Pandora Token Soars to $170M Market Cap with New ERC-404 Standard

Daily Top Performer — Space ID (ID)

The SPX index is up 0.82%, the market's positive momentum was supported by a robust earnings season and expectations for interest rate cuts. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 2.42% and 2.00%, respectively in the past 24 hours.

Today’s outperformer is ID, which jumped 81.8% after Altura integrates SpaceID for enhanced wallet addresses and Web3 gamertags.

Space ID (ID), launched in August 2022, is a decentralized platform for managing Web3 domains across multiple blockchains, offering a marketplace for registering, trading, and managing crypto domain names as NFTs. It aggregates domains from various sources for easy comparison and supports developer integration with SDKs and APIs. Recently,Altura has integrated SpaceID, offering human-readable wallet addresses and Web3 gamertags via its dashboard and SDKs. This allows for .bnb and .arb domain support within Altura's ecosystem. SpaceID has also reduced the renewal fees for .bnb and .arb domain holders to just $5/year. 

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Talk of the Town:

The ERC-404 token standard, blending ERC-20 fungibility with ERC-721 non-fungibility, has made a significant impact with its first token, Pandora, reaching a market cap of $170M. Pandora's price surged to $16,600, marking a 5,000% increase since its debut on February 2. It has over 1,300 holders and trades at a floor price of 7.45 ETH on Blur. The ERC-404 standard facilitates native liquidity and allows for in-standard fractionalization, issuing both ERC-20 tokens and “Replicant” NFTs. Purchasing a Pandora token automatically mints a corresponding Replicant NFT to the buyer's wallet, which is burned upon selling the token. This standard introduces a rarity scoring for NFTs and provides trading flexibility across decentralized exchanges and NFT marketplaces. 

Airdrop to Watch:

Wormhole, a cross-chain bridge protocol, announced the tokenomics of its W token, with a total supply of 10 billion tokens. Of this, 17% will be allocated to the community, including an 11% airdrop. The distribution also includes 23% for the Foundation’s Treasury, 12% to core contributors, and 31% for ecosystem development. The remaining 17% is reserved for strategic partnerships and guardian nodes. A snapshot for the airdrop eligibility has already been taken, with 1.1 billion tokens earmarked for the airdrop and the rest unlocking after four months. Despite a major hack in February 2022, Wormhole secured a significant funding round in 2023, raising $225 million at a $2.5 billion valuation.

Pyth Network has initiated the second phase of its airdrop, targeting over 160 DeFi applications that use its oracle services for price data. The network, which has seen its PYTH token value double recently, will distribute 100 million PYTH tokens, valued at nearly $50 million. This airdrop aims to support a wide array of Web3 applications, from decentralized exchanges to analytics platforms. Pyth, known for its low-latency financial market data, stands as the second-largest oracle provider, trailing Chainlink. The distribution will benefit users of these applications, with details on the allocation use to be announced by the respective application teams.

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