Token

Standard

Pandora

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/surge-in-market-interest-for-erc-404-token-standard-as-pandora-skyrockets" rel="noopener noreferrer nofollow">Surge in Market Interest for ERC-404 Token Standard as Pandora Skyrockets</a><br></p>
<p style="text-align: justify">A new token standard, ERC-404, has recently drawn significant attention after the cryptocurrency Pandora, associated with this standard, experienced a dramatic value spike. The token’s price shot up to $32,000 before encountering a significant decline. This newfound interest is partly due to major cryptocurrency exchanges like Binance and OKX announcing their support for the ERC-404 token standard.</p>
<h2 id="impressive-growth-for-pandora-token">Impressive Growth for Pandora Token</h2>
<p style="text-align: justify">Pandora demonstrated a remarkable 35% rise in its value within a single day, reaching a peak of $32,427, as reported by CoinGecko. Despite a subsequent drop, the token maintains a trading price near $20,000, with a market capitalization of $306 million. The ERC-404 standard, initiated by developers under the pseudonyms “ctrl” and “Acme,” unites the features of ERC-20 and ERC-721, offering functionality from both fungible and non-fungible tokens (NFTs) on the <a href="https://en.bitcoinhaber.net/vitalik-buterins-investment-advice-sparks-controversy" rel="noopener noreferrer nofollow">Ethereum</a> blockchain.</p>
<p style="text-align: justify">ERC-404 tokens are designed to reflect the combined properties of these two token types. The GitHub documentation highlights the robust yet uncompromising approach to merging these standards. Pandora’s project, a leading example of the ERC-404 implementation, issues “Replicant” NFTs alongside ERC-20 tokens. For each Pandora token bought on an exchange, a corresponding Replicant NFT is allocated to the buyer’s wallet. Conversely, selling a Pandora token results in the associated NFT being burned.</p>
<p style="text-align: justify">Despite Pandora’s bold and experimental nature, the developers have made clear their commitment to an ongoing independent audit process, aiming to bolster the project’s safety and trustworthiness.</p>
<h2 id="investor-caution-amidst-innovative-leap">Investor Caution Amidst Innovative Leap</h2>
<p style="text-align: justify">While Pandora and the ERC-404 standard represent a significant innovative leap, the experimental status of the project prompts caution among investors, with some questioning the need for this new standard. Developer “Quit,” in a February 8 post, raised concerns over potential risks, specifically the theft vulnerability of ERC-404 based NFTs if they are sent to credits protocols not adapted to handle this new standard.</p>
<p style="text-align: justify">Despite the concerns, enthusiasm for the ERC-404 standard continues to grow within the crypto community, with a frog-themed DeGods NFT collection joining the movement, suggesting a budding interest in the possibilities that ERC-404 holds for the future of digital assets.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/surge-in-market-interest-for-erc-404-token-standard-as-pandora-skyrockets" rel="noopener noreferrer nofollow">Surge in Market Interest for ERC-404 Token Standard as Pandora Skyrockets</a></h5>

Surge in Market Interest for ERC-404 Token Standard as Pandora Skyrockets

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