In this week the gass fee continues to rise due to the ERC404 which is hype in addition to the Eigenlayer and its ecosystem.If your problem is transaction fees, then this will definitely be a very reasonable discussion because in the past, Ethereum gas has continuously increased if there is a new project on the Ethereum network.
>>ERC404 (https://www.google.com/amp/s/decrypt.co/resources/what-is-erc-404-the-experimental-semi-fungible-ethereum-token-standard%3famp=1)
if the L1 network is cheap but if the L2 network is expensive which usually only spends $0.1-$0.2.
What do you think about this Erc404 and what do you think of this Erc404 standard token?
The ERC-404 token standard enables native fractionalization of NFTs, creating new primitives and new mechanics built atop them. This, in turn, allows for experimentation with NFTs and the trading of them.Reading from the website you provided, I don't really understand how ERC404 works and maybe I need time to learn it.
The token standard's creators suggest that the goal is to create an NFT with "native fractionalization, liquidity and encourages some aspects of trading/engagement to farm unique trait sets."
If your problem is transaction fees, then this will definitely be a very reasonable discussion because in the past, Ethereum gas has continuously increased if there is a new project on the Ethereum network.In my opinion, it is not normal because before ETH V2.0, ETH switched from (PoW) to (PoS), transaction fees on ETH were very high and since ETH V2.0 transaction fees are cheaper and for transaction fees on L2, the average transaction fee is less than $2.
For example, previously NFTs were trending on the Ethereum network, so the result was that Ethereum transaction gas fees were also expensive because many people printed NFTs using Ethereum gas.
Now it's the same, the presence of the ERC404 standard token will definitely end up discussing expensive transaction gas fees, I think this is normal.
Reading from the website you provided, I don't really understand how ERC404 works and maybe I need time to learn it.The easiest to understand example of ERC404 goes like this
I am sometimes amazed by the presence of Ethereum coin developments such as the ERC404 standard token but there is a negative because the gas fees you mentioned have also increased.
You can sell NFTs just like you sell coins on DEX.I doubt the feasibility of this solution, because if we can trade these NFTs too easily, their uniqueness will disappear because many NFTs will cost the same. Trading of this type has existed on DefiBox (EOS) for a long time with Pomelo NFTs. Every NFT costs the same, which limits or destroys the uniqueness of the NFT.
This is still under development and for now only the SyncSwap project is doing this on the zkSync Era L2 network of the ETH mainet network.
I think it's simpler and more flexible because we don't need to enter the NFT market website and don't need to set the price because most people set the price wrong in the NFT market which results in a big mistake.
What do you think about this Erc404 and what do you think of this Erc404 standard token?
When Ethereum was still POW, the price of Ethereum was probably under 500 USD and the fee was definitely cheap because calculating from decimal 1 Ethereum was equivalent to 500 USD.Now it's the same, the presence of the ERC404 standard token will definitely end up discussing expensive transaction gas fees, I think this is normal.In my opinion, it is not normal because before ETH V2.0, ETH switched from (PoW) to (PoS), transaction fees on ETH were very high and since ETH V2.0 transaction fees are cheaper and for transaction fees on L2, the average transaction fee is less than $2.
So what do you mean is that if I sell this ERC404 NFT token, I can sell it directly on the DEX without having to open an NFT website like Opensea?(https://i.ibb.co/7273h6q/IMG-20240211-195056-704.jpg)You can sell NFTs just like you sell coins on DEX.
This is still under development and for now only the SyncSwap project is doing this on the zkSync Era L2 network of the ETH mainet network.
I think it's simpler and more flexible because we don't need to enter the NFT market website and don't need to set the price because most people set the price wrong in the NFT market which results in a big mistake.
What do you think about this Erc404 and what do you think of this Erc404 standard token?ERC404 seems to be a new trend for Ethereum or a new hype that has just emerged at the moment and it will only make Ethereum transaction fees even more expensive due to excessive traffic jams.
I think ERC-404 will be adopted for a few distinct purposes in the future: for example 1000 identical NFTs, worth an outfit in GameFi, or 1000 identical NFTs representing ownership Music album, which is about to be released.Yes, you are right, erc404 will eliminate the uniqueness of the NFT, NFT rare and NFT common the price will be the same, this is currently a problem and is being developed, this includes the shortcomings of erc404.
Anyway I will wait for the widespread adoption of ERC-404 and its uses from new projects ;D
ERC404, to be honest, I just got this information, I still need to investigate this problem further.This is just one of the benefits provided by the erc404 network, so we don't have to wait long to sell the NFTs we have, if we usually have to wait for people to buy them.
After I read the article you provided here, the author said that this token is still not official so it is still very risky to transact, but to test the feasibility test, you should use this, if the fees offered are cheaper, there is no harm in continuing with this token.
Hopefully in the future more projects will use this token and it will be mass adopted by new projects
When Ethereum was still POW, the price of Ethereum was probably under 500 USD and the fee was definitely cheap because calculating from decimal 1 Ethereum was equivalent to 500 USD.I once found an article that discussed transaction fees on the Ethereum network almost the same as your opinion and it is not wrong, but in my opinion the ETH transaction fee cannot be ascertained only by the price of Ethereum as you say why, because Ethereum transaction fees are flexible can be high and low depending on the density of transactions on the network.
After Ethereum changes to POS, the price of Ethereum may be above 1700 USD or more and the fees will definitely be expensive because the fee is calculated from 1 Ethereum equal 1700 USD.
Unfortunately, Ethereum's current position is V2.0, where the price of Ethereum is already expensive, above 2000 USD and there are more and more L2 projects, NFTs, ERC404 standard tokens, etc.
If later the price of Ethereum is 10,000 USD and the position is still POS with V2.0 and the fee for one transaction is around 50 USD, would you still say that currently the transaction fee of 2 USD is expensive??
So what do you mean is that if I sell this ERC404 NFT token, I can sell it directly on the DEX without having to open an NFT website like Opensea?Yes, you are absolutely right so we don't have to go to the NFT market and wait for someone to buy our NFTs, this is one of the advantages of Erc404.
Have you invested in this ERC404 standard token?I haven't made any investments in this erc404 developer, ERC standard tokens have not undergone the vetting process common to all ERC standard tokens. Such as the submission of an improvement proposal (EIP). and the request for comments (ERC) stage,Since it has not undergone such a process and has not been audited, the project may have many weaknesses that can be exploited by irresponsible parties.
If you have invested or bought it, what type of ERC404 token is it?
I haven't made any investments in this erc404 developer, ERC standard tokens have not undergone the vetting process common to all ERC standard tokens. Such as the submission of an improvement proposal (EIP). and the request for comments (ERC) stage,Since it has not undergone such a process and has not been audited, the project may have many weaknesses that can be exploited by irresponsible parties.1.Ethereum Improvement Proposal (EIP)
In this week the gass fee continues to rise due to the ERC404 which is hype in addition to the Eigenlayer and its ecosystem.From what I understand, ERC20 + ERC721 = ERC404.
Binance and BYBIT have already discussed on Twitter about this Erc404
What do you think about this Erc404 and what do you think of this Erc404 standard token?
1.Ethereum Improvement Proposal (EIP)Yes
2.Ethereum Request for Comment (ERC)
So, according to your insight, the standard token from ERC404 has not been tested by 1.Ethereum Improvement Proposal (EIP) and 2.Ethereum Request for Comment (ERC), right?
And you also haven't bought or invested in this ERC404 standard token. But according to your insight, would it be a good opportunity if there were members who invested in this ERC404 standard token??
In the main topic you wrote an example for the LIBERTAS coin, but now you reply with an example of the PANDORA token, are these two coins the same from the Ethereum L1 token base which has a standard ERC404 token base or are LIBERTAS and PANDORA different?1.Ethereum Improvement Proposal (EIP)Yes
2.Ethereum Request for Comment (ERC)
So, according to your insight, the standard token from ERC404 has not been tested by 1.Ethereum Improvement Proposal (EIP) and 2.Ethereum Request for Comment (ERC), right?
And you also haven't bought or invested in this ERC404 standard token. But according to your insight, would it be a good opportunity if there were members who invested in this ERC404 standard token??
When it comes to investing into new models like Erc404, it is impossible for people like me to invest into Pandora tokens first because Pandora tokens are already very expensive and too high if I force my way in, maybe I will only be a real investor because the token has gone down.
Many people have invested in this Pandora project until now the Pandora coin continues to rise as if there is no sign of a decline so for this Erc404 project,
we will see how it goes whether the Pandora developers succeed in solving problems in the field of liquity and transaction fees because in my opinion the Erc404 mechanism has "three branches" and it is closely related to liquity.What are meant by these three branches?
~I'm sorry if I wrote or said something wrong because I'm not very good at English.
YesAs far as I know, ERC-404 is a new token standard on Ethereum which combines the functionality of fungible (ERC-20) and non-fungible (ERC-721) tokens. With ERC-404, for me it is almost the same as NFT because it is used in several gaming sites, digital artwork and decentralized finance (DeFi). Meanwhile, if you currently have a lot of users, you must remain vigilant because it has a higher risk and so far there has been no bad news attacking the ERC-404 so it still looks like it is fine.
When it comes to investing into new models like Erc404, it is impossible for people like me to invest into Pandora tokens first because Pandora tokens are already very expensive and too high if I force my way in, maybe I will only be a real investor because the token has gone down.
Many people have invested in this Pandora project until now the Pandora coin continues to rise as if there is no sign of a decline so for this Erc404 project, we will see how it goes whether the Pandora developers succeed in solving problems in the field of liquity and transaction fees because in my opinion the Erc404 mechanism has three branches and it is closely related to liquity.
As far as I know, ERC-404 is a new token standard on Ethereum which combines the functionality of fungible (ERC-20) and non-fungible (ERC-721) tokens. With ERC-404, for me it is almost the same as NFT because it is used in several gaming sites, digital artwork and decentralized finance (DeFi). Meanwhile, if you currently have a lot of users, you must remain vigilant because it has a higher risk and so far there has been no bad news attacking the ERC-404 so it still looks like it is fine.Thank you for commemorating me.
Thank you for commemorating me.Yeah zkSync is a new platform that has the aim of making transactions cheaper and faster but you need to know that it is the same as several other platforms such as BSC and Solana which have more or less the same goal of increasing transaction speed with fairly cheap fees, for now The appearance of ZkSync is still a little complicated and maybe new traders are still confused about using the zkSync platform.
I haven't done anything on erc-404 I'm still waiting for the results from the developers, now I'm just using paymaster on the zkSync network.
Only a few Dex platforms support paymaster, with paymaster we no longer need ETH for transaction fees on zkSync.
Yes, everything needs introduction and learning but if to compete with BNB and Solana it is quite difficult because zkSync is a new project but we don't know what the future will be like.Thank you for commemorating me.Yeah zkSync is a new platform that has the aim of making transactions cheaper and faster but you need to know that it is the same as several other platforms such as BSC and Solana which have more or less the same goal of increasing transaction speed with fairly cheap fees, for now The appearance of ZkSync is still a little complicated and maybe new traders are still confused about using the zkSync platform.
I haven't done anything on erc-404 I'm still waiting for the results from the developers, now I'm just using paymaster on the zkSync network.
Only a few Dex platforms support paymaster, with paymaster we no longer need ETH for transaction fees on zkSync.
The experimental ERC-404 token standard combines elements of fungible and non-fungible tokens into a single "semi-fungible" digital asset.The primary function of ERC-404 appears to be to enable fractional transfers of NFTs, i.e. make them divisible.
Yes, everything needs introduction and learning but if to compete with BNB and Solana it is quite difficult because zkSync is a new project but we don't know what the future will be like.Hopefully zkSync has a good UI so that it will make it easier to use and of course the most important thing is that it must have low transaction costs and high transaction speeds. If this has not been achieved then it will make users think twice about using zkSync because traders still there are other platforms that are better and more trusted.
There are still many obstacles to implementing this system from what you mentioned to liquity, maybe this will take a long time, but for paymaster now it can be started to operate, when making transactions we can set for transaction fees can use other tokens such as USDT and HOLD coin.Yes, everything needs introduction and learning but if to compete with BNB and Solana it is quite difficult because zkSync is a new project but we don't know what the future will be like.Hopefully zkSync has a good UI so that it will make it easier to use and of course the most important thing is that it must have low transaction costs and high transaction speeds. If this has not been achieved then it will make users think twice about using zkSync because traders still there are other platforms that are better and more trusted.
In fact, this is the first time I have heard of Erc404. I do not follow developments on the Ethereum network much and do not care about the tokens on it due to the high fees, so I have not heard of this development.NFT are divided into several commodities, if NFT are used for works of art then they will only print a few which are really rare and can be said to be only for collections, however if NFT are combined with several other projects such as games or others then NFT will be created in very large quantities to provide support in the game, for example getting bonuses in games or other things.
Anyway, according to what I understood from the article:QuoteThe experimental ERC-404 token standard combines elements of fungible and non-fungible tokens into a single "semi-fungible" digital asset.The primary function of ERC-404 appears to be to enable fractional transfers of NFTs, i.e. make them divisible.
Honestly, I don't know what's the point of that? If the main advantage of an NFT is that it is unique and non-fungible, what is the point of retailing it? I think it would lose its unique value in such a case.
NFT are divided into several commodities, if NFT are used for works of art then they will only print a few which are really rare and can be said to be only for collections, however if NFT are combined with several other projects such as games or others then NFT will be created in very large quantities to provide support in the game, for example getting bonuses in games or other things.It is possible that the type of NFT used in the game will not enter this erc404 because there will be a lot of missing attributes and uniqueness, there will definitely be many exceptions to the NFT itself.
It is possible that the type of NFT used in the game will not enter this erc404 because there will be a lot of missing attributes and uniqueness, there will definitely be many exceptions to the NFT itself.NFT used in the gaming world are very limited so as you mentioned not all equipment can be obtained from NFT, Only provide small advantages which might strengthen the characters in the game, if NFT are not limited like that it will make NFT to be very cheap.