Pandora’s ERC-404 Token Sees Surge in Trading Volume
The experimental hybrid token Pandora, based on the ERC404 standard, has experienced a significant increase in trading volume since its launch on February 2. In just one week, the token’s valuation reached over $320 million, making it a highly discussed project in the crypto space.
According to data from Nansen, the total trading volume of Pandora has reached an impressive 73,024 ETH (approximately $190 million) as of February 13. This volume includes transactions on both decentralized exchanges (DEXs) for ERC20 tokens and NFT marketplaces for ERC721 tokens.
Pandora’s Token Price Drops 32% from ATH
As of the latest update, Pandora’s price stands at around $21.9k, marking a 32% decline from its all-time high. The token has garnered attention from 1,420 unique owner wallets, with each holding at least one full token.
An impressive 50% of the circulating supply of 5,681 NFTs or full tokens are held by “diamond hands” wallets, indicating strong investor belief in the project. This retention rate surpasses established blue-chip NFT collections such as Pudgy Penguins and Bored Ape Yacht Club.
Recently, a wallet funded by Amber Group purchased 109 Pandora tokens for about $1.96 million.
NFT Transactions Unaffected by ERC404 Introduction
While analyzing ERC404 tokens presents challenges due to their hybrid nature, focusing on NFT-only transactions reveals that major NFT marketplaces like OpenSea and Blur remained relatively unaffected by the introduction of ERC404. This suggests that most ERC404 transactions are occurring on DEXs.
Surge in ERC404 Token Minting
The minting of ERC404 tokens has seen a significant surge, with mint volume surpassing $344 million in the past week. It’s important to note that if a whole token is sold as an NFT on a marketplace instead of a DEX, it is not burned or re-minted.
Positive Reception and Future Projects
The successful launch of Pandora has paved the way for other projects utilizing the ERC404 token standard. This trend indicates a favorable reception within the industry as market participants embrace the concept of native liquidity for hybrid token standards.
Several projects launched after Pandora have already shown promising trading activity, with some surpassing 10,000 ETH in volume and others exceeding 1,000 ETH in volume since their inception.
Gas Fees on Ethereum Network Soar
Gas fees on the Ethereum network have reached levels not seen since March 2023 due to growing interest in ERC404. On February 9, Ethereum gas prices peaked at an average of 70 gwei, equivalent to $60 for a standard transaction.
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