Recently, Pandora, known as the strongest protocol in the NFT market in two years, has attracted widespread market attention. As the Lunar New Year approaches, it has shown strong upward momentum at an alarming rate. In just four days, Pandora’s price soared from $1,400 to over $31,000, becoming the most eye-catching dark horse at the beginning of the Year of the Dragon. Currently, as of the time of reporting, Pandora’s 24-hour increase is still as high as 80%, with the price reaching $31,054. It can be said that its popularity has not diminished at all.
Binance and OKX launch ERC-404 market
Due to the high FOMO sentiment in the market, Binance and OKX Web3 wallets quickly launched the ERC-404 trading market on the evening of the 8th. In addition to $Pandora, other ERC-404 concept coins have also been listed, including $DEFROGS, $RUG, $ANON and $CRYSTAL.
Slow Mist: ERC-404 is not yet mature
It should be noted that for the new token standard, Slow Mist founder Yu Xian has put forward some warnings. He provides an in-depth analysis of the mechanics and potential security risks of ERC-404 tokens. Cosine pointed out that during the transaction process, NFTs associated with ERC-404 tokens may be transferred or destroyed indiscriminately. Especially when the number of tokens is slightly lower than a round number, the corresponding NFT may be burned. This issue requires our attention.
He also mentioned that since Ethereum transactions need to consume Gas (gas fees), ERC-404 has introduced a whitelist mechanism to allow certain counterparties or routers to process FT transactions without frequently processing NFTs. Reduce complexity and risk.
Cosine Warning points out that since ERC-404 has not yet matured into a standard, implementation differences between different projects may lead to security issues. His analysis highlights the potential unintended consequences of token mechanisms, particularly regarding security.
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