Trader Joe unveils experimental DN-404 token

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Decentralized alternate (DEX) Dealer Joe launched a token based mostly on the DN-404 customary known as SHOE.

The DN-404 customary, like ERC-404, combines the advantages of fungible tokens and non-fungible tokens (NFTs). SHOE provide is restricted to 19,404 tokens. Tokens had been distributed fully amongst 22,140 wallets of energetic customers of the Joepegs market and holders of NFT initiatives of the Joe Studios accelerator.

The alternate famous that it doesn’t plan to assist the asset and allegedly doesn’t carry any worth.

In keeping with the platform, the minimal price of SHOE is 1.14 AVAX ($48.6 on the time of writing). The buying and selling quantity for this place is 833.20 AVAX ($35,603 on the time of writing).

The brand new customary combines ERC-20 and ERC-721 right into a twin contract. This lets you appeal to further liquidity whereas sustaining the options inherent in NFTs. You may commerce such tokens each on decentralized exchanges and marketplaces.

The brand new customary attracted specific consideration when the Pandora undertaking appeared in early February. The ERC-404 buying and selling quantity broke by way of $200 million in lower than every week. The value of the Pandora token soared to $22,900 on Feb. 8. On the time of writing, the asset is buying and selling at round $16,800, in accordance with CoinMarketCap information.

Trader Joe unveils experimental DN-404 token - 1
Supply: CoinMarketCap

On Feb. 9, the value of gasoline on the Ethereum community reached a mean stage of 70 Gwei (about $60 for a daily transaction). At its most, the determine was 377 Gwei, a file excessive since Might 2023. The primary cause for this was the elevated demand for ERC-404.

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