On February 23, Injective Protocol announced a strategic partnership with DojoSwap to launch the CW-404 standard, a groundbreaking token standard inspired by ERC-404. This collaboration aims to foster innovation and interoperability within the decentralized finance (DeFi) ecosystem.
‘Semi-fungible’ Tokens Find A Place to Flourish
Injective announced this update in a post on X (formerly Twitter), stating that the CW-404 standard is a portable version of the experimental ERC-404 token standard and offers users access to ‘semi-fungible’ tokens.
1/ Injective today is releasing the CW404 standard in collaboration with @Dojo_Swap
CW404 brings the massively popular ERC-404 standard to the fastest blockchain with the lowest fees, scaling fractional NFT standards to entirely new heights. pic.twitter.com/5cNBLA28Tn
— Injective (@Injective_) February 23, 2024
Like ERC-404, CW-404 combines two existing token types – the CW-20 (fungible assets, divisible like money) and CW-721 (non-fungible tokens, unique and rare items) token standards.
4/ The CW404 standard is a sophisticated port of the original ERC404, conforming more similarly to the signatures of the existing CW20 and CW721 standards.
CW404 has found the perfect home on Injective, the first and only blockchain built for finance.
— Injective (@Injective_) February 23, 2024
The CW-404 token standard opens many possibilities for the Decentralized Finance (DeFi) space. Users get to own fractional shares of NFTs, unlock liquidity in their digital collectibles, and trade them as regular fungible assets. This allows Web3 users to tap into the unique attributes of both token standards all in one place.
Speaking on the potential of the token standard, the Injective Protocol noted that it would help spawn a legion of new decentralized applications (dApps) that are not possible outside its ecosystem.
5/ Injective today is the fastest L1 with the lowest fees, enabling CW404 transactions to occur at costs that are less than 1000X less than on other networks.
CW404 is set to spawn a legion of new dApps and innovations that are simply not possible anywhere outside of Injective.
— Injective (@Injective_) February 23, 2024
The Injective blockchain is a new generation of decentralized solutions that leverage Cosmos’ Tendermint Consensus mechanism to offer unparalleled transaction speed at a fraction of the cost.
The platform, supported by industry giants like Binance and Pantera Capital, allows users to build and access top-tier Web3 applications all in one place.
Sushi Fighter NFT Collection Will Be First CW-404
To maintain prominence, Injective Protocol launched a dedicated NFT collection to complement the CW-404 announcement and ensure the new token standard gains crucial traction.
Truly honoured to be the pioneer NFT project for this new standard on @Injective_ .
We will challenge and push INJ NFTs to new heights with cuteness and deadliness.
HYAH! https://t.co/18sQyjYVpi
— Sushi Fighter on Injective (CW404) (@SushiFighterNFT) February 23, 2024
The collection, named the Sushi Fighter NFT collection, will be the first digital collectible to use the CW-404 token standard on Injective.
According to the Sushi Fighter NFT team, the digital collectible will aid in propelling Injective (INJ) based NFTs into the global blockchain scene for mass acceptance.
On the other end of the spectrum, the ERC-404 token standard is gaining massive traction even though it is still in its experimental stages. In a post on X, the world’s largest crypto exchange, Binance announced support for ERC-404 power digital assets and 24 new dApps on its Web3 Wallet service.
We’ve had some big #Binance Web3 Wallet updates in 2024!
Introduced the Binance Inscriptions Marketplace
Semi-custody wallets can now be upgraded to self-custody
Support for ERC404 & 24 new dApps
More on the updates here https://t.co/NgC1le5ue2
— Binance Web3 | NFT | Inscriptions (@Web3WithBinance) February 23, 2024
This development follows the launch of the Binance Inscriptions Marketplace for trading NFTs on the platform.
Meanwhile, in the broader NFT market, there continues to be strong interest in this digital asset subsector. According to data from CoinMarketCap, the NFT market is currently valued at over $7.5 billion and is still growing.
As expected, the Ethereum blockchain projects like BAYC and PudgyPenguins lead the pack. Injective’s step into the landscape could introduce another player into a highly competitive landscape.
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