Pandora Surges Over 30% Amid Crypto Market Rebound
Pandora has experienced an impressive surge of more than 30% in the last 24 hours, driven by recent announcements from renowned exchanges like Binance and OKX. These announcements highlighted the inclusion of support for the ERC-404 token standard.
The ERC-404 Token Standard
According to CoinGecko, the Pandora token reached its peak at $32,427 today, representing a 35% increase in the past day. It is currently trading at $29,847 with a market capitalization of $306 million.
The ERC-404 token standard was created by developers known as “ctrl” and “Acme” under the Pandora project on the Ethereum blockchain. This innovative standard aims to combine the functionalities of both ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens or NFTs), allowing ERC-404 tokens to possess characteristics of both types.
As stated on GitHub, “While these two standards are not designed to be mixed, this implementation strives to do so in as robust a manner as possible while minimizing tradeoffs.”
The Pandora project offers 10,000 ERC-20 tokens along with 10,000 associated “Replicant” NFTs. When a complete Pandora token is purchased on an exchange, one Replicant NFT is generated in the buyer’s wallet. Selling a Pandora token removes or “burns” the associated NFT from the user’s possession, creating a symbiotic relationship between the fungible and non-fungible aspects of the token ecosystem within Pandora.
Community Skepticism and Concerns
Despite its potential, there is still skepticism within the community regarding specific details of the Pandora project and the necessity of the ERC-404 standard. Recent discussions have raised concerns about potential vulnerabilities in ERC-404-based NFTs.
9/ You might be able to guess what happens.
This is a valid withdrawal amount, because the depositor has a balance much higher than the request.
However, Pandora interprets it as an ERC721 transfer, and thus our token depositor is able to steal the NFT from our NFT depositor. pic.twitter.com/sQwn9828Jp
— quit (This is Why Pandora’s Price Soared by 35% in the Past 24 Hours) appeared first on CryptoPotato.
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