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 NFTs and can be used to develop star card games and stake tokens for rewards. This article is sourced from an article published by rick awsb on the X platform and compiled, translated, and written by BlockBeast.
(Background:
What is DRC-20? How is it minted? Dogecoin’s red-hot protocol surpasses Bitcoin in trading volume.
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Table of Contents
Project Analysis
1. Pandora is a 10k NFT project.
2. The ERC404 protocol solves an important problem with NFTs: liquidity.
3. Pandora has been released for less than a week, and the current liquidity has reached $9 million.
4. The ERC404 protocol is completely open-source.
5. Developers have brainstormed multiple gameplay options.
This could be the most important NFT protocol innovation on Ethereum in the past two years!
The dual-token project on Ethereum developed by a former Coinbase engineer,
@Pandora_ERC404
is sweeping the market.
This is somewhat similar to the project
@deeznuts_solana
on Solana, but unlike Nuts, which sells coins on its own website, Pandora’s tokens are listed on Uniswap from the beginning.
Corresponding to the 10k Pandora ERC20 tokens. It is the first project developed based on the ERC404 protocol (Longyi).
a. Buying $Pandora means an NFT is minted and automatically appears in the wallet, selling the token means the NFT is burned.
Transferring tokens is also a process of burning and re-minting NFTs.
However, transferring NFTs does not involve burning.
This means that you can sell your NFT to the liquidity pool of Uniswap without having to list and wait.
b. This also means that when buying tokens, you can see the rarity of the NFT. If you want to exchange for a rarer NFT, you can transfer the tokens to a new wallet and effectively re-draw to get a rarer NFT.
Therefore, constantly consuming Gas Fees can allow you to obtain rarer NFTs.
Will this lead to constantly flipping NFTs with high gas fees in the early stages of NFT releases to acquire rare attributes?
At the same time, selling NFTs with rare attributes, buying tokens to buy back floor NFTs, and then mining rare attributes may become an arbitrage mechanism.
Can GameFi projects use such a mechanism to interact with in-game mechanisms?
c. The project has not yet released any visuals.
Unlike any other fragmentation method for solving liquidity, ERC404 combines tokens into one, but can be bought and sold separately.
The project was co-founded by
@maybectrlfreak
and
@0xacme
(former Coinbase engineer). Fair launch. The current FDV is $26 million.
Developers can use the protocol to launch their own projects or make secondary developments based on existing protocols.
a. Some developers have suggested developing star card games based on this mechanism, where collectors can use constant token transfers to obtain new star cards, and the first player to collect a complete set wins the game.
b. There are also suggestions from developers to allow token holders to stake tokens for rewards, especially for those who do not hold enough tokens to obtain NFTs, staking can help them obtain NFTs in the future, reducing the pressure to sell.
Personally, I believe that the integration of native tokens adds a new dimension to asset gameplay. We may soon see more creativity in the future.
Regardless of whether you invest or not, innovation is worth paying attention to.
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