The price of Pandora ERC-404 tokens soared to US$30,000. ERC-404 triggered an investment boom. Even the BinanceWeb3 wallet has supported ERC404 tokens.
Lookonchain monitoring data revealed that a certain address successfully earned US$1.04 million through PANDORA transactions in three days, a profit of 10 times. Just 3 days ago, this address purchased 111,500 USDC PANDORA tokens at a cost price of $2,228.
What exactly is ERC-404đ
ERC-404 is a new unofficial token standard developed by the @Pandora_ERC404 team focused on bridging the gap between fungible tokens and NFTs. However, its unofficial status is because it bypasses the formal process of Ethereum Improvement Proposals (EIPs) and Ethereum Requests for Comments (ERCs), is not vetted by the community, may have security vulnerabilities, and therefore sets a potentially risky precedent.
ERC-404 innovatively combines elements of the ERC-20 and ERC-721 standards, which have not traditionally been designed to interoperate. Its ERC-721 approach departs from the norm, relying on decentralized transfers through the minting and burning of tokens.
This is important because compared to existing NFT decentralization protocols, ERC-404 is designed to enable decentralization within NFT projects using the standard, providing new ways to experiment and trade NFTs.
The first project to adopt the ERC-404 standard is Pandora, which provides 10,000 ERC-20 tokens and related "Replicant" NFTs. Purchasing a full $PANDORA token will mint 1 Replicant NFT in your wallet, while selling a token will destroy its associated NFT.
Since ERC-404 is experimental, not all platforms automatically support it. Nonetheless, PANDORA is already traded on some decentralized exchange platforms and NFT markets.
In less than a week, the value of PANDORA and Replicants has grown rapidly, with PANDORA currently having a floor price of 13.357 ETH (approximately $32,987)
Going forward, we look forward to more projects experimenting with ERC-404 and potentially more platforms integrating this technology. However, you need to invest with caution as ERC-404 has not been reviewed and there may be vulnerabilities that have not yet been discovered, so please avoid investing money that you cannot afford to lose.
Overall, ERC-404 serves as an interesting experimental implementation that successfully blends fungible and non-fungible and may spark new NFT innovation. According to the latest official news, the ERC-404 project Pandora has successfully completed its transformation and officially became a complete entity startup. It announced the completion of the final paperwork and has a team of more than 10 people. There will be an audit today and a liquidity lock is about to take place. The team plans to release some really exciting content with full documentation while continuing to explore the final EIP (Ethereum Improvement Proposal). This marks the beginning of a new phase.
