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New ERC404 tokens on the Ethereum network are breaking records in terms of trading volume

NFT: New ERC404 tokens on the Ethereum network are breaking records in terms of trading volume

The trading volume of ERC404 tokens on decentralised exchanges and NFT platforms has surpassed the $105 million milestone, according to the Dune platform.

ERC404 is a new token standard on the #Ethereum network that combines the best features of ERC20 and ERC721. It aims to bridge the gap between exchangeable tokens and NFTs by offering each asset the unique qualities of both token and NFT.

DL News in a recent report noted the growing interest of traders in ERC404 tokens, fuelled by the much-anticipated launch of Pandora's Replicants collection.

According to the media report, total trading volume on decentralised exchanges was around $87 million, while NFT trading platforms saw just under $1 million in trading volume in the week following the launch.

Project Pandora is an offering of 10,000 ERC-20 tokens and the same number of associated NFT Replicant tokens.

"When you purchase 1 PANDORA token on the exchange, 1 NFT Replicant will be transferred to your wallet. Conversely, if you sell 1 PANDORA token, the connected NFT will be burned"explained a user of the Bankless service.

In addition, the reporters highlighted that non-interchangeable Replicant tokens can be sold on NFT platforms such as #Blur and #OpenSea, while interchangeable assets can find buyers on decentralised exchanges.

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