According to Cointelegraph, ERC-404, a new Ethereum token standard that has taken the blockchain sector by storm. It is believed ERC-404 mixes the technology behind ERC-20 tokens with that of ERC-721, which is used in the creation of nonfungible tokens (NFTs).
ERC-404 is expected to have been created earlier this year by pseudonymous developers only known as “ctrl” and “Acme” under a project called Pandora. Since then, Pandora ERC-404 tokens have returned 530% and currently trade at $23,484 with a market capital of $235 million. For the next steps in its roadmap, developers plan to reduce protocol gas fees by 28% to 50%, added Cointelegraph.
“The negative feedback focuses on [ERC-404] not following standard ERC procedures and thus, technically, it not being an ERC token. While there is a lot of excitement around this, it is uncertain what this ERC-404 can do for Ethereum,” Miguel Prada, co-founder and tech lead, Diva StakinG, explained.
Furthermore, Ryan Lee, chief analyst, Bitget Research, mentioned that most ERC-404 tokens have surged in value soon after their creation. It is believed that he warns that the path to widespread adoption may be difficult, concluded Cointelegraph.
(With insights from Cointelegraph)
