The Emergence of ERC404 and DeFrogs: Bridging the Gap Between DeFi and NFTs
In the ever-evolving landscape of cryptocurrency and blockchain technology, a novel concept has emerged, blurring the lines between traditional fungible tokens and non-fungible tokens (NFTs). At the forefront of this innovation is ERC404, a hybrid token standard that combines the best of both worlds - the liquidity of ERC20 tokens and the uniqueness of ERC721 NFTs.“ERC404 is an experimental, mixed ERC20 / ERC721 implementation, with native liquidity and fractionalization” - 0xacme github.com/0xacme/ERC404 (creator of ERC404)DeFrogs, (defrogs.com) the pioneering implementation of ERC404 as a PFP project, introduces an intriguing paradigm shift in the crypto space.
With 10,000 tokens and corresponding NFTs, DeFrogs offers people active in the blockchain space a unique opportunity to delve into the realm of hybrid assets.But what exactly does this mean? When purchasing a DEFROGS token on Uniswap, you not only acquire the token itself but also receive a DeFrogs NFT generated through a mint contract. These NFTs, with their inherent rarity traits, add an element of excitement and unpredictability to each transaction.
DeFrogs FAQs
Q: What happens if you buy 0.9 DEFROGS?
A: You WILL receive the tokens, but you WILL NOT receive the NFT.
Q: What happens if I buy 0.9 DEFROGS and then 0.1, totaling 1 DEFROGS?
A: Once your wallet owns 1 DEFROGS token, an NFT will be automatically minted into your wallet.
Q: If I own 3 DEFROGS tokens, how do I know which NFT I will sell if I were to sell 1 DEFROGS token on Uniswap?
A: The best move here would be to sell the DeFrogs NFT on OpenSea that you don’t mind getting rid of, and then the token will automatically be sold along with that. This way, you don’t sell your rare DeFrogs NFT.
Q: What happens if I transfer the NFT and not the token?
A: Transferring the NFTs will not affect anything. So if you have, say, one rare and one common, move the rare to a separate wallet and then transfer/sell/buy the token in the same manner. If there are any comments on this post, I’ll try to add more FAQs to this section.
More Info On DeFrogs TG : @DeFrogs The versatility of ERC404 becomes evident when considering the implications of buying and selling DeFrogs tokens.
Whether trading on Uniswap or OpenSea, traders have the flexibility to navigate between tokens and NFTs, strategically leveraging their assets to maximise returns.
Example: you buy DEFROGS tokens, get a DeFrog NFT and see it has very rare traits, you can then proceed to sell your rare NFT for a higher price than the price paid for your tokens and use that to buy even more DEFROGS tokens
Source: Kri for the article, Defrogstoken and Tombheads