Published: February 09, 2024 at 5:41 am Updated: February 09, 2024 at 5:41 am
Edited and fact-checked:
February 09, 2024 at 5:41 am
ERC404 project Pandora completed its fully formed entity and is scheduled for auditing, with plans to implement liquidity locks thereafter.
Pandora project — focused on developing the ERC404 Ethereum standard, disclosed the successful completion of its fully formed entity. According to the announcement on social media platform X, Pandora is now scheduled for subsequent auditing, with plans to implement liquidity locks thereafter.
Within just one week, the project team progressed from a small group of individuals with an idea to the establishment of a fully-fledged startup comprising over 10 team members. During this evolution, the project garnered substantial press coverage, accumulated over 30,000 followers, and achieved a remarkable daily trading volume in the nine-figure range.
Additionally, Pandora outlined its plans, expressing the intention to explore the final EIP. The project further aims to release comprehensive results along with detailed documentation.
The rapid growth of the project did not go unnoticed by cryptocurrency exchanges–LBank subsequently announced the initial launch of the Pandora U-based contract on its platform, offering a maximum leverage of 50 times.
Pandora enables users to trade and manage NFT assets through tokenization. On the Pandora platform, the sale or transfer of an NFT involves more than a simple exchange of assets as it entails a complex process that includes the automatic minting and destruction of NFTs. This innovative approach allows for dynamic management of liquidity and rarity.
Additionally, cryptocurrency wallets Binance’s Web3 Wallet and OKX added support for the ERC404 earlier this week.
Pandora’s Innovative ERC404 Standard
Pandora stands is a pioneering project utilizing the ERC404 standard. It has introduced a compelling use case by offering 10,000 ERC20 tokens and an equivalent number of “Replicant” NFTs.
ERC404 serves as an experimental token standard developed by the project’s team. This standard uniquely combines the fungibility of ERC20 tokens with the uniqueness and collectibility of ERC721 NFTs. The hybrid approach enables the creation of tokens that exhibit both qualities, introducing new possibilities for digital asset ownership and trading.
Since the launch of the ERC404 collection, Pandora has recorded a total volume exceeding $230 million. Furthermore, being among the top three ERC404 projects along with MNRCH and DeFrogs, Pandora has registered a combined $113 million worth of trades over the past 24 hours, accounting for 12% of Uniswap’s Ethereum trading volume.
Pandora’s dynamic progression signifies its impactful role in redefining digital asset ownership and trading within the cryptocurrency landscape.
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