New DN-404 Token Standard Launched as an Improvement on ERC-404
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The “divisible NFT” standard, known as DN-404, has been launched by a team of Ethereum developers. This new token standard aims to address the inefficiencies of the previously launched ERC-404 standard. The goal of DN-404 is to create a token standard that can function as an NFT with built-in native fractionalization. This means that trading will primarily take place on the base token, allowing for immediate trading on decentralized exchanges like Uniswap. Users will automatically receive a mirror ERC-721 token when they have at least one base unit (10^18) of tokens.
Cygaar, a pseudonymous developer who led the team of six developers, outlined the flaws of the ERC-404 standard and explained how DN-404 addresses them in a lengthy Twitter thread. The team warned that the code of DN-404 has not been formally audited and that there are currently no tokens associated with their experimental standard.
Last week saw significant interest in ERC-404s, with the unexpected surge and subsequent drop in value of the first token of its kind, Pandora. The launch of DN-404 comes in the wake of this trader interest, and the team behind the new standard is hopeful that it will provide a new and innovative option for NFT trading.
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