autonomous AI agents increasingly transact across organizational boundaries, a fundamental trust challenge emerges: how can an agent assess whether an unknown counterpart is trustworthy? The ERC-8004 protocol addresses this challenge with the first permissionless trust layer for AI agent economies, built around three on-chain registries for Identity, Reputation, and Validation. Despite its rapid adoption, the protocol has not been studied empirically, leaving it unclear whether the information it records provides a trustworthy basis for decision-making. To address this gap, we present the first empirical study of ERC-8004 across three chains: Ethereum, BNB Smart Chain (BSC), and Base, covering the period from protocol deployment through May 13, 2026. We crawl on-chain Identity and Reputation events, off-chain files, and x402 payment transactions. On the identity side, we find that most registrations are placeholders rather than active agents, with only a small fraction (3%, 4%, and 15% across Ethereum, BSC, and Base) exposing a valid ERC-8004 registration file with at least one live service endpoint. On the reputation side, we show that the Registry, as currently deployed, cannot function as a trust signal: values are not commensurable, feedback records are rarely grounded in verifiable interactions, and reputation can be manipulated at minimal cost. Consistent with these design weaknesses, we find that a substantial fraction of reviewers (73.5%, 59.2%, and 90.6% across Ethereum, BSC, and Base) exhibit coordinated Sybil behavior. After removing Sybil-flagged feedback, 15.8%, 77.9%, and 86.8% of rated agents, respectively, are left with no valid feedback. We then turn these findings into concrete recommendations for future revisions of ERC-8004. Our study yields actionable protocol-design implications and establishes an empirical baseline for research on AI agent markets.