A new Ethereum token standard is taking the crypto 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 liquidity for their projects. With its popularity already spreading like wildfire through crypto circles, tokens built using this standard are already blowing up. Here are the market leaders so far.
Pandora Leads Ethereum ERC-404 Adoption
The team behind the Pandora (PANDORA) project is responsible for popularizing the ERC-404 standard, and the success of the project is a testament to this. Pandora first launched on February 2, 2024, although the project did not get a lot of attention back then. However, this will change a few days into their launch as investors began to catch up to the tech and its price began to rise.
Pandora’s use of both the ERC-721 and ERC-20 token standards makes it able to provide ample liquidity for non-fungible tokens (NFTs), which have been historically known to be highly illiquid. As the popularity grew, the price went from only 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 an over 400% surge in price, bringing its market cap to almost $200 million. But perhaps the best selling point for the token is its high liquidity, which currently sits at over $36 million.
PANDORA trading at $23,000 per coin | Source: PANDORA/USDC on Tradingview.com
DeFrogs (DEFROGS) Follows Pandora’s Success
As with any new narratives, there have been other projects that have popped up to compete with Pandora, and one of those is DeFrogs. The project consists of 10,000 frog PFPs built using the ERC-404 standard. What this means is that whenever users buy the DeFrogs token, they are minting an NFT as well.
Using the ERC-404 standard ensures that the project will be able to provide consistent liquidity for investors whenever they need to exist their positions. Riding off the hype of Pandora’s success, the project is already up more than 2,000% in the last three days. It is trading at $2,800 per token at the time of this writing, with a market cap of $27.6 million.
Monkees (MONKEES) Launches Ethereum Monkey PFPs Using ERC-404
As expected, a new NFT token standard is not complete with a monkey PFP project, and this is where Monkees (MONKEES) enter the scene. The project is newer than the other two mentioned above but has benefitted greatly from the success of those who came before it.
The Monkees project is a collection of monkey PFPs built on the same ERC-404 standard. Launched in the early hours of Thursday, the price of the token has risen more than 2,000% from its launch price to trade at $17,000 per token at the time of writing. This puts its market cap at $1.8 million with liquidity of $256,000.
In addition to these projects, Punks404 (PUNK) and EtherRock404 (ROCK) are other projects leveraging this token standard. PUNK is still trending low with a market cap of $760,000, while ROCK has found more success with a market cap of $4.4 million.