Decentralized exchange (DEX) Trader Joe introduced a token based on the DN-404 standard called SHOE.
The DN-404 standard, like ERC-404, combines the benefits of fungible tokens and non-fungible tokens (nft). SHOES supply is limited to 19,404 tokens. The tokens were fully distributed among 22,140 wallets of active users of the Joepegs marketplace and holders of nft projects of the Joe Studios accelerator.
The exchange noted that it does not plan to back the asset and it supposedly has no value.
According the platform, the minimum cost of SHOE is 1.14 AVAX ($48.6 at the time of writing). The trading volume for this position is 833.20 AVAX ($35,603 at the time of writing).
The new standard combines ERC-20 and ERC-721 into a dual contract. This allows it to attract additional liquidity while maintaining the characteristics inherent to NFTs. You can trade such tokens both on exchanges and decentralized markets.
The new standard attracted special attention when the Pandora project appeared in early February. ERC-404 trading volume exceeded $200 million in less than a week. The Pandora token price skyrocketed to $22,900 on February 8. At the time of writing, the asset is trading at around $16,800, according to data from CoinMarketCap.
<img decoding="async" width="1024" height="479" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-15-at-12.10.01-1024×479.png” alt=”Trader Joe Introduces Experimental DN-404 Token – 1″/>
On February 9, the price of gas on the ethereum network reached an average level of 70 Gwei (about $60 for a normal transaction). At its peak, the figure was 377 Gwei, a record since May 2023. The main reason for this was the increase in demand for ERC-404.
