New Initiatives Join the ERC-404 Movement
Several other projects leveraging the ERC-404 token standard are now striving to emulate Pandora’s quick success, including DeFrogs ($DEFROGS), Rug ($RUG), Monarch ($MNRCH), and Froggy Friends ($TADPOLE).
DeFrogs sparkles with a present rate of $723.05 per token and a cumulative market capitalization of $7,689,095. In pursuit, Rug is tagged at $265.62, boasting an aggregate market worth of $2,648,135.
Next up, Monarch is priced at $102.11, valuing the company at $935,948. Froggy Friends, on the flip side, are being snatched up for a reasonable $54.29 each, with its 32.7% value increase suggesting positive prospects.
Source: CoinGeckoNavigating Through Rivalry and Challenges
The emergence of ERC-404 tokens has ushered in a mix of triumphs and hurdles. Being widely embraced in a short matter of time, a comparable concept known as ‘Divisible NFT’ (DN404) soon arrived, boasting a “revamped” approach.
Amidst the rivalry with DN404, the demand for streamlined coding to mitigate rising transaction costs associated with ERC-404 tokens is critical. Ethereum’s mainnet charges have escalated to $11 from $4 since January, significantly influenced by the trading of ERC-404 tokens.
Notably, this situation was highlighted when a user faced a $113,000 gas fee in a failed bid to take advantage of a newly launched ERC-404 token, spotlighting the urgent need for more effective transaction solutions.