Blockchain technology has been making waves in the tech world, and it seems like everyone is talking about it. The Protocol newsletter is no exception, as they love to write about all things blockchain. In this week’s issue, they cover a variety of topics, including the rise of ERC-404 tokens on Ethereum, the push for the return of a function called OP_CAT on Bitcoin, and top picks from their Protocol Village column.
ERC-404 tokens have taken over Ethereum, and now there’s a new and supposedly improved version called DN-404. These tokens aim to combine the benefits of both fungible and non-fungible tokens, allowing for the fractionalization of NFTs. This has caused a frenzy in the market, with the first ERC-404 token, PANDORA, trading for as high as $32,000 in just under a week. Other projects have also jumped on the hype, issuing their own versions of ERC-404 tokens on different blockchain ecosystems.
However, there are concerns about the safety and vetting process of these unofficial token standards. Some users may mistakenly think that ERC-404s have been approved and audited under the official process, which could lead to potential risks. To address these concerns, a group of Ethereum developers has created a new unofficial token contract called DN-404, which claims to solve some of the drawbacks of ERC-404s and offers gas savings.
In other news, the Starknet Foundation has announced an airdrop of their STRK token, which is used on the Ethereum layer-2 blockchain Starknet. This airdrop, along with the recent launch of Wormhole’s W token, has contributed to nearly $50 million in blockchain project fundraisings.
The article also features a data corner, highlighting the backlog in the Ethereum validator staking queue. This backlog has caused a spike in Ethereum fees, which could be a concern for users.
Overall, the article presents a bullish outlook for blockchain technology, as evidenced by the rise of ERC-404 tokens and the success of blockchain project fundraisings. However, there are also some concerns about the safety and vetting process of these unofficial token standards, which could be seen as bearish for the underlying assets.
Source:
– CoinDesk. Read More