ERC-404’s build seeks to merge cryptocurrency and NFT functionality, but Ethereum observers are concerned about gas optimization and rug pulls already taking place.
Pandora, the first asset under an experimental Ethereum (ETH) standard dubbed ERC-404, pumped some 12,000% in less than a week on the back of hype and speculation surrounding the new development.
The asset opened trading around $250 on Feb. 3 and grew to over $30,000 per token by Feb. 9, per Dextools data. This token has attracted $80 million in trading volume in 24 hours and has a supply of 8,000 coins.
Due to its initial success, Binance and OKX crypto exchanges activated support for ERC-404 assets on their web3 wallet services, further bolstering attention paid to this emerging standard.
Other development teams behind tokens like Monarch and DeFrogs have also bought into the hype, fielding tokens built with the standard and even allocating a portion of supply to Pandora holders.