Pandora: ERC-404 V2 version is coming soon! Gas fees are expected to drop by 50%

120bTC.coM is an experimental token standard ERC-404 developed by the Pandora team and launched in February this year. ERC-404 integrates the characteristics of the ERC-20 and ERC-721 standards, combines their advantages, and triggered a wave of craze after its launch. Many ERC-404 projects have experienced skyrocketing prices, but have cooled off recently.

The security of ERC-404 is even more questioned. Yu Xian, founder of the blockchain security company Slow Mist, recently warned that during the transaction process of ERC-404 tokens, its associated NFT may be indiscriminately used. Transfer or destruction, he emphasized that ERC-404 is not yet a mature standard, and the new mechanism will definitely bring new security risks.

In addition, the high gas fees required for trading ERC-404 tokens and the high risk of Rug pull have also been criticized by investors. Recently, a speculative user spent as much as $113,000 in gas fees. I bought a new ERC-404 token project worth US$26,000, hoping to get high returns, but the token plummeted to zero in just 35 minutes.

ERC-404 V2 will be released

Pandora released a notice today, announcing that the latest version of ERC-404 will be launched soon. The team has made the "V2" version available to developers on the official GitHub and plans to officially release it after a final audit by Trail of Bits.

Two weeks ago, Pandora shared significant progress data on the ERC-404 V2.0 version. According to the Gas cost test results conducted on the Ethereum development environment Hardhat, ERC-404 V2.0 has achieved significant improvements compared to the ERC-404 V1 version.

• The casting gas fee is reduced by approximately 28%

• The transfer gas fee is reduced by approximately 50%

• The gas fee for burning increased by approximately 80% (due to the reuse of token IDs, in line with expectations)

Total NFT sales in the past 7 days

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