Pandora, an ERC-404 token, rose 12,000% in just one week, surpassing the US$32,000 mark, CoinDesk reported.
ERC-404 is an experimental and unofficial Ethereum token standard that has recently caught the attention of the crypto community.
Pandora is the first token based on ERC-404.
This standard is designed to combine the features of both fungible (ERC-20) and non-fungible tokens (ERC-721), creating what is referred to as semi-fungible tokens.
The ERC-404 standard introduces the concept of fractionalized NFTs, which allows multiple ownership of digital collectibles. This feature enables investors to own a portion of an NFT, trade it, stake it, or use it to access crypto loans.
It allows for innovative use cases, such as multiple wallets directly owning a single NFT, which can then be used in various ways, including taking out loans or staking.
The ERC-404 standard is still in its experimental phase, and the token’s success could influence future developments on the Ethereum blockchain as the standard aims to address some of the limitations of previous ERC tokens by allowing for more complex and customizable smart contracts.
Credit: Source link