Pandora ( PANDORA ) Price Live Chart

PANDORA

Pandora is a collection of 10,000 replicants and represents the initial application of an experimental token standard called "ERC404," pioneered by the Pandora team. This innovative standard allows tokens to adhere to both the ERC721 NFT and ERC20 fungible token standards concurrently. 

Consequently, Pandora functions as both an NFT collection and a fungible token, marking the first instance of an NFT collection being listed on CEX. The primary goal of Pandora is to foster the growth of the 404 ecosystem and promote the adoption of the ERC404 standard. 

What is PANDORA?

The inaugural token under the ERC-404 standard was launched by the Pandora project on February 2, 2024, with 7% of the token supply allocated to the team and early contributors. The total supply of Pandora (PANDORA) tokens is limited to 10,000, enhancing their scarcity in the market.

Pandora's token mechanics are crafted to allow the automatic minting of a new NFT by holding a specific quantity of fungible tokens while reducing the number of fungible tokens below a predetermined threshold resulting in the burning of the NFT. Unlike conventional NFT standards, the ERC-404 token standard utilized by Pandora permits NFTs to be fractionally owned via the minting and burning of tokens.

Working of PANDORA Token

Pandora utilizes the ERC-404 standard, integrating a rarity update feature for NFTs triggered by transactions involving FTs (fungible tokens). With each FT transfer, NFT tokens undergo destruction and re-issuance, thereby renewing their rarity and influencing their market valuation. 

This incentivizes users to engage in FT token transfers within the Pandora platform to prevent the loss of rare NFTs and capitalize on the enhanced rarity of newly issued NFTs.

Discussing the ERC-404 standard, it has been devised by the pseudonymous individuals "ctrl" and "Acme," although it bears the name 'EIP,' it lacks formal validation through the Ethereum Improvement Proposal review process. Nonetheless, its core concept, which involves constructing NFTs from fractions, diverges from the current approach to NFT fractionalization.

Benefits of PANDORA Token

The debut of Pandora and ERC-404 marks a crucial point in the progression of token standards within the Ethereum blockchain. As developers delve deeper into their functionalities and possible applications, these protocols hold promise in reshaping the creation, administration, and application of tokens within the DeFi landscape. Through continued research and development endeavors, they may herald a fresh chapter in decentralized finance, marked by heightened adaptability, safety, and ingenuity.

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