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 enables mission builders to maximise liquidity for his or her tasks. With its reputation already spreading like wildfire via 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 workforce behind the Pandora (PANDORA) mission is liable for popularizing the ERC-404 customary, and the success of the mission is a testomony to this. Pandora first launched on February 2, 2024, though the mission didn’t get numerous consideration again then. Nonetheless, this can change just a few days into their launch as traders started to catch as much as the tech and its worth 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 hundreds of {dollars}.
Within the final three days, PANDORA’s worth went from buying and selling beneath $5,000 per token to buying and selling above $23,000 per token on Thursday. This represents an over 400% surge in worth, bringing its market cap to nearly $200 million. However maybe the very best promoting level for the token is its excessive liquidity, which at the moment 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 tasks which have popped as much as compete with Pandora, and a type of is DeFrogs. The mission consists of 10,000 frog PFPs constructed utilizing the ERC-404 customary. What this implies is that at any time when customers purchase the DeFrogs token, they’re minting an NFT as nicely.
Utilizing the ERC-404 customary ensures that the mission will be capable to present constant liquidity for traders at any time when they should exist their positions. Driving off the hype of Pandora’s success, the mission 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 just isn’t full with a monkey PFP mission, and that is the place Monkees (MONKEES) enter the scene. The mission is newer than the opposite two talked about above however has benefitted drastically from the success of those that got here earlier than it.
The Monkees mission is a set 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 worth 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 tasks, Punks404 (PUNK) and EtherRock404 (ROCK) are different tasks leveraging this token customary. PUNK remains 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.
