The experimental token standard ERC-404 developed by the Pandora team came out in February this year. ERC-404 combines the characteristics of the ERC-20 and ERC-721 standards, combining the advantages of the two. It set off a craze after it was launched. Many ERC-404 projects have experienced skyrocketing prices in turn, but the popularity has subsided recently.
The security of ERC-404 is even more questioned. Yu Xian, founder of the blockchain security company SlowMist, recently warned that during the transaction process of ERC-404 tokens, its associated NFTs may be transferred or destroyed indiscriminately. He emphasized that , ERC-404 is not yet a mature standard, and the new mechanism will definitely bring new security risks.
In addition, the high gas fees required for trading ERC-404 tokens and the high risk of Rug pull have also been criticized by investors. Recently, a speculative user spent up to US$113,000 in gas fees to buy US$26,000 worth of The ERC-404 new token project hoped to obtain high returns, but the token plummeted to zero in just 35 minutes.
ERC-404 V2 will be released
However, Pandora tweeted today that the latest version of ERC-404 will be released soon:
The latest version of ERC-404 will be officially launched!
The team has provided the "V2" version to developers through the official GitHub, which will be launched after a final audit by Trail of Bits.
Pandora shared data two weeks ago, revealing the significant progress made by ERC-404 version 2.0. The results of the Gas cost test run on the Ethereum development environment Hardhat showed that ERC-404 V2.0 compared to ERC-404 V1:
- Minting Gas fee is reduced by approximately 28%
- Transfer gas fees are reduced by about 50%
- Gas burning fee increased by approximately 80% (due to reuse of token IDs, in line with expectations)
Pandora currency price falls
Although ERC-404 V2.0 is expected to be released soon, according to DEX Screener data , the price of Pandora has been sluggish recently. Although it rebounded to US$24,311 on the 23rd, it continued to drop, and was reported at US$18,040 at the time of writing in the past 24 hours. It dropped 8.3% and has plummeted nearly 50% from the historical high of $32,755 set on the 9th.
According to CryptoSlam data , the total sales of Pandora NFT has reached 133 million U.S. dollars, and the total number of transactions has exceeded 8,100. In the past 7 days, Pandora NFT still topped the list in terms of sales volume, reaching 33.56 million U.S. dollars, but it has decreased from the previous week. 14.86%, and the transaction volume in the past seven days was 210, a decrease of 6.85% from the previous week.
