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Pandora ERC404: Driving the Ethereum NFT innovation revolution.

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Within a week of its release, Pandora has achieved a liquidity of $9 million.

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Original author: rick awsb

Editor's note: Pandora is a next-generation decentralized ecosystem based on dual-token DEX, launch platform, and NFT. Its token has been listed on Uniswap. The protocol solves the liquidity problem of NFT and can be used to develop star card games and stake tokens for rewards. Cryptocurrency KOL rick awsb has analyzed this project on X and called it the most important NFT protocol innovation on Ethereum in the past two years. BlockBeats has compiled the full text as follows:

This may be the most important NFT protocol innovation on Ethereum in the past two years!

A project called @Pandora_ERC404, developed by a former engineer at Coinbase, is making waves in the Ethereum community.

This is similar to @deeznuts_solana's project on Solana, but unlike Nuts selling coins on their own website, Pandora's token was listed on Uniswap from the beginning.

The project analysis is as follows:

1. Pandora is a 10k NFT project, corresponding to 10k Pandora ERC20 tokens. It is the first project developed based on the ERC404 protocol (Longyi).

a. Buying a $Pandora means that an NFT is minted and automatically appears in the wallet, while selling the token means that the NFT is destroyed.

Transferring tokens is also a process of NFT being destroyed and re-minted.

而转让 NFT 则不会。

And transferring NFTs will not.

This means that you can sell your NFT to Uniswap's liquidity pool without having to place an order and wait.

b. This also means that when purchasing tokens, you will see the rarity of NFTs. If you want to exchange for a rarer NFT, you can transfer the tokens to a new wallet, effectively re-drawing to obtain a rarer NFT.

Therefore, continuously consuming gas fees can allow oneself to obtain more rare NFTs.

This is not going to be constantly flipping NFTs with rare attributes while enduring high gas fees in the early stages of each NFT opening, right?

At the same time, selling rare attribute NFTs and buying tokens to buy back floor NFTs and then mining rare attributes may become an arbitrage mechanism?

Can GameFi projects interact with in-game mechanisms using this mechanism?

c. The project is currently not yet mapped.

2. The ERC404 protocol solves an important problem for NFTs: liquidity.

Unlike any other liquidity solution through fragmentation, ERC404 combines two tokens into one, while still allowing for separate buying and selling.

3. Pandora has been released for less than a week, and its current liquidity has reached 9 million US dollars.

The project was co-founded by @maybectrlfreak and @0xacme (former Coinbase engineer). Fair launch. Currently, fdv has raised $26 million.

4.ERC404 protocol is completely open source, so developers can use the protocol to release their own projects, or they can develop the protocol based on existing protocols.

5. Developers have brainstormed multiple ways to play:

a. Some developers have suggested that a star card game can be developed based on this mechanism. Collectors can use continuous transfer of tokens to obtain new star cards, and the player who first collects a complete set wins the game.

b. There is also a developer suggestion to encourage token holders to stake their tokens to earn rewards, especially for those who do not hold enough tokens to receive NFT tokens. This can help reduce selling pressure and potentially earn NFT tokens in the future.

Personally, I believe that the combination of native tokens and asset gameplay adds another dimension. There may be more creativity coming soon.

Regardless of investment, innovation is worth paying attention to.