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.”
ERC404 is a great idea.
We are considering bridging shibmap to ERC404 #Shibarium.
So that Shibmap can be added to woofswap and more CEX and DEX.We need more time to work on it, it’s already on the list.
We want to see more innovation in Shibarium, if you are excited about… pic.twitter.com/7njaS9FHq9
— WOOF | Inscription Market (@woofswap) February 10, 2024
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.
According to Coingecko, in the last 24 hours, the ERC-404 sector has seen a significant decline, with the overall market capitalization falling by 29%. Key targets such as PANDORA dropped over 15%, DEFROGS dropped over 22%, RUG dropped over 38%, etc. ERC-404 is an experimental…
— Wu Blockchain (@WuBlockchain) February 12, 2024
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.
