The brand new Ethereum token customary blends options of ERC-20 tokens and ERC-721 NFTs.
An experimental token customary, ERC-404, which mixes the options of NFTs and fungible tokens, is gaining momentum within the Ethereum ecosystem.
The primary ERC-404 token to make use of this customary, Pandora, has spiked in worth, at present buying and selling for $16,600, a 5,000% enhance since launching on Feb 2. In accordance with DEXscreener, Pandora has a $166M market capitalization.
On Blur, the NFT market, Pandora tokens have a ground value of seven.45 ETH ($17,508), with greater than 1,300 holders.
The ERC-404 token customary affords a singular strategy for initiatives excited by combining the simply tradable nature of ERC-20s and the non-fungible points of ERC-721s.
In accordance with Pandora’s Github, the experimental customary brings native liquidity and in-standard fractionalization.
Pandora points 10,000 ERC-20 tokens together with 10,000 “Replicant” NFTs. If a consumer purchases one full Pandora token, 1 Replicant NFT is mechanically minted to their pockets. Conversely, if a consumer sells their Pandora token, the linked NFT is burned.
Customers have the selection of buying and selling the token on decentralized exchanges like Uniswap or buying and selling the NFT on fashionable marketplaces like Blur and OpenSea.
Apparently, the usual additionally features a rarity part. Every time a Replicant NFT is minted, it seems with a rarity “rating,” with inexperienced being widespread and crimson signifying the rarest.
