Pandora Token Recovers from Weekend Slump
The Ethereum token and NFT hybrid, Pandora, built on the unofficial ERC-404 standard, seems to be recovering from its recent dip. However, a new experimental Ethereum token standard called DN404 is emerging as a potential challenger.
Pandora Token Performance
At the moment, Pandora (PANDORA) is trading at around $19,755, showing a 1% gain from yesterday and an impressive 342% jump from last week. The token was launched just over a week ago.
How Pandora Tokens Work
PANDORA tokens consist of 10,000 ERC-20 tokens linked to a collection of 10,000 Replicant NFTs. If you own less than 1 PANDORA token, you still have the tokens in your wallet but not the corresponding NFT. However, if you buy one of the NFTs, you automatically receive 1 PANDORA token. When a user sells a fraction of their token, the associated NFT gets permanently destroyed.
The Emergence of DN404
A pseudonymous developer named cygaar has been working on their own DN404 standard (Divisible NFT) as a competitor to ERC-404. Although the code is available in an “alpha” state and hasn’t been audited yet, cygaar has advised caution in using it for DN404 projects.
Market Volatility and New ERC-404 Tokens
PANDORA’s market capitalization experienced a significant drop over the weekend but rebounded to about $198 million on Monday afternoon. Other ERC-404 tokens like DeFrogs and Monkees have also entered the market. However, the excitement surrounding these new token standards has caused increased activity and higher fees on the Ethereum network.
Understanding Gwei
Gwei is the equivalent of satoshis (sats) on the Bitcoin network. It represents the smallest unit of ETH, similar to how a cent is to the dollar. Currently, fees on the Ethereum network are around 61 Gwei, down from 74.47 Gwei earlier today.
Hot Take: The Rise of Experimental Token Standards
The emergence of Pandora and DN404 highlights the growing interest in experimental token standards within the crypto market. While Pandora has experienced some volatility, it remains to be seen how DN404 will fare. As these new standards gain traction, they have the potential to reshape the NFT and token landscape.
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