The ERC-404 market cap soared to $296 million on Thursday announcing its arrival into the market. This major surge marked an unprecedented 2816.5% change in the last 24 hours. However, Ethereum price jumped by more than 8% in the last 30 days, while Bitcoin price dropped by over 5% in the same time.
ERC 404 to lead Ethereum upward?
As the report suggests, the ERC-404’s surge is attributed to the experimental token standard’s approach. It comes intending to bridge the gap between fungible tokens and non-fungible tokens (NFTs) for ease of liquidity and fractionalization.
Following the pattern, Ethereum’s token ecosystem traditionally features non-fungible ERC-721 tokens and fungible ERC-20 tokens. However, the ERC-404 standard has come out as a groundbreaking solution. It combines the best of both worlds and sparks positive sentiment within the Ethereum community.
As ERC-20 tokens hit the trend, Pandora has emerged as the biggest ERC-404 token. The token has recorded a 5000% jump in value since its launch on February 2nd.
Pandora leading the way
Pandora price has jumped by another 86% in the last 24 hours. It is trading at an average price of $23,567, at the press time. Its 24 hour trading volume is up by 97% to stand at $83 million.
The ERC-404 standard introduces a unique gateway for projects seeking to merge the tradable nature of ERC-20 tokens with the non-fungible qualities of ERC-721 tokens. According to Pandora’s GitHub repository, the experimental standard provides native liquidity and in-standard fractionalization.
Pandora’s integration with the Replicants NFT collection has attracted a big attention from traders. It saw approx $87 million in trading volume on exchanges and $1 million on NFT marketplaces. This places the Replicants NFT collection in the top 15 NFT collections in the market.
Despite the excitement surrounding ERC-404, it is essential to note that the new standard has yet to undergo a full external audit. As with any token standard, following to a set of rules is crucial. While ERC-20 governs fungible tokens and ERC-721 outlines rules for non-fungible tokens, ERC-404 combines these standards, giving each Replicant the characteristics of both an NFT and a token.
However, DeFrog is 2nd token such token in the league. Its price jumped by 78% in the last 24 hours. Defrog is trading at an average price of $2,811, at the press time.
