A brand new Ethereum token customary is taking the crypto market by storm, and that’s the ERC-404 token customary. This token customary combines the facility of ERC-721 and ERC-20 to offer a single avenue that permits undertaking builders to maximise liquidity for his or her initiatives. With its reputation already spreading like wildfire by way of crypto circles, tokens constructed utilizing this customary are already blowing up. Listed here are the market leaders thus far.
Pandora Leads Ethereum ERC-404 Adoption
The staff behind the Pandora (PANDORA) undertaking is chargeable for popularizing the ERC-404 customary, and the success of the undertaking is a testomony to this. Pandora first launched on February 2, 2024, though the undertaking didn’t get a variety of consideration again then. Nonetheless, this may change just a few days into their launch as buyers started to catch as much as the tech and its value started to rise.
Pandora’s use of each the ERC-721 and ERC-20 token requirements makes it in a position to present ample liquidity for non-fungible tokens (NFTs), which have been traditionally recognized to be extremely illiquid. As the recognition grew, the worth went from only some hundred {dollars} to tens of 1000’s of {dollars}.
Within the final three days, PANDORA’s value went from buying and selling under $5,000 per token to buying and selling above $23,000 per token on Thursday. This represents an over 400% surge in value, bringing its market cap to nearly $200 million. However maybe the most effective promoting level for the token is its excessive liquidity, which at present sits at over $36 million.
PANDORA buying and selling at $23,000 per coin | Supply: PANDORA/USDC on Tradingview.com
DeFrogs (DEFROGS) Follows Pandora’s Success
As with every new narratives, there have been different initiatives which have popped as much as compete with Pandora, and a type of is DeFrogs. The undertaking consists of 10,000 frog PFPs constructed utilizing the ERC-404 customary. What this implies is that each time customers purchase the DeFrogs token, they’re minting an NFT as nicely.
Utilizing the ERC-404 customary ensures that the undertaking will be capable of present constant liquidity for buyers each time they should exist their positions. Using off the hype of Pandora’s success, the undertaking is already up greater than 2,000% within the final three days. It’s buying and selling at $2,800 per token on the time of this writing, with a market cap of $27.6 million.
Monkees (MONKEES) Launches Ethereum Monkey PFPs Utilizing ERC-404
As anticipated, a brand new NFT token customary is just not full with a monkey PFP undertaking, and that is the place Monkees (MONKEES) enter the scene. The undertaking is newer than the opposite two talked about above however has benefitted enormously from the success of those that got here earlier than it.
The Monkees undertaking is a group of monkey PFPs constructed on the identical ERC-404 customary. Launched within the early hours of Thursday, the worth of the token has risen greater than 2,000% from its launch value to commerce at $17,000 per token on the time of writing. This places its market cap at $1.8 million with liquidity of $256,000.
Along with these initiatives, Punks404 (PUNK) and EtherRock404 (ROCK) are different initiatives leveraging this token customary. PUNK continues to be trending low with a market cap of $760,000, whereas ROCK has discovered extra success with a market cap of $4.4 million.
