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Home»EXCHANGE NEWS»Ethereum’s experiment, ERC404, generates $87 million in transactions.
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Ethereum’s experiment, ERC404, generates $87 million in transactions.

By Crypto FlexsFebruary 7, 20243 Mins Read
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Ethereum’s experiment, ERC404, generates  million in transactions.
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ERC404, an NFT cryptocurrency hybrid called Ethereum’s experiment, is known to have generated a total trading volume of $87 million on DEX, or decentralized exchanges. The same figure for NFT marketplaces is just under $1 million. The new token combines the properties of fungible tokens and non-fungible tokens (NFTs). The ultimate goal is to increase liquidity and trading flexibility.

ERC404 is implemented through Replicants, a collection of NFTs. Those products can be sold on NFT marketplaces like OpenSea or Blur, or DEXs like UniSwap. Interest in replicants reached a peak where the price rose from 0.38 ETH to 4.26 ETH. This puts the collection among the top 15 NFT collections with a diluted value of $88 million.

Because ERC404 is an experimental token standard hosted by Ethereum, it has not yet been fully externally audited. The two benefits that ERC404 provides are increased trading liquidity and flexibility for users. The increase in liquidity is beneficial to the NFT ecosystem, which has typically been a very illiquid asset sector.

ERC404 is not a completely ideal technology. It has certain disadvantages. For example, selling a fungible token on a DEX will destroy the NFTs linked to the DEX. After purchasing a token, a new NFT is created, but trading volume explodes on decentralized exchanges.

Blur has integrated an experimental token standard. BananaGun and a number of upcoming NFT projects now support it as well.

As for the replicant price rise, you can simply refer to the value of ETH to get a better idea of ​​how much the price has risen recently. At the time of writing, 1 ETH is trading at $2,357.89. It is up 1.53% in the last 24 hours. Moreover, it has surged 2.865 over the past 7 days and has increased by 5.32% over the past 30 days. ETH has overcome fears of remaining below $2,300 following the approval of its Bitcoin ETF application and has remained above $2,300 for the past few days.

The NFT section is still on strong footing. Farcaster NFTs are reportedly selling for thousands of dollars. Most of it is credited to users’ spending on their Farcaster ID. The highest value so far is $7,000 for ETH.

ERC404 is at the heart of bringing together the properties of non-fungible ERC721 and fungible ERC20. This means that ERC721 sets the rules for NFTs, while ERC20 sets the rules that tokens must adhere to. Replicant has the characteristics of both token standards through ERC404, which technically sets the rules for smart contracts to follow.

What sets it apart is the fact that users no longer have to wait to purchase NFTs. Instead, you can go to a DEX to leverage the platform’s liquidity and sell fungible tokens. The only downside is that selling fungible tokens on a DEX destroys the associated NFT.

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