The sudden popularity of #ERC404 in February gave the #Ethereum(ETH) protocol standard a huge hype opportunity, which directly raised Ethereum Gas to nearly 100 U. The last time Gas reached around 100 U was ERC -721 era.

https://dune.com/novaresearch/pandora-erc404

The best performer is ERC-404 leader #Pandora . As soon as Pandora came out, multiple platforms such as OKX, Blur, OpenSea, Bitget Wallet, and lending protocols such as Teller and Wasabi Protocol expressed support for ERC-404. Even centralization Exchange LBank has also launched PANDORA.

At that time, it coincided with the Chinese New Year, and most people missed the hundredfold Pandora, and also missed the many defenses of ERC-404.

https://twitter.com/JiamigouCn/status/1762306883044679769

It's not terrible to miss it at all. What's terrible is that when you see an opportunity, you don't know what it is, so you never know how to start.

So today’s article is written as a popular science article. We will talk about the various standards of Ethereum ERC from beginning to end. Only when we know what these mainstream standards are for, will we know where the future is and where the opportunities are. .

  • The main contents of this article include:

  • Various standard inventory on ERC

  • NFT Liquidity Solutions

  • What is ERC-404?

  • Compare ERC-20、ERC-721、ERC-1155、ERC-404

  • Improved protocol for ERC-404

  • 总结


一、ERC上的各种标准盘点

Token standards on Ethereum can basically be divided into:

  • ERC-20: Fungible Token (FT). If you are new to the industry and don’t understand what a fungible token is, it doesn’t matter. You just need to understand: Before ERC-404, basically everything could be traded on Uniswap. Transaction tokens are all issued based on the ERC-20 standard.

  • ERC-721: Non-fungible token (NFT). This should be easy to understand. You don’t need to understand the principle. The pictures (NFT) you see on Opensea, Blur and other platforms are either issued based on the ERC-721 standard or Issued based on ERC-1155 standard.

Before February 24, basically all tokens on Ethereum were issued or expanded based on the above three standards (as well as ERC-1155). Why do we say that? Let’s look at this picture:


除了这些还有一些新的专门的标准，如下图：

If we want to break down these, they also fall into the categories of ERC-20 and ERC-721 or ERC-1155. It can be said that ERC-20, ERC-721 and ERC-1155 are currently three popular ERC token standards or protocols ( The chart below shows when these three protocols were launched), their applications span major industries, and the Ethereum community fully approves these token standards.

Although various ecologies on Ethereum are very prosperous, the ecologies under various industry standards do not seem to be much related. If you have no idea, you can recall the Gamefi leaders $AXS and $Sand in 21 (Token issued based on ERC-20—— FT), their NFT: AXIE and land (Token issued based on ERC-721/1155 - #NFT ), are all metaverse concepts, but there is no connection between their FT and NFT market trends Yes, it often happens that NFT returns to zero and FT rises.

你如果参与了这些项目（包括现在的元宇宙项目），如果你想出售他们的代币（FT），只需要在Uniswap等平台就可以直接出售；但如果你想出售他们的NFT，在OpenSea或Blur挂单，不一定能及时脱手，还有可能砸手里。

It can be seen from here that the on-chain liquidity of ERC-20 has been significantly improved, but NFT has been stuck in the problem of insufficient liquidity for a long time until now.

In the past two years, many teams have been working on NFT liquidity solutions, and many representative protocols have come out, such as bidding pools, lending protocols, perpetual contracts, fractional protocols, fragmentation, etc.

Let’s take a look at the ERC standards in history and try to solve the liquidity problems related to ERC-20 and ERC-721;

2. NFT liquidity solution

There are many solutions for combining ERC-20 and ERC-721 to solve liquidity problems. For example, the RWA sector is more popular with Solv Protocol: it constructs asset-backed securities, fund shares, insurance contracts, swap contracts, and futures. , options, bonds, bills of exchange, certificates of deposit and other innovative financial assets, these tokens can be easily calculated, merged and split, with the same flexibility as fungible tokens based on the ERC-3525 standard (approved by the Ethereum community ), he proposed a new concept that combines FT, NFT and SFT (semi-fungible representation), which will represent semi-financial bonds - suitable for redemption plans, insurance policies, bonds and financial instruments.

In areas we are familiar with:

In the NFT summer of 2021, the prices of blue-chip NFTs such as CryptoPunk, Bored Ape, Azuki, and Loot soared to a range that was prohibitive for ordinary people. Therefore, the demand for splitting NFTs reached its peak at that time, and many project parties began to solve this pain point.

This process went through many iterations:

  • The early solution was NFT crowdfunding. Because NFTs are purchased through centralized crowdfunding, there have always been various problems, such as NFT custody, inconvenience in reminders/transfers, etc.

  • As a result, various projects that use decentralized methods to fragment NFTs emerged. The fragmentation scheme is called "NFT sharding". Users can cast fragmented NFTs (shards), and shard holders Enjoy the governance rights of the original NFT and introduce a buyout clause.

The development of the NFT sharding track is very bumpy:

  • First, after NIFTEX was acquired, it will no longer issue any tokens;

  • That was followed by a $28 million round from Fractional (later renamed Tessera), a project that for the first time designed a vault for individual fragmented NFTs but announced it was closing last year.



NFT分配技术虽然很坎坷，但还是跑出来一些明星项目，比如：

(1) Unically

Unicly received US$10 million in investment led by Blockchain and Animoca in 2021. After surviving the NFT winter, it announced in January 24 that it would launch the V3 version this year.

Unicly considers the Defi scenario of FT tokens by issuing the governance token $UNIC and using liquidity mining to increase the liquidity of uToken (uToken is the index token uToken that the project team packages multiple NFTs of the same series and distributes the issuance) ;

In terms of NFT redemption, Unicly's uToken creator can set a ratio. When uToken holders exceeding the ratio agree to unlock, the winning bidder obtains the NFT and pays the corresponding amount to uToken holders. (Is it very similar to the predecessor of ERC404 proposed by Pandora? It is possible that Pandora borrowed from Unicly).


(2) NFT20

If Unicly is to shard specific NFTs, then NFTX proposes to shard similar NFTs, put NFTs with similar prices in, and the vault issues corresponding vTokens, which is called: exponential split;

The advantage of this method is that you only need to hold enough vTokens to randomly redeem NFTs from the vault without voting. Deposits and redemptions are relatively simple, but you may not be able to redeem the specified NFTs.

The improvement plan NFT20 is proposed based on NFTX:

  • Allow redemption of specified NFTs

  • Adding empowerment to the governance token $MUSE

  • A portion of FT token minting fees is returned to $MUSE holders

This proposal further promotes the strong connection between ERC-20 and ERC-721.

NFT20 completed $750,000 in financing in 2021.

（三）Flooring Protocol

Flooring Protocol will be launched in October 2023. Flooring's approach is to fragment high-net-worth NFTs into 1 million μTokens, and use the liquidity of DEX to promote NFT transactions.

Flooring Protocol has two sharding modes: Valut and Safebox.

  • Users can choose to store the NFT in Vault, obtain 1 million μTokens, and give up ownership of the NFT;

  • They can also choose to store the NFT in Safebox and choose the storage time and a certain pledge of platform currency FLC (the longer the storage time, the more FLC is pledged), thereby obtaining 1 million μToken and a Safebox Key for verifying NFT ownership. .

After storage, the safe keys can be auctioned and traded. When redeemed, the Vault mode requires the destruction of 1 million μTokens corresponding to the NFT collection, but the redemption is random;

In the Safebox mode, holding the Safebox Key to redeem previously deposited NFTs also requires the destruction of 1 million μTokens. When the Safebox storage time expires, some users will face the problem of being unable to redeem NFTs in Safebox (the pledged FLC can be retrieved). Within 24 hours after expiration, any user can use FLC to initiate an auction for the expired Safebox Key, but will need to pay a 20% fee to the protocol. If no one auctions it, any user can use 1 million μTokens to unlock the safe and redeem NFTs.

With the help of third-party protocol Flooring, the barriers between NFTs and Tokens are gradually being broken down. However, because it relies on a third-party protocol, there is a new threshold for liquidity guidance; users must use Flooring and follow its specific rules to achieve the conversion between Token and NFT.

在FLC刚推出时的激励热潮消退后，TVL目前处于较低水平。


上面个项目概念虽好，但目前的NFT拆分项目基本都是采用质押NFT发行FT代币进行拆分的方式，每个项目的分割和赎回规则都不同，发行治理代币的项目会比较受欢迎。但热度难以为继，而且基本只支持蓝筹NFT的分拆。


从上面的案例可以得出：目前NFT的拆分项目基本都是质押NFT发行FT，分割和赎回有各种不便，所以市场急需一个新概念来解决这些问题。

From early sharding to the later launch of new protocols combining tokens and NFTs, developers have never stopped researching, such as:

(4) Ordinals Agreement

Although Ordinals is a protocol on BTC, it developed a new Bitcoin token issuance standard BRC-20, which is what we habitually call inscriptions. BRC-20 is essentially used as a JSON text file for transactions.

The JSON file is a serial inscription with a unique number. Each JSON file corresponds to a specific BRC-20, which is more similar to NFT (later NFT projects on BTC, many are developed based on this protocol). CoinDesk classifies BRC-20 as NFT for discussion.

After BRC-20 is listed on major exchanges, tokens and inscriptions can be traded on CEX and inscription exchange markets, quietly blurring the boundaries between Tokens and NFTs. The high liquidity of inscriptions after being listed on CEX will provide future developers with provided a valuable reference.

（五）Deez Nuts（NUTS）

In addition to the disruptive thinking of BRC-20, new protocols on Solana have also seen good development, such as:

Deez Nuts, Solana’s first graph-to-currency project, adopts Solana’s new protocol standard for the first time: Tiny SPL.

What is the Tiny SPL protocol?

Here we need to understand the two concepts of storing data on Solana (commonly known as sending projects):

  • Rent: The popular understanding is that if you want to store data on the Solana network, you have to pay. Solana network accounts require a certain fee as the "cost of storing data." If the account is unable to pay rent, the system will delete the account to reduce storage costs for "zombie accounts". With SOL prices rising rapidly, rental costs are becoming more expensive.

  • State compression, launched in April 2023, allows users to store any type of data on the Solana chain in a more economical way. The first application of state compression is NFT compression. According to public information, to mint 100 million compressed NFTs, you only need to pay a fee of US$1,193.

The Tiny SPL protocol leverages state compression on Solana to allow users to create tokens without paying rent. The cost of deploying NFT on Solana will also be greatly reduced, or even negligible, which can perfectly realize NFT fragmentation.

Through the Tiny SPL protocol, NUTS tokens and cNFTs (compressed non-fungible tokens) can be exchanged at equal prices. The principle is that when you sell cNFT on Magic Eden, the system will automatically flow NUTS tokens into the pool and exchange SOL for you; when you buy NUTS on the project's self-built AMM, the system will automatically Mint one of the same amount. cNFT for you.

From this point of view, Pandora seems to have learned from NUTS. NUTS is the first formal "graphic currency project", but it only exists on the Solana chain.

  • Expand

Solana is also an unlimited development public chain. Solana developers were inspired by NUTS and later launched Solana Program Library 22 (SPL22):

#SPL22 Improves the interoperability and efficiency of token creation and management on the Solana network, enabling active trading of SPL22 tokens (including NFTs), supported by trading platform Jupiter.



三、ERC-404 是什么？

(1) Tell a story first

ERC-404 is a “coin swap protocol” that has not been certified by the Ethereum Foundation or the community, and the smart contract template has not yet been reviewed.

He did not just come out in February. As early as 2023, the Emerald project proposed a hybrid token model that integrated ERC-20 and ERC-721 to tokenize NFT fragmentation, but in the end the project failed;

Pandora adopted the previous fragmentation concept. The team called its core technology the ERC-404 protocol standard, integrated it with Emerald, improved it, and introduced a new smart contract standard ERC-404. In mid-2023, 10 Multiple projects use ERC404.

Pandora is the largest project using ERC-404. Ten days after its launch on February 2, 2024, NFT surged 30 times.

(2) How to play ERC-404

Pandora's emergence has caused many people to ask what is ERC-404? So let’s talk about the concept of ERC-404 here.

As mentioned above, ERC-20, ERC-721 and ERC-1155 are all independent of each other. Even if a Token is launched by a project, the governance token will rise and the NFT will return to zero; or a project only has NFT, and sometimes the NFT The price will be prohibitive, which will cause new difficulties in the community and cause insufficient liquidity of NFT.

Therefore, developers have been looking for solutions to make NFT strongly associated with FT, and the ERC-404 used by Pandora seems to be a good solution to this problem. The specific gameplay is as follows:

1.Pandora Token

  • Pandora issued an ERC-404 token: $PANDORA (10,000 in total)

  • An NFT was also issued: Pandora Replicants (10,000 pieces in total)

2. How to play

  • If you have 0 $PANDORA, and someone sends you 0.5 $PANDORA, and then someone sends you 0.5 $PANDORA, you will find that you also have 1 Pandora NFT (Replicants);

  • If you subsequently send 0.1 $PANDORA to someone else, your Pandora NFT will be automatically destroyed;

  • If you have 1.1 $PANDORA, therefore the system automatically mints 1 Pandora NFT for you. This is the NFT you found minted for you. The price on Blur seems to be okay, higher than the token price, and there is room for arbitrage, so you sell the NFT. At this time, 1 $PANDORA will be automatically destroyed in your wallet. So in the end, you only have 0.1 PANDORA left in your wallet;

  • If you have 1.1 $PANDORA, the system will automatically mint 1 Pandora NFT for you. At this time, you find that the price of $PANDORA in the secondary market is okay. You sell 1 $PANDORA on Uniswap, and there are 0.1 $PANDORA left in the wallet. At this time, the Pandora NFT you hold is automatically destroyed.


（三） ERC-404 得到认可了吗？

ERC-404 is currently in the experimental stage and has not yet been officially recognized by Ethereum.

What you need to know here is:

Unlike Bitcoin, Ethereum places a strong emphasis on orthodoxy, with Vitalik Buterin and the Ethereum Foundation having significant influence. Any standard protocol of Ethereum needs to be certified by the Ethereum Foundation or the community, which is called "Ethereum Improvement Proposals" (Ethereum improvement proposals, also known as "Ethereum solicitation for opinions").

More famous standard images:

  • ERC-20, which was proposed by Vitalik Buterin himself and launched in 2015;

  • ERC-721 was born in January 2018;

  • ERC-1155 was launched by the Enjin platform in June 2018 and was only approved in November;

If an agreement comes out without their approval, it can only maintain its niche status. The process from proposal to implementation of a new ERC standard is long, including but not limited to:

  • Draft an EIP and submit it to the Ethereum Improvement Proposals repository (Ethereum Improvement Proposals)

  • Extensive community discussion

  • Review by EIP Editor

  • Revisions and iterations based on community and editor feedback

  • Finally, the proposal

Each certified protocol standard can be found at https://eips.ethereum.org/all.

(4) What is the ERC-404 standard? Why do foreigners label it as a pseudo-standard?

To put it simply, it is because ERC-404 has not passed the certification. After opening the above website,

https://eips.ethereum.org/EIPS/eip-404, you will get "404 Page not found".

Under normal circumstances, if there is no Ethereum certified standard, you will get such an interface, and No. 404 is one of the skipped EIP numbers.

ERC-404 developers seized this vacancy and jokingly named the standard they developed as 404. This is the same as many project developers naming their capital tokens "air". It's so FOMO, so I'm getting more and more excited. I think Pandora is a Chinese project, haha.

It is estimated that in the near future: inspired by ERC-404, we may see more pseudo-ERC standards emerging.

Although ERC-404 is still in the experimental stage and has not yet been formally proposed as an Ethereum Improvement Proposal (EIP), its potential is undeniable. The ERC-404 standard conceptualizes a new class of divisible and unique tokens. This innovative approach opens up a variety of possibilities for digital assets, allowing for fractional ownership of NFTs and expanding the utility and liquidity of digital assets on the blockchain.

Since there are so many people asking me about ERC-404, I will break it down and write it today. Let’s take a look at the difference between ERC-404 and other protocols, and see why foreign blockchain technicians think ERC-404 is A revolutionary existence.

I have summarized all the collected information into a table, so you can see their differences at a glance.

Many people may be familiar with ERC-20 and ERC-721. The main difference between ERC-1155 and ERC-404 is that the former belongs to a specific unique NFT, while the latter can be applied to a collection scale.

(5) Summary

What is ERC-404? Concluded:

ERC404 is a new token standard that has not yet been certified by EIP. It has built-in ERC20 and ERC721 standards, allowing tokens to be traded on DEX and supported by NFT.

This is clearly stated in the code base:

To paraphrase the above words: ERC-404 aims to bridge the gap between FT (fungible tokens) and NFT (non-fungible tokens) and solve the NFT liquidity problem. It can convert pictures into tokens and tokens into pictures at the same time. The two have a "binding" relationship. If an integer token is sold, the corresponding integer NFT will be destroyed; if an integer token is collected, a new NFT (randomly generated) will be minted.

The diagram is as follows: I am afraid that many people will not understand, so I very thoughtfully painted the walls of my house, both in Chinese and English, haha.

开发人员将 ERC-404 定位为一种新标准，旨在结合可交换代币 (ERC-20) 和 NFT (ERC-721) 的最佳功能。其目标是解决 NFT 集合的流动性问题并扩大其在 DeFi 生态系统中的使用。


五、ERC-404 的改进标准

(1) Pandora’s current shortcomings

The popularity of Pandora directly made the ERC-404 standard popular, but various problems also followed, such as:

  • Gas fees are too high and transactions are slow;

  • The issue of rarity is that for every $Pandora obtained, a Pandora NFT (Pandora Replicants) will be randomly minted. Although Pandora Replicants does not announce the rarity, the current market is still based on red, orange, purple, blue, green, from high to high. to low tier rarity. This gameplay method has early arbitrage feasibility. Players repeatedly transfer money to synthesize integer $Pandora, and mint new NFTs every time. If they get the red NFT, they can sell it in the market at a higher price;

  • Matching problem, if I buy 2.1 $Pandora, my wallet will automatically mint 2 NFTs, maybe 2 NFTs, one is red and one is green. If I sell one of the $Pandora, it will be destroyed. The official did not clearly state whether the NFT is red or green;

  • The price is too high. The unit price of $Pandora has reached US$22,520. This has obviously become a game for large investors. If ordinary retail investors only buy 0.1 tokens, they will not be able to experience the gameplay of ERC-404, which has invisibly discouraged many people.

However, this is understandable. Many newly born projects may seem to have some problems or potential bugs. It will take a certain amount of time to verify their safety.

To address these issues, the Pandora team plans to launch an improved version called ERC404 v2.1. This update includes the following enhancements:

  • Minting costs reduced by 28%

  • Gas cost reduced by 50%

  • Burned gas cost increased by 80% (due to token ID reuse)


但市场可等不了 Pandora ，并且其他开发者觉得基于 ERC-404 开发一个改进协议可能有很大的市场前景，也可以给自己造一波势头，让自己有利可图，所以2月2日到3月5日这段时间，各种新的改进协议层出不穷。

(2) ERC-404 Improvement Protocol

By collecting various information, we have currently found 5 ERC-404 improvement protocols to make a table (if there are any missing, please leave a message in the comment area):

1. DN-404 (any Dapp can be issued without adjustment)

Only one week after the launch of ERC-404, another development team used DN-404, which also became successful. It is currently the second most ecological protocol in the 404 sector.

DN-404 has emerged as a new competitor, offering similar advantages to ERC-404 but with a focus on improving efficiency and reducing transaction costs.

Different from ERC-404, DN-404 adopts a dual-contract solution that combines the ERC-20 contract with the mirror ERC-721 contract to solve the limitations of the corresponding structure while ensuring compatibility with existing standards.

In other words, any protocol can directly interact with the DN-404 project, and developers do not need to adjust existing dApps to support DN-404. This is why many projects are issuing based on DN-404 as soon as they go online (in ERC- 404, the project party still needs to develop it separately).

2. ERC-404+ (can solve the rarity problem)

ERC-404+ was developed by the Forge project, mainly to solve the NFT ID overage problem of ERC-404. Because ERC-404 tokens are constantly traded, an ever-changing number of NFTs will be generated, which will cause the originally constant NFT ID to face an overage problem. .

ERC-404+ can track all IDs of burned NFTs. As long as MINT reaches the total supply limit, the smart contract will take back the IDs of new NFTs to ensure that the total number of IDs remains unchanged.

The rarity of NFT can be controlled by detecting the ID. This is the best way to solve the rarity before ERC-404 V2 comes out.

The representative project of ERC-404+ is FORGE.

3. ERC-1111 (Liquidity Solution 1:1000)

ERC-1111 is a new token standard developed by the PFPASia team, also known as the REDT protocol. The ERC-1111 protocol uses controllable state changes to make the conversion process between tokens and NFTs dominated by users. At the same time, the ERC-1111 protocol can proportionally reduce the corresponding number of NFTs and tokens, so that it can produce a fragmentation effect. , improve liquidity to a certain extent.

PFPAsia developed 10,000 NFTs, with an NFT-to-token ratio of 1:10,000, and launched it in two phases:

  • REDTO (NFT status): 50% will be minted in the first to second quarter of 2024. ·

  • REDT 1 (token status): 50% minted on February 10, 2024.

ERC-1111 is an advanced version of ERC-404 and DN-404, which greatly releases the total amount of tokens and brings new ideas to the new teams behind.

4. ERC-911 (Liquidity Solution)

Avatar Protocol proposes a new solution for the current liquidity of the NFT market. By introducing the ERC911 protocol, it can effectively reduce the GAS fees for large transactions. When users purchase ERC911 fragment tokens, they can only get 10+N NFTs, that is, they can get up to 10 NFTs. The remaining NFTs will get 10 NFTs in the next transfer until all NFTs are obtained.

When a user sends 10,000 $Avatar, 1 ERC911 NFT will be destroyed. The same goes for purchasing. The principle is that when purchasing more than 100,000 $Avatar, users will only receive 10 NFTs, others will receive 10 NFTs on the next transaction.

It is also a liquidity solution. The difference from ERC-1111 (current project PFPASia) is:

  • PFPASia's NFT: Token ratio is 1:10000, issued in two phases, tokens: minted in the first and second quarters of 2024, NFT: minted on February 10, 2024

  • Avatar Protocol, NFT: The token ratio directly increased 10,000 times, reaching 12,180:100,000,000. Oh my god, is this going to be a MEME for the 404 section?




需要注意的是：ERC-404没有还没有通过以太坊改进提案（EIP），基于ERC-404后面的改进协议也都没有通过以太坊社区认证，这些协议出来必然会发图发币的，请各位注意风险防患，随时做好归零准备（已经不止归零一个项目了）。

Summarize

Pandora's popular ERC-404 is an emerging token standard that brings many new ways to solve the current pain points of ERC-20 and ERC-721 being unable to interoperate.

Like other new technologies, people’s understanding of ERC-404 is still relatively limited. This is a bit like the early inscription ecology. They are all brand-new concepts, innovative gameplay, incomplete infrastructure, and the public has not yet fully accepted them. There is no official trust, there are too many zeros, the institutional scythe has not yet entered the market, etc.

Different from the Bitcoin ecosystem, Ethereum places great emphasis on orthodoxy. Any protocol above needs to pass EIP certification, but the EIP certification cycle is very long, ranging from 6 to 12 months. For example, ERC-3525:

During the period when ERC-404 passes the EIP review (perhaps more than half a year), new projects, new improvement protocols, and new opportunities will continue to appear, and many projects will be reset during this period (existing projects have been reset). Therefore, I hope that everyone will interact with the mentality of returning to zero during the new process, and do not enter the market with heavy positions, because most projects will eventually return to zero, because there are times when the EIP cannot be passed.

To borrow a quote from an investing guru: Investing requires a thorough assessment of risk tolerance, investment objectives and detailed research. Considerations should include the token’s use case, market performance, and community engagement. Potential investors must conduct extensive due diligence, weighing the potential for innovation against the uncertainties of this emerging standard.



Reference copy:

1、NFT Split Protocol ERC-404 A Flash in the Pan?

https://www.coinlive.com/news/nft-split-protocol-erc-404-a-flash-in-the-pan

2、Unlocking Real World Assets in Web3: A Deep Dive into ERC1400, ERC3525, and ERC3475

https://www.digift.sg/weekly_roundup/Deep_Dive_into_ERC1400_ERC3525_And_ERC3475.html

3、What is ERC-3525 — from NFTs to SFTs Thanks to a Combination of ERC-20 and ERC-721

https://bingxofficial.medium.com/what-is-erc-3525-from-nfts-to-sfts-thanks-to-a-combination-of-erc-20-and-erc-721-66db569a5981

4. A decision "brought collapse" the NFT market. How did the review of Flooring Protocol lead to a general decline in blue chips?

https://news.cnyes.com/news/id/5431371

5、Ethereum’s New Experimental Token Standard ERC-404: A New Exploration of Token-NFT Integration — What Are the Risks?

https://wublock.substack.com/p/ethereums-new-experimental-token