Trader Joe, a decentralized exchange (DEX), has recently introduced a new token called SHOE, based on the DN-404 standard. This standard, similar to ERC-404, combines the advantages of both fungible tokens and non-fungible tokens (NFTs). The total supply of SHOE tokens is limited to 19,404, which were distributed among 22,140 wallets belonging to active users of the Joepegs marketplace and holders of NFT projects from the Joe Studios accelerator.
It is important to note that Trader Joe has no plans to support SHOE as an asset, and claims that it holds no intrinsic value. The minimum value of SHOE is currently set at 1.14 AVAX ($48.6) with a trading volume of 833.20 AVAX ($35,603).
The introduction of the DN-404 standard has sparked interest in the crypto community, as it merges ERC-20 and ERC-721 into a dual contract. This innovation allows for increased liquidity while retaining the unique features of NFTs, making it possible to trade these tokens on decentralized exchanges and marketplaces.
The emergence of the Pandora project in early February brought even more attention to the new standard, with the trading volume of ERC-404 surpassing $200 million in less than a week. The price of the Pandora token skyrocketed to $22,900 on Feb. 8, and currently trades at around $16,800 as per CoinMarketCap data.
On Feb. 9, the average gas price on the Ethereum network reached 70 Gwei (approximately $60 for a regular transaction), with a peak of 377 Gwei – the highest since May 2023. This surge was attributed to the increased demand for ERC-404 tokens.
Stay updated with the latest news by following us on Google News.