Injective Introduces CW-404 Standard, A Replica Of Popular ERC-404 Token Standard
$INJ @alg0ritma
According to CoinDesk, Layer 1 blockchain Injective has introduced the CW-404 standard, a replica of the popular experimental token standard ERC-404, for its network. The Cosmos-based Injective is partnering with decentralized exchange DojoSwap to offer the CW-404 standard. CW-404 is a port of the ERC-404 and combines the CW-20 and CW-721 standards.
ERC-404 is an unofficial Ethereum standard that enables multiple wallets to directly own a single non-fungible token (NFT) and provides its holders the ability to create a use case where that specific exposure can be tokenized and used to take out loans or stake holdings. The standard has brought in millions of dollars worth to the Ethereum ecosystem but has also been criticized for referencing the official "ERC" name. As a category, ERC-404 tokens are collectively worth over $173 million, according to data from CoinMarketCap, despite having been released just over two weeks ago. The CW-404 is a way for Injective to bring some of the investment from Ethereum to its own network.
Sources: @Binance News 23 February 2024
