Great interest in the ERC404 token standard led to an 8-month record breaking in the Ethereum network.
Pandora (PANDORA) Ethereum-based experimental token standard, where projects such as have risen dozens of times in a short time ERC404exhausted the Ethereum network due to great interest.
According to on-chain data, the intense interest in ERC404 and the transactions that come with it increase the transaction fees on the network. since March 2023 took it to unprecedented levels. Ethereum network transaction fees on February 9 average for $60 corresponding 70 gwei reached the level.
The transaction fee paid for the fastest transactions is to 377 gwei rising up From May 12, 2023 has climbed to a level not seen since.
ERC404 craze at the beginning of February PANDORA initiated and this project under the leadership of 100 times in 1 week It witnessed an astonishing rise. along with DeFrong (DEFROGS) And Rug (RUG) While projects such as these emerged, this trend spread to other blockchains as well.
Founder of on-chain data platform Gaslite PopPunkERC404 “mint” transaction from a normal NFT mint transaction 3 times more He pointed out that he spent transaction fees and stated that this was one of the main reasons for the congestion on the network.
Market value of ERC404-based projects shortly ahead 28% Investors were disappointed by losing around 100,000 in value.