‘Semi-fungible’ Tokens Find a Home with Injective Protocol and DojoSwap Partnership
Injective Protocol has announced a strategic partnership with DojoSwap to launch the CW-404 standard, inspired by ERC-404. This collaboration aims to foster innovation and interoperability within the decentralized finance (DeFi) ecosystem.
CW-404 Standard: Portable Version of ERC-404
The CW-404 standard is a portable version of the experimental ERC-404 token standard, offering users access to ‘semi-fungible’ tokens. Like ERC-404, CW-404 combines two existing token types – CW-20 (fungible assets) and CW-721 (non-fungible tokens) – all in one place.
Potential for DeFi Space and New dApps
The CW-404 token standard opens up possibilities for the DeFi space. Users can own fractional shares of NFTs, unlock liquidity in digital collectibles, and trade them as regular fungible assets. The Injective Protocol believes this will spawn a new wave of decentralized applications (dApps) that are not possible outside its ecosystem.
Sushi Fighter NFT Collection as First CW-404
To promote the new token standard, Injective Protocol launched the Sushi Fighter NFT collection. This digital collectible will be the first to use the CW-404 token standard on Injective, aiming to propel INJ-based NFTs into the global blockchain scene for mass acceptance.
ERC-404 Gains Traction with Binance Support
While still in its experimental stages, the ERC-404 token standard is gaining traction. Binance recently announced support for ERC-404-powered digital assets and introduced 24 new dApps on its Web3 Wallet service.
Strong Interest in NFT Market
The broader NFT market continues to see strong interest, with a valuation of over $7.5 billion and growing. Ethereum blockchain projects like BAYC and PudgyPenguins lead the pack, but Injective’s entry into the landscape could introduce another player into this highly competitive market.
Hot Take: Injective’s CW-404 Token Standard Expands Possibilities for DeFi and NFTs
The partnership between Injective Protocol and DojoSwap to launch the CW-404 token standard is a significant development for the DeFi ecosystem. With the ability to own fractional shares of NFTs, unlock liquidity in digital collectibles, and trade them as fungible assets, users have more flexibility and opportunities in the decentralized finance space. Additionally, the introduction of the Sushi Fighter NFT collection as the first implementation of CW-404 on Injective aims to boost the acceptance and adoption of INJ-based NFTs globally. As the NFT market continues to thrive, Injective’s entry with CW-404 brings a new player with innovative possibilities.
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