Some call the novel standard a "game changer," while others are less enthusiastic about its prospects.
A new Ethereum token standard that has taken the blockchain sector by storm is drawing praise and criticism from industry veterans.
Dubbed ERC-404, the standard mixes the technology behind ERC-20 tokens with that of ERC-721, which is used in the creation of nonfungible tokens (NFTs). One such use is in the realm of fractionalized NFTs, where the ownership of one NFT, such as Bored Ape Yacht Club, is divided among multiple wallet holders under the ERC-404 standard.
ERC-404 was created earlier this year by pseudonymous developers only known as “ctrl” and “Acme” under a project called Pandora, which also happens to have issued the first namesake ERC-404 token on Feb. 6. Since then, Pandora ERC-404 tokens have returned a stunning 530% and currently trade at $23,484 with a market cap of $235 million. For the next steps in its roadmap, developers plan to reduce protocol gas fees by 28% to 50%.
