Ethereum is a network that stands out for giving rise to different types of tokens, such as ERC-20, which includes stablecoins and other well-known tokens, and ERC-721, the famous non-fungible tokens or NFTs. Recently, a new token standard, the ERC-404, emerged and quickly generated a trading volume in excess of USD 100 million.

The ERC-404 standard is an experimental implementation that combines the ERC-20 and ERC-721 standards "with native liquidity and fractionalization." 0xacme, the developer who submitted the proposal on Github, explains that while these standards are not designed to be combined, this model tries to do so "in a robust way and minimizing the potential downsides."

There are already some collections of tokens and NFTs brought to the ERC-404 format. PANDORA is one of them; is the recreation of the Replicants collection, which already existed for about a year, under this new format. It surpassed USD 87 million in trading volume on decentralized exchanges like Uniswap in a week.

Precisely, the main particularity of ERC-404 tokens is that they can be traded on exchanges like other fungible tokens. Its creator hailed on the social network X that the tokens created under this new standard "are the first NFTs to be traded on centralized exchanges in history," after LBank announced the listing of PANDORA on its platform.