Trader Joe unveils experimental DN-404 token
Decentralized exchange (DEX) Trader Joe introduced a token based on the DN-404 standard called SHOE.
The DN-404 standard, like ERC-404, combines the benefits of fungible tokens and non-fungible tokens (NFTs). SHOE supply is limited to 19,404 tokens. Tokens were distributed entirely among 22,140 wallets of active users of the Joepegs marketplace and holders of NFT projects of the Joe Studios accelerator.
The exchange noted that it does not plan to support the asset and allegedly does not carry any value.
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 position is 833.20 AVAX ($35,603 at the time of writing).
The new standard combines ERC-20 and ERC-721 into a dual contract. This allows you to attract additional liquidity while maintaining the features inherent in NFTs. You can trade such tokens both on decentralized exchanges and marketplaces.
The new standard attracted particular attention when the Pandora project appeared in early February. The ERC-404 trading volume broke through $200 million in less than a week. The price of the Pandora token soared to $22,900 on Feb. 8. At the time of writing, the asset is trading at around $16,800, according to CoinMarketCap data.
On Feb. 9, the price of gas on the Ethereum network reached an average level of 70 Gwei (about $60 for a regular transaction). At its maximum, the figure was 377 Gwei, a record high since May 2023. The main reason for this was the increased demand for ERC-404.
