Categories: MarketsMenafn

ERC-404 Token Pandora Up Over 2,000% in Mere Days

The price of Pandora (PANDORA), the first token using the ERC-404 standard, has risen sharply in a few days. 

On Feb. 5, the token was valued at $1,542, but by Feb. 9, it had skyrocketed to $32,381, according to CoinGecko.

At the time of writing, the price of PANDORA has corrected to $25,534. 

Pandora’s price within a week. Source: Trading View

Is ERC-404 the new crypto narrative?

Recently, there has been a discussion in the crypto community about ERC-404. This standard essentially combines ERC-20 features and ERC-712 functionalities.

The first standard is needed to create tokens in the Ethereum blockchain, and the second is needed for a non-fungible token (NFT). 

It turns out that a token created in the ERC-404 standard is both fungible and non-fungible

However, it’s important to note that the protocol hasn’t been audited yet, making it difficult to determine its level of security.

How are Pandora and ERC-404 related?

Pandora is one of the earliest and most renowned projects built on this protocol, positioning the venture as a pioneer in this market.

The principle behind Pandora is that users purchase a token of the same name on one of the decentralized exchanges (DEX).

After purchasing the token, the user also obtains Pandora’s NFT. Similarly, the associated NFT is also lost when the token is sold.

The value of the NFT corresponds to the value of one token. However, it’s crucial to note that if you opt to sell 0.3 PANDORA, the entire NFT will be burned in the process. That is something to pay close attention to, as it may have financial repercussions.

Pandora is built on the element of surprise. No one knows what kind of NFT will be captured. The collection is called Replicant and looks like a box painted in one of the colors. 

https://twitter.com/BanklessHQ/status/1755365899291484514?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

Uniswap V3, a decentralized exchange, commands the highest trading volume for Pandora.

According to the platform’s data, the PANDORA token has climbed to the top of the most popular tokens, securing the 5th position and displacing Wrapped stETH to 6th place.

Pandora’s volume on Uniswap V3 is $77.3 million at the time of writing, and the total value locked (TVL) has grown to $25.9 million. 

Ranking of the top tokens on Uniswap. Source: Uniswap

According to Dune, Pandora’s total NFT holders have also surged. On Feb. 2, it was 265, and by Feb. 9, it had increased to 1,481.

Pandora’s total NFT holders in February. Source: Dune

However, it’s too early to predict the future of the project. Of course, there is a lot of hype around Pandora.

First, ERC-404 has appeared as a breath of fresh air in the crypto world, generating initial interest.

Second, traders are looking for potential narratives ahead of the upcoming bull run 2024. Perhaps ERC-404 will be one of them, but it’s too early to tell.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Sony Electronics Singapore Now Accepts USDC Payments via Crypto.com

Sony Electronics Singapore is now accepting payments in USD Coin (USDC) on its online store,…

5 hours ago

<div>Delta Exchange: Pioneering INR-Settled Crypto F&O Trading in India</div>

In the last three months of the year, trading volumes for cryptocurrencies like Bitcoin and…

2 days ago

Pi Network’s Token Sheds 75% in Three Months as Skepticism Grows

The Pi Network (PI) has plummeted over 75% in the past three months, collapsing from…

2 days ago

Chummy Tees Review Rising Trends in the Funny T-Shirt Industry

Sonora, California, 30th March 2025, ZEX PR WIRE, As humor continues to shape popular culture,…

3 days ago

UBX Powers UBC’s 15x Surge: AI and DePIN Innovation Reshaping Crypto Investments

Singapore, 30th March 2025, ZEX PR WIRE, Recently, the native token UBC issued by the…

3 days ago

Tether Eyes U.S. Stablecoin Launch Amid Regulatory Tailwinds

Tether is weighing a crucial entry into the U.S. domestic stablecoin market as CEO Paolo…

5 days ago