Experimental DN-404 token revealed by Trader Joe
Trader Joe, a decentralized exchange (DEX), has recently introduced a new token called SHOE, which is based on the DN-404 standard. Similar to ERC-404, this standard combines the advantages of fungible tokens and non-fungible tokens (NFTs). The total supply of SHOE tokens is limited to 19,404. These tokens have been distributed among 22,140 active users of the Joepegs marketplace and holders of NFT projects from the Joe Studios accelerator.
It is worth noting that Trader Joe has no plans to support the SHOE token and claims that it holds no value. However, according to the platform, the minimum cost of SHOE is 1.14 AVAX ($48.6) at the time of writing. The trading volume for this token currently stands at 833.20 AVAX ($35,603).
The introduction of the DN-404 standard has garnered attention due to its combination of ERC-20 and ERC-721 into a dual contract. This allows for increased liquidity while retaining the unique features of NFTs. These tokens can be traded on both decentralized exchanges and marketplaces.
One project that brought significant attention to the new standard is Pandora, which emerged in early February. Within a week, the trading volume for ERC-404 surpassed $200 million. The price of the Pandora token reached a peak of $22,900 on February 8th and is currently trading at approximately $16,800 according to CoinMarketCap.
On February 9th, the average gas price on the Ethereum network reached 70 Gwei (equivalent to around $60 for a regular transaction). At its peak, the gas price reached 377 Gwei, the highest since May 2023. This increase in gas prices can be attributed to the high demand for ERC-404.
As the popularity of the DN-404 standard grows, it is clear that it has become a competitor in the market. Keep up with the latest developments by following us on Google News.
