Decentralized Exchange Trader Joe Introduces SHOE Token Based on DN-404 Standard
Trader Joe, a decentralized exchange (DEX), has launched a new token called SHOE. This token is based on the DN-404 standard, which combines the benefits of fungible tokens and non-fungible tokens (NFTs). The supply of SHOE tokens is limited to 19,404 and they were distributed among active users of the Joepegs marketplace and holders of NFT projects from Joe Studios.
No plans to support or assign value to SHOE token
Trader Joe has stated that it does not have any plans to support or assign value to the SHOE token. However, it has specified that the minimum cost of SHOE is 1.14 AVAX ($48.6) and the current trading volume is 833.20 AVAX ($35,603).
New Standard Combines ERC-20 and ERC-721 for Dual Contract Functionality
The DN-404 standard combines ERC-20 and ERC-721 into a dual contract system. This allows for additional liquidity while maintaining the features of NFTs. These tokens can be traded on both decentralized exchanges and marketplaces.
Pandora project highlights popularity of new standard
The new DN-404 standard gained attention with the launch of the Pandora project in early February. Within a week, the trading volume for ERC-404 surpassed $200 million, and the price of the Pandora token reached $22,900 on Feb. 8. Currently, the asset is trading at around $16,800 according to CoinMarketCap.
Increased Demand for ERC-404 Causes Surge in Gas Prices
On Feb. 9, gas prices on the Ethereum network spiked due to increased demand for ERC-404. The average price of gas reached 70 Gwei ($60) for a regular transaction, with a peak of 377 Gwei, the highest since May 2023.
Conclusion
Decentralized exchange Trader Joe has introduced the SHOE token based on the DN-404 standard, combining the benefits of fungible and non-fungible tokens. While Trader Joe does not support or assign value to the token, it has gained attention with a trading volume of 833.20 AVAX. The DN-404 standard allows for dual contract functionality, attracting liquidity while maintaining NFT features. The Pandora project exemplifies the popularity of this standard, with a trading volume exceeding $200 million in just one week. However, the increased demand for ERC-404 has led to higher gas prices on the Ethereum network. Overall, the introduction of SHOE and the DN-404 standard bring new opportunities and challenges to the crypto market.
By
By
By
