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Pandora’s ERC-404 Token Surges with $190M Trading Volume Within a Week of Launch: Nansen

Pandora, an innovative hybrid token built on the ERC404 standard, has witnessed a significant surge in trading activity since its launch on February 2.

In just a week, the token’s fully diluted valuation skyrocketed to over $320 million, catapulting it into the spotlight as one of the most talked-about projects in the crypto sphere.

As of February 13, data reveals that Pandora’s total trading volume has reached an impressive 73,024 ETH, equivalent to approximately $190 million, according to an analysis shared with Cryptonews.com by Nansen.

Notably, this trading volume encompasses transactions occurring on both decentralized exchanges (DEXs) for ERC20 tokens and NFT marketplaces for ERC721 tokens.

Pandora’s Token 32% Below ATH

In the most recent update, Pandora’s price is approximately $21.9k, reflecting a 32% decrease from its all-time high.

The token has attracted interest from 1,420 unique owner wallets, each possessing at least one full token.

Of the 5,681 NFTs or full tokens in circulation, an impressive 50% are held by “diamond hands” wallets, signaling a robust investor confidence in the project’s prospects.

This retention rate exceeds that of established blue-chip NFT collections like Pudgy Penguins and Bored Ape Yacht Club, as reported by Nansen.

Recently, Journey Li, the Product Marketing Manager at Nansen, disclosed in a post on X that a wallet funded by Amber Group purchased 109 Pandora tokens yesterday, amounting to approximately $1.96 million at the time.

The report highlighted that analyzing the volume and transactions of ERC404 tokens presents certain challenges due to the hybrid nature of the standard.

However, focusing on NFT-only transactions over the past 30 days indicates that the volume of major NFT marketplaces like OpenSea and Blur remained relatively unaffected by the introduction of ERC404.

This suggests that the majority of ERC404 transactions are taking place on decentralized exchanges (DEXs).

Minting of ERC404 Tokens Surge

Additionally, there has been a notable surge in the minting of ERC404 tokens.

Minting occurs when whole tokens or multiples thereof are acquired from a decentralized exchange (DEX). In the past week alone, mint volume has exceeded $344 million.

It’s worth noting that if a whole token is subsequently sold as a non-fungible token (NFT) on a marketplace rather than a DEX, it is not burned or re-minted.

The successful launch of Pandora has also opened the door for other projects utilizing the ERC404 token standard, including technical advancements like ERC404+ and DN404.

This trend indicates a positive reception within the industry, as market participants embrace the concept of native liquidity for hybrid token standards.

Since the launch of Pandora on February 2, several projects have already shown promising trading activity. Three projects have surpassed 10,000 ETH in volume, and an additional 12 projects have exceeded 1,000 ETH in volume since their inception.

Additionally, gas fees on the Ethereum network have surged to levels not seen since March 2023, driven by the growing interest in ERC404. On February 9, Ethereum gas prices peaked at an average of 70 gwei, equivalent to $60 for a standard transaction.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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