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The Pandora project token (PANDORA) is showing rapid growth amid the hype around ERC-404 tokens.
According to CoinMarketCap data, PANDORA has risen by 30% over the past 24 hours to $32,800 at the time of writing. Trading volumes for tokens show explosive growth and surpass the $100 million mark.
At the same time, the token rate exceeded $32,000 a week after launch. Amid the excitement around the new format, less than a week after its creation, ERC-404 trading volume on decentralized exchanges (DEXs) and non-fungible token (NFT) platforms exceeded $210 million, according to Dune.
Cryptocurrency exchange Binance has also added ERC-404 support to its Web3 Wallet. This development came after Binance added 19 new apps to its Web3 Wallet.
Cryptocurrency exchange OKX also stated that ERC-404 tokens are already available on the Web3 platform.
Pandora is the first token issued based on the experimental ERC-404 standard. It is a mixed implementation of ERC-20/ERC-721, where an NFT automatically appears in the wallet after purchase. The new standard tokens are also designed to increase liquidity. Instead of listing NFTs for sale on any marketplace, holders can sell them on DEXs.
