News Report Technology
February 09, 2024

ERC404 Project Pandora Transforms into Complete Entity, Launches on LBank

ERC404 Project Pandora Transforms into Complete Entity, Launches on LBank

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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