Ethereum's new standard ERC-404 is gaining popularity, with its first token soaring 12,000% in a few days.
The development of ERC-404 aims to combine the functionality of cryptocurrencies and NFTs, but Ethereum observers are concerned about the gas optimization and rug pulls that are already occurring.
Pandora, the first asset under Ethereum's (ETH) experimental standard called ERC-404, is up around 12,000% in less than a week thanks to the hype and speculation surrounding this new development.
The asset started trading around $250 on February 3 and grew to more than $30,000 per token on February 9, according to Dextools data.
The token attracted a trading volume of $80 million in 24 hours and had a supply of 8,000 coins.
Due to its initial success, Binance exchange enabled support for ERC-404 assets on their web3 wallet service, further strengthening the attention paid to this new standard.
Other development teams behind tokens like Monarch and DeFrogs have also gotten in on the hype, issuing tokens built to those standards and even allocating some of the supply to Pandora holders.
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