A brand new Ethereum token commonplace is taking the crypto market by storm, and that’s the ERC-404 token commonplace. This token commonplace combines the facility of ERC-721 and ERC-20 to supply a single avenue that enables undertaking builders to maximise liquidity for his or her tasks. With its reputation already spreading like wildfire by means of crypto circles, tokens constructed utilizing this commonplace are already blowing up. Here are the market leaders thus far.
Pandora Leads Ethereum ERC-404 Adoption
The workforce behind the Pandora (PANDORA) undertaking is answerable for popularizing the ERC-404 commonplace, 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. However, it will change a number of 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 identified to be extremely illiquid. As the recognition grew, the worth went from only some hundred {dollars} to tens of hundreds of {dollars}.
In the final three days, PANDORA’s worth 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 worth, bringing its market cap to virtually $200 million. But 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 | Source: PANDORA/USDC on Tradingview.com
DeFrogs (DEFROGS) Follows Pandora’s Success
As with any new narratives, there have been different tasks which have popped as much as compete with Pandora, and a kind of is DeFrogs. The undertaking consists of 10,000 frog PFPs constructed utilizing the ERC-404 commonplace. What this implies is that at any time when customers purchase the DeFrogs token, they’re minting an NFT as properly.
Using the ERC-404 commonplace ensures that the undertaking will be capable of present constant liquidity for traders at any time when they should exist their positions. Riding off the hype of Pandora’s success, the undertaking is already up greater than 2,000% within the final three days. It is 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 Using ERC-404
As anticipated, a brand new NFT token commonplace will not be 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 vastly 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 commonplace. 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.
In addition to those tasks, Punks404 (PUNK) and EtherRock404 (ROCK) are different tasks leveraging this token commonplace. 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.
