Trader Joe unveils experimental DN-404 token

Decentralized exchange (DEX) Trader Joe introduced a token based on the DN-404 standard called SHOE.

The DN-404 standard, like ERC-404, combines the benefits of fungible tokens and non-fungible tokens (NFTs). SHOE supply is limited to 19,404 tokens. Tokens were distributed entirely among 22,140 wallets of active users of the Joepegs marketplace and holders of NFT projects of the Joe Studios accelerator.

Unveiling: $SHOE ????

Trader Joe is a Decentralized Exchange (DEX) that offers instant, low-cost token swaps, founded with the mission to build the best DeFi trading platform through innovation at the forefront of DeFi.

Today, Trader Joe unveils $SHOE. A token based on the DN404… pic.twitter.com/raJqPcAmuC

— Trader Joe (@TraderJoe_xyz) February 14, 2024

The exchange noted that it does not plan to support the asset and allegedly does not carry any value.

According to the platform, the minimum cost of SHOE is 1.14 AVAX ($48.6 at the time of writing). The trading volume for this position is 833.20 AVAX ($35,603 at the time of writing).

You might also like: Trader turns 1 ETH to $59k in hours with new ERC-404 token

The new standard combines ERC-20 and ERC-721 into a dual contract. This allows you to attract additional liquidity while maintaining the features inherent in NFTs. You can trade such tokens both on decentralized exchanges and marketplaces.

The new standard attracted particular attention when the Pandora project appeared in early February. The ERC-404 trading volume broke through $200 million in less than a week. The price of the Pandora token soared to $22,900 on Feb. 8. At the time of writing, the asset is trading at around $16,800, according to CoinMarketCap data.

Source: CoinMarketCap

On Feb. 9, the price of gas on the Ethereum network reached an average level of 70 Gwei (about $60 for a regular transaction). At its maximum, the figure was 377 Gwei, a record high since May 2023. The main reason for this was the increased demand for ERC-404.

You might also like: Experimental Ethereum ERC-404 standard spurs competitor