Trader Joe Launches Experimental DN-404 Token

Trader Joe, a decentralized exchange (DEX), unveiled SHOE, a cryptocurrency that is built on the DN-404 standard.

Similar to ERC-404, the DN-404 standard combines the advantages of NFTs (non-fungible tokens) and fungible tokens. The quantity of SHOE tokens is 19,404. All 22,140 wallets of active Joepegs marketplace users and owners of NFT projects from the Joe Studios accelerator received tokens.

The exchange stated that the asset is purportedly worthless and that it is not intended to be supported. The platform states that SHOE has a minimal cost of 1.14 AVAX ($48.6 at of this writing).

As of the time of writing, the trading volume for this position is 833.20 AVAX, or $35,603. ERC-20 and ERC-721 are combined into a single contract under the new standard.

By doing this, you can draw in more liquidity while preserving the NFT's core characteristics. These tokens can be traded on marketplaces and decentralized exchanges.

When the Pandora project was announced at the beginning of February, the new standard garnered extra attention. The ERC-404 trade volume crossed the $200 million mark in less than a week.

On February 8, the price of the Pandora token shot up to $22,900. Based on statistics from CoinMarketCap, the asset is currently trading at about $16,800.

The average price of gas on the Ethereum network was 70 Gwei on February 9 (about $60 for a standard transaction). The number reached a record high of 377 Gwei at its peak, the highest since May 2023. The rise in demand for ERC-404 mostly caused this.