A new ethereum token standard is taking the cryptocurrency market by storm, and that is the ERC-404 token standard. This token standard combines the power of ERC-721 and ERC-20 to provide a single avenue that allows project developers to maximize the liquidity of their projects. With its popularity already spreading like wildfire across crypto circles, tokens created using this standard are already exploding. Here are the market leaders so far.
Pandora leads ethereum ERC-404 adoption
The team behind the Pandora project (PANDORA) is responsible for popularizing the ERC-404 standard, and the success of the project is proof of this. Pandora was first released on February 2, 2024, although the project did not receive much attention back then. However, this will change a few days after its launch, as investors began to catch up with the technology and its price began to rise.
Pandora's use of the ERC-721 and ERC-20 token standards allows it to provide ample liquidity for non-fungible tokens (NFTs), which have historically been known to be highly illiquid. As popularity grew, the price went from a few hundred dollars to tens of thousands of dollars.
In the last three days, PANDORA's price went from trading below $5,000 per token to trading above $23,000 per token on Thursday. This represents a price increase of over 400%, bringing its market capitalization to almost $200 million. But perhaps the token's best selling point is its high liquidity, which currently stands at over $36 million.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-ERC-404-Tokens-Are-Exploding-Here-Are-the-Market-Leaders" alt="Tradingview.com Pandora Price Chart (ethereum ERC-404)” width=”3286″ height=”1530″/>
PANDORA trading at $23,000 per coin | Source: PANDORA/USDC on Tradingview.com
DeFrogs (DEFROGS) follows Pandora's success
As with any new narrative, other projects have emerged to compete with Pandora, and one of them is DeFrogs. The project consists of 10,000 frog-type PFPs built according to the ERC-404 standard. What this means is that every time users purchase the DeFrogs token, they are also minting an nft.
Using the ERC-404 standard ensures that the project will be able to provide constant liquidity to investors whenever they need to maintain their positions. Taking advantage of the hype over Pandora's success, the project has already risen more than 2,000% in the last three days. It is trading at $2,800 per token at the time of writing, with a market capitalization of $27.6 million.
Monkees (MONKEES) Launches PFP ethereum Monkey Using ERC-404
Unsurprisingly, a new nft token standard is not complete with a monkey PFP project, and this is where the Monkees (MONKEES) come into the picture. The project is newer than the other two mentioned above, but has benefited greatly from the success of the previous ones.
The Monkees project is a collection of mono PFPs built to the same ERC-404 standard. Launched in the early hours of Thursday, the token's price has risen over 2,000% from its launch price to trade at $17,000 per token at the time of writing. This puts its market capitalization at $1.8 million with liquidity of $256,000.
In addition to these projects, Punks404 (PUNK) and EtherRock404 (ROCK) are other projects that take advantage of this token standard. PUNK continues to trend down with a market cap of $760,000, while ROCK has been more successful with a market cap of $4.4 million.
