Shiba Inu Inscription Marketplace Eyes ERC404 Standard for Shibarium

reportcryptos.com
4 Min Read

Shiba Inu-based inscription marketplace WoofSwap intends to welcome the ERC404 token standard for Shibarium.

In a recent post on X, WoofSwap, a hub for trading Shiba Inu-themed SRC-20 token inscriptions, unveiled a significant update for the SHIB Army.

Specifically, WoofSwap seeks to explore the feasibility of implementing the ERC404 standard on Shibarium, the layer two blockchain designed for the Shiba Inu ecosystem. The WoofSwap team expressed admiration for the ERC404 concept.

Notably, this standard amalgamates the characteristics of ERC20 for fungible tokens and ERC721 for non-fungible tokens (NFTs). Essentially, ERC404 provides fungibility and unique identifiers.

Given its potential benefits for various applications within Shibarium, WoofSwap mentioned they are contemplating connecting Shibmap to ERC404 Shibarium.

This integration would enable Shibmap to be incorporated into WoofSwap and broaden its availability across more centralized exchanges (CEX) and decentralized exchanges (DEX).

The team remarked, “We need more time to work on it. It’s already on the list.”

– Advertisement –

Furthermore, the WoofSwap team expressed their desire to witness more innovation within Shibarium. They urged the development community to research and create projects if they are enthusiastic about ERC404 Shibarium.

Shiba Inu Army Reacts

Expectedly, members of the Shiba Inu community welcomed the development, seeing its pivotal impact. One of the leading commenters was the Chief Marketing Officer for Bad Idea Ai, one of Shiba Inu’s tech partners.

“WOOF! ERC404 [is] not a Bad idea,” the executive remarked.

The ERC404 Market

Meanwhile, renowned crypto-focused Chinese reporter Colin Wu recently called attention to the concerning state of the emerging ERC404 market. Citing data from market tracker CoinGecko, Wu pointed out a significant decline in the past 24 hours.

In particular, the market has lost over 27% of its overall market capitalization, dropping to approximately $177 million.

The leading projects experiencing significant declines include PANDORA, which decreased by over 23%. Similarly, DEFROGS has lost over 21%, and RUG has decreased by over 14% over the past day.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *